Gold Dims, Sugar Easy, Gnut Oil Skids Afresh

Groundnut oil continued to decline due to reduced demand coupled with brisk arrivals. However, other industrial oils ruled easy-to-steady at the wholesale oils and oilseeds market, Turbhe, Navi Mumbai, yesterday.

Groundnut oil declined further by Rs 2 at Rs 362 per 10 kg. Arrivals were put at around 95/100 tonne a day. Linseed and kardi oil declined by Rs 5 each to Rs 290 and Rs 360 per 10 kg respectively on reduced industrial demand coupled with modest arrivals. Copra oil white improved by Rs 10 at Rs 545 per 10 kg on better industrial demand and reduced arrivals. Sesame oil dropped by Rs 5 to Rs 295 per 10 kg on dull offtake while cottonseed oil declined by Rs 5 to Rs 285 per 10 kg on reduced demand and better arrivals.

In the futures section, castorseeds contract September contract opened Rs 5 lower at Rs 1,147 a quintal and declined to Rs 1,141 before closing at Rs 1141.50. December contract opened Rs 5 lower at Rs 1,175 and ruled steady at the same level. It declined to Rs 1,170 before closing at Rs 1,170.50 a quintal.

Sugar: . Both the grades of sugar ruled easy. The undertone of the market was firm. Sugar S-30 grade eased to Rs 1,500/1,515 as against the previous level of Rs 1,500/1,520 a quintal on subdued consumer offtake while sugar M-30 softened to Rs 1,520/1,548 as against the previous level of Rs 1,515/1,555 a quintal on reduced offtake. Sugar for the check-post deliveries was quoted lower at Rs 1,472/1,485 a quintal for the S-30 grade and Rs 1,486/1,505 for the M-30 grade.

Non-ferrous metals: An easy-to-steady trend was witnessed in the local non-ferrous market following the reduction of prices by copper manufacturers. Zinc prices zoomed due to an increase in prices by manufacturers. . In the virgin section, zinc prices improved by Rs 1.50 a kg at Rs 85.50 a kg. Copper wirebar prices dipped by Re 1 at Rs 129 a kg following reduction in copper prices by Hindustan Copper Ltd. All other metals ruled steady and were quoted as under: aluminium ingots Rs 78, lead ingots Rs 42, tin slabs Rs 285 and nickel cathodes Rs 328 a kg respectively on narrow movements.

Copper heavy scraps and copper utensils declined by Re 1 and 50 paise to Rs 120 and Rs 110 a kg respectively on reduced industrial demand. Brass utensils and brass sheetcuttings eased by 25 paise each to Rs 95.50 and Rs 100.50 a kg respectively.

Bullion: A divergent trend was noticed in the local bullion market yesterday. Silver ruled firm while gold was weak. The undertone of the market was weak. In white metals, silver.999 and .916 improved by Rs 30 each to Rs 6,470 and Rs 6,370 a kg respectively on firm overseas advices, better industrial demand and restricted arrivals. Delhi advices indicated a firm trend.

In yellow metals, both - standard gold and 22-carat gold - eased by Rs 20 each to Rs 4,500 and Rs 4,160 per 10 grams respectively on subdued demand coupled with modest arrivals. London advices also showed a subdued trend. Gold biscuits prices ruled weak and declined by Rs 200 at Rs 52,700 per piece of 10 tolas on subdued movements.