Groundnut Oil Continues Upsurge, Bullion Steady

Groundnut oil continued to improve on better consumer offtake whereas other industrial oils ruled easy-to-steady at the wholesale oils and oilseeds market yesterday. Imported palmolein ruled easy on reduced demand against better arrivals. In future section, castorseeds September contract opened lower and eased towards closing.

Groundnut oil advanced by Rs 2 to Rs 377 per 10 kg on paucity of ready stock and the news of the erratic monsoon in the groundnut producing regions. Arrivals were put at around 80 tonnes a day.

Mowra oil declined by Rs 5 to Rs 240 per 10 kg. Sesame oil improved by Rs 5 to Rs 295 per 10 kg on arrivals and improved industrial offtake. Soya oil refined and sunflower oil expleller looked up by Rs 2 each to Rs 287 and Rs 272 per 10 kg

In futures, castorseed September contract opened Rs 3 lower at Rs 1152 and improved to Rs 1153 a quintal. It declined to close at Rs 1148 on improved selling pressure. Castorseeds Mad-ras and Maharashtra qualities declined by Rs 5 each to Rs 1152 and Rs 1146 a quintal respectively.

Sugar: A better-to-upward trend was noticed at the wholesale sugar market yesterday. Both the grades of sugar ruled slightly firm. Sugar S-30 grade looked up to Rs 1475/1500 from the previous level of Rs 1465/1500 a quintal on better consumer offtake while sugar M-30 firmed up to Rs 1495/1530 as against Rs 1485/1535 a quintal. Sugar for the check post deliveries were quoted low at Rs 1445/1460 a quintal for S-30 grade and Rs 1470/1495 for the M-30 grade.

Non-ferrous Metals : Easy-to-steady conditions were noticed in the non-ferrous market. Demand remained subdued as against modest arrivals.

In virgin section, nickel cathodes dipped by Rs 2 at Rs 332, while copper wirebars eased by 25 paise at Rs 135 a kg. Zinc slabs looked up by 50 paise at Rs 83.00 a kg. Other metals ruled steady and quoted as under: aluminium ingots Rs 77, lead ingots Rs 41.50 and tin slabs Rs 285 a kg.

In scraps, copper heavy scraps and copper utensils eased by 50 paise and 25 paise to Rs 125 and Rs 114 a kg respectively. All other metals ruled steady and were quoted as under : brass utensils Rs 96, brass sheetcuttings Rs 101 and aluminium utensils Rs 59.50 a kg respectively.

Bullion : A steady-to-easy trend was noticed in the bullion market. Both the precious metals ruled subdued.

Standard gold and 22 carat gold ruled steady and were nominally quoted at Rs 4520 and Rs 4,180 per 10 grammes respectively on subdued demand coupled with modest arrivals. The London advices also showed a steady trend. Gold biscuits also ruled steady and were nominally quoted at Rs 52,900 per piece of 10 tolas.

Silver .999 and .916 ruled were nominally quoted at Rs 6250 and Rs 6150 a kg respectively.