Groundnut Oil And Sugar Continue To Hold Firm

Groundnut oil continued to rule firm on continued institutional buyings coupled with limited arrivals from the upcountry centres whereas other industrial oils ruled easy to steady at the wholesale oils and oilseeds market, Turbhe, Navi Mumbai yesterday. Imported palmolein firmed up further on improved demand. In future section, castorseeds March97 contract remained untraded while June97 contract opened lower and eased further towards closing. Groundnut oil firmed up further by Rs.3 at Rs 348 per 10 kg . Arrivals were put about 100 tonnes a day.

Cottonseed oil washed and refined qualities improved by Rs.3 each to Rs 270 and R .275 per 10 kg respectively on improved industrial demand coupled with limited inflows. Castor oil commercial and BSS qualities eased further by Rs 1.50 each to Rs 252 and Rs 264 per 10 kg respectively on easy industrial demand. Copra oil white recovered by Rs 10 to Rs 610 per 10 kg from reduced level and improved industrial demand coupled with reduced arrivals. Ricebran oil recovered by Re 1 to Rs 155 per 10 kg on better demand. Imported palmolein improved by Rs 5 at Rs 282 per 10 kg on restricted arrivals and good demand. In futures, castorseeds June97 contract opened Rs 3 lower at Rs 1,189 and firmed up to Rs 1,191 a quintal. It declined to Rs 1,184 before closing at Rs 1,188.50 a quintal on better buyings. In oilseeds, castorseeds Madras and Maharashtra qualities eased further by Rs 7 each to Rs 1,114 and Rs 1,108 a quintal respectively.

Sugar: A firm trend continued in sugar prices at the wholesale sugar market. Sugar of both the grades, firmed up Sugar S-30 grade moved up further to Rs 1,270/1,310 a quintal against the previous level of Rs 1,262/1,300 a quintal on improved demand and moderate arrivals. Sugar M-30 grade firmed up to Rs 1,315/1,390 from the previous 1,305/1,380 a quintal on better offtake. Sugar for the check post deliveries were quoted easy at Rs 1,235/1,260 a quintal for S-30and Rs 1,275/1,350 forM-30

Non-ferrous Metals: A steady to easy trend was noticed in the local non-ferrous market yesterday. Prices of all the metals remained unchanged.

In virgin section, all the other metals ruled overall steady on narrow movements and were nominally quoted as under: copper wirebars, Rs 135, aluminium ingots, Rs 74.25, zinc slabs, Rs.77.50, lead ingots, Rs 45.50, tin slabs, Rs.316 and nickel cathodes, Rs.371 a kg respectively on subdued industrial demand. In scraps section, all the metals ruled overall steadyand were nominally quoted as : copper heavy scraps, Rs 122, copper utensils, Rs 109.50, brass utensils, Rs 92.75, brass sheetcuttings, Rs 96.75 and aluminium utensils, Rs 59.25 a kg.

Bullion: A downward trend was noticed in the local bullion market. Both the precious metals ruled easy on weak overseas advices. Silver .999 and .916 declined by Rs 90 each to Rs 7,300 and Rs 7,200 a kgon dull advices of London bullion market coupled with dull demand.Industrial offtake remained dull in the local market. Standard gold and 22 carat gold declined by Rs 20 and Rs.15 each to Rs 4,680 and Rs 4,330 per 10 grams respectively on weak overseas advices. Gold biscuits prices also declined by Rs 300 at Rs 54,700 per piece of 10 tolas on reduced demand.