Gnut Oil Recovers, Sugar Mixed, Bullion Divergent

Groundnut oil, yesterday recovered further at the reduced level while other industrial oils ruled easy-to-subdued on the wholesale oils and oilseeds market here.

Imported palmolein ruled firm on better demand coupled with modest arrivals. In the futures section, castorseeds September contract remained untraded.

Groundnut oil improved further by Rs 4 at Rs 354 per 10 kg on reduced arrivals due to heavy rainfall and floods in Gujarat. Demand remained better. Arrivals were put at around 80 tonnes.

In other oils, linseed and kardi declined by Rs 5 and Rs 10 to Rs 275 and Rs 360 per 10 kg respectively on dull industrial demand and improved arrivals. Sesame oil went up by Rs 5 at Rs 285 per 10 kg on better industrial offtake, whereas mowra oil eased by Rs 5 to Rs 245 per 10 kg on dull demand from the industrial sector.

Coconut oil white declined by Rs 5 at Rs 560 per 10 kg on reduced industrial offtake.

In oilseeds, castorseeds Madras and Maharashtra improved further by Rs 5 each to Rs 1,109 and Rs 1,103 per quintal respectively. All oilseeds ruled overall steady on narrow movements.

Sugar: A mixed trend was yesterday noticed on the wholesale sugar market. Small grade sugar eased while medium grade ruled overall steady. The undertone of the market was firm.

Sugar S-30 eased to Rs 1,470-1,490 as against the previous level of Rs 1,475-1,500 a quintal on subdued demand coupled with limited availability. Sugar M-30 ruled overall steady at the previous level of Rs 1,485-1,540 a quintal on firm offtake. Sugar for the check-post deliveries were quoted low at Rs 1,450-1,460 a quintal for S-30 and at Rs 1,470-1,500 for M-30.

Non-ferrous metals: Nickel and tin prices suffered a setback while brass and copper wirebar firmed up on the local non-ferrous market yesterday. Demand remained better.

In scraps, brass utensils and sheetcuttings firmed up by 25 paise each to Rs 98 and Rs 102.50 a kg respectively on better industrial offtake. Other metals like copper heavy scraps and utensils and aluminium utensils were quoted at Rs 129, Rs 116 and Rs 60 per kg respectively on narrow movements. In the virgin section, tin slabs and nickel cathodes declined by Rs 2 each to Rs 296 and Rs 343 per kg respectively on reduced industrial demand and brisk arrivals. Copper wirebars firmed up by 25 paise at Rs 139 a kg on improved industrial demand coupled with restricted arrivals.

All other metals ruled overall steady. Aluminium ingots was quoted at Rs 77 a kg, zinc slabs at Rs 81.50 and lead ingots at Rs 41 a kg on narrow movements.

Bullion: A divergent trend was witnessed on the local bullion market yesterday. Silver prices looked up while gold weakened further. In yellow metal, standard gold and 22 carat declined further by Rs 35 and Rs 30 to Rs 4,400 and Rs 4,070 per 10 grams respectively on dull demand and weak overseas advices. Gold biscuit prices too dropped further by Rs 400 at Rs 51,500 per piece of 10 tolas on dull movements.

In white metal, silver.999 and .916 firmed up by Rs 5 each to Rs 6,625 and Rs 6,525 a kg respectively on slightly improved industrial demand.