Groundnut Oil, Bullion Dip, Sugar Strengthens

Groundnut oil witnessed a downward trend whereas other industrial oils ruled easy-to-subdued at the Turbhe wholesale oils and oilseeds market yesterday. Imported palmolein eased on subdued demand as against modest availability. In future section, castorseeds June contract remained untraded, while September contract opened higher and firmed up further towards closing.

Groundnut oil eased by Rs 2 at Rs 355 per 10 kg on subdued demand coupled with better arrivals from the oil producing centres. Arrivals were put at around 90/100 tonnes a day. In other oils, sesame oil and sunflower oil expeller improved by Rs 5 each to Rs 295 and Rs 270 per 10 kg respectively.

Karanji oil eased by Rs 2 to Rs 148 per 10 kg on dull industrial demand and good availability. Coconut oil white and soya oil refined declined by Rs 30 and Rs 5 to Rs 550 and Rs 280 per 10 kg respectively. Imported palmolein eased by Re 1 at Rs 269 per 10 kg on modest demand. Meanwhile, majority of other oils ruled steady.

In futures section, castorseeds September contract opened Re 1 up at Rs 1,156.50 and firmed up to Rs 1,162 a quintal. It declined to Rs 1,156.50 before closing at Rs 1,159 a quinta.

In oilseeds, castorseeds Madras and Maharasthra qualities improved further by Rs 5 each to Rs 1,099 and Rs 1,093 a quintal respectively.

Sugar: A firm trend continued at the wholesale sugar market at Turbhe yesterday. Both the grades of sugar moved in upward direction. The undertone of the market was firm. Sugar S-30 grade firmed up further to Rs 1,440/1,470 against of the previous level of Rs 1,430/1,465 a quintal. Sugar M-30 improved to Rs 1,475/1,505 against the previous level of Rs 1,470/1,505 quintal.

Meanwhile, sugar for the check post deliveries were quoted low at Rs 1,420/1,440 a quintal for S-30 grade and Rs 1,440/1,475 for the M-30 grade.

Non-ferrous Metals: The non-ferrous market continued with the firm trend yesterday. Prices firmed up on better buying interest at low level coupled with better overseas advices. The trade volume remained small.

In scraps section, copper heavy scraps and copper utensils improved by 50 paise each to Rs 127.50 and Rs 115.50 a kg respectively, while brass utensils and brass sheetcuttings firmed up by 25 paise each to Rs 97 and Rs 102 a kg respectively. Aluminium utensils ruled steady at Rs 60.00 a kg.

In virgin section, copper wirebar firmed up further by 50 paise at Rs 138.50 a kg. Nickel cathodes eased by Re 1 at Rs 362 a kg on reduced industrial demand. All the other metals ruled steady and were nominally quoted as under: aluminium ingots Rs 77, zinc slabs Rs 80.50, lead ingots Rs 41 and tin slabs Rs 309 a kg respectively.

Bullion: An easy-to-downward trend continued in the local bullion market yesterday. Both the precious metals ruled weak on sluggish demand and weak overseas advices. The undertone of the market was weak.

In yellow metals, standard gold and 22-carat gold declined by Rs 30 each to Rs 4,630 and Rs 4,280 per 10 grammes respectively Gold biscuit prices also lost Rs 350 to Rs 54,200 per piece of 10-tolas.

In white metals, silver.999 and .916 lost Rs 80 each to Rs 6,715 and Rs 6,615 a kg respectively.