Groundnut Oil, Bullion Better; Sugar Steady

Groundnut oil improved on better offtake whereas other industrial oils ruled easy-to-subdued at the wholesale oils and oilseeds market yesterday. Imported palmolein ruled easy on subdued demand against modest arrivals. In futures, castorseeds September contract opened up but eased towards closing.

Groundnut oil looked up by Rs 2 at Rs 362 per 10 kg. on improved demand coupled with restricted inflows. Arrivals were put at around 80/85 tonnes a day. Mowra and rapeseed oil refined improved by Rs 2 and Rs 3 to Rs 245 and Rs 276 per 10 kg respectively. Sesame oil declined by Rs 5. at Rs 280 per 10 kg.

In the future section, castorseed September contract opened 50 paise up at Rs 1141 a quintal but dipped to Rs 1135.50 before closing at Rs 1136.50.

Castor seeds Madras and Maharashtra qualities improved by Rs 5 each to Rs 1123 and Rs 1117 per quintal respectively.

Sugar: A steady-to-subdued trend was noticed at the wholesale market yesterday. Sugar of both the grades ruled steady on subdued demand coupled with modest availability.

Sugar S-30 grade ruled at Rs 1455/1475 as against of the previous level of Rs 1455/1470 a quintal. Sugar M-30 ruled steady at the previous level of Rs 1480/1524 a quintal on subdued offtake. Sugar for the check post deliveries were quoted low at Rs 1425/1440 a quintal for S-30 grade and Rs 1450/1480 for the M-30 grade.

Non-ferrous metals : An easy to downward trend was noticed following weak overseas advices in the non-ferrous market yesterday. Demand remained dull.

In the scraps section, copper heavyeased further by 50 paise at Rs 126 a kg.Copper utensils, brass utensils, brass sheetcuttings and aluminium utensils ruled steady and were nominally quoted at Rs 115, Rs 96, Rs 101.25 and Rs 59.50 a kg, respectively.

In virgin section, tin slabs and nickel cathodes declined further by Re 1 and Rs 2 to Rs 290 and Rs 338 a kg respectively on reduced industrial offtake. Copper wirebar, aluminium ingots, zinc slabs and lead ingots ruled overall steady and were nominally quoted at Rs 136.50, Rs 77, Rs 81 and Rs 41 a kg respectively.

Bullion : An upward trend continued in both the precious metals yesterday. Both the precious metals ruled firm following an improvement in gold import licence premium and restricted arrivals on accounts of the seizure of good quantity of bullion by the customs departments.

Standard gold and 22 carat gold improved by Rs 80 and Rs 75 to Rs 4470 and Rs 4,135 per 10 grammes respectively. Gold biscuits prices also flared up by Rs 1000 at Rs 52,300 per 10-tola piece. According to the market circles, the premium of the gold import licence has gone up to Rs 11.75.

Silver .999 and .916 improved further by Rs 105 each to Rs 6370 and Rs 6270 a kg. respectively on the better overseas advices only.