Gnut Oil Slips A Touch, Silver Suffers Setback

Groundnut oil fell further in absence of buying support against brisk arrivals, whereas other industrial oils ruled easy-to-steady at the wholesale oils and oilseeds market, Turbhe, Navi Mumbai yesterday. Imported palmolein ruled firm on modest demand against normal arrivals.

Groundnut oil declined further by Rs 4 at Rs 341 per 10 kg on reduced demand coupled with brisk arrivals from the producing centres. Arrivals were put at around 120 tonnes a day.

In other oils, mowra oil improved by Rs 5 at Rs 235 per 10 kg on improved industrial demand coupled with limited arrivals. Karanji oil eased by Rs 2 to Rs 155 per 10 kg respectively on reduced industrial as well consumer demand. In the futures section, December contract opened steady at Rs 1168.50 and firmed up to Rs 1170 a quintal. It declined to Rs 1167 before closing at Rs 1169.50 a quintal.

Castor seeds Madras and Maharashtra qualities improved further by Rs 5 each to Rs 1195 and Rs 1189 per quintal respectively on better demand. Nigerseeds Madras quality eased by Rs 25 at Rs 1400 a quintal.

Non-ferrous Metals : A firm-to-upward trend was noticed in the local non-ferrous market yesterday. The demand remained better as against limited arrivals. The undertone of the market was hesitant.Nickel cathodes and tin slabs shot up by Rs 6 each to Rs 323 and Rs 290 per kg on firm overseas advices, while copper wirebars and aluminium ingots firmed up by Re 1 and 25 paise to Rs 129.50 and Rs 78.25 a kg. Zinc slabs eased by 50 paise at Rs 85.00 a kg on reduced offtake coupled with improved arrivals. Meanwhile, lead ingots were nominally quoted at Rs 41.25 a kg on narrow movements.

In scraps section, copper heavy scraps and copper utensils advanced by Re 1 each to Rs 121 and Rs 111 a kg respectively on improved industrial demand followed by firm overseas advices. Meanwhile, aluminium utensils ruled overall steady at Rs 60 a kg on narrow movements.

Bullion:Silver suffered a setback while gold ruled easy in the local bullion market yesterday. The undertone remained hesitant. In white metals, silver .999 and .916 declined by Rs 80 each to Rs 6,795 and Rs 6,695 a kg respectively on weak overseas advices, sluggish industrial demand coupled with better arrivals. Delhi advices also indicated a weak trend.

Standard and 22 carat gold slid further by Rs 30 each to Rs 4410 and Rs 4080 a kg respectively on dull overseas advices, sluggish demand and better arrivals. Gold biscuit prices also eased by Rs 100 to Rs 52,000 per piece of gold bar of 10 tolas.

Sugar:The wholesale sugar market at Turbhe, Navi Mumbai observed a token 'bandh' in protest of the increase of cess by the Navi Mumbai Municipal Corporation.