Gnut Oil Moves Up, Sugar Subdued, Bullion Dips

Groundnut oil advanced further on improved demand coupled with restricted arrivals from producing centres here at the , wholesale oil and oilseeds market yesterday. Other industrial oils ruled easy-to-steady while imported palmolein rose on limited availability. In futures section, castor seeds December 97 contract remained untraded, while March98 opened up but eased towards closing. Groundnut oil rose Rs 2 at Rs 351 per 10 kg. Arrivals remained modest at around 80 tonnes a day.

Kardi oil shot up by Rs 10 to Rs 350 per 10 kg respectively on better industrial demand. Sesame oil, coconut oil white and sunflower oil expeller advanced Rs 5 each to Rs 310, Rs 575 and Rs 325 per 10 kg respectively. Soya oil refined shot up by Rs 6 to Rs 280 per 10 kg on reduced arrivals and improved demand. Imported palmolein firmed up Rs 6 at Rs 282 per 10 kg.

In futures astor seed March 98 contract opened 50 paise up at Rs 1173.50 a quintal. It declined to close to Rs 1169 on speculative dealings. Castorseeds Madras and Maharashtra qualities rose Rs 5 to Rs 1,243 and Rs 1,237 a quintal

Sugar: An easy-to-subdued trend was noticed in sugar prices here yesterday. The market undertone remained hesitant.

Sugar S-30 ruled at Rs 1466/1500 from the previous level of Rs 1471/1490 a quintal on sluggish consumer demand and better arrivals. While, sugar M-30 ruled at Rs 1,490/1,531 against the previous level of Rs 1490/1526 a quintal. Sugar for the check post deliveries were quoted at Rs 1443/1460 a quintal for S-30 and Rs 1465/1495 for the M-30 grade.

Non-ferrous metals: A firm-to-upward trend was witnessed in the local market yesterday. .

In virgin metals, nickel cathodes and tin slabs improved by Rs 5 and Rs 4 to Rs 325 and Rs 339 per kg respectively on improved overseas advices, limited arrivals and good demand.Copper wirebar firmed up by 50 paise at Rs 119.50 a kg on firm LME advices. All the other metals ruled overall steady and were quoted as: aluminium ingots Rs 82.50, zinc slabs Rs 75 and lead ingots at Rs 40 a kg, on narrow movements.

In scraps, copper heavy scraps and brass utensils firmed up by 50 paise each to Rs108.50 and Rs 83.50 a kg respectively on improved demand. Copper utensils scraps, brass sheetcuttings and aluminium utensils looked up by 25 paise each to Rs 96.25, Rs 89.50 and Rs 62.75 a kg.

Bullion: Silver prices reacted at improved level while gold prices also showed an easy trend in the local bullion market yesterday. Both the precious metals ruled downward. The market undertone remained weak.

In white metals, silver .999 and .916 declined by Rs 120 each to Rs 8,130 and Rs 8,030 a kg respectively on weak overseas advices and reduced demand at higher level. Delhi advices also indicated a modest trend.

In yellow metals, standard gold and 22 carat gold eased by Rs 5 each to Rs 3,925 and Rs 3,630 per 10 gm on subdued overseas advices and moderate local demand. Gold biscuit prices were nominally quoted at Rs 45,900 per piece of gold bar on narrow movements.