Groundnut Oil Continues Uptrend, Sugar Firm

Groundnut oil advanced further on restricted availability of ready stock against better demand at the wholesale oils and oilseeds market here yesterday. Industrial oils ruled better-to-firm while imported palmolein ruled firm. In futures section, castor seeds June contract opened lower but improved towards closing. Groundnut oil shot up further by Rs 4 at Rs 421 per 10 kg on better consumer demand and limited arrivals.

Linseed oil and rapeseed oil-refined improved by Rs 5 and Rs 3 to Rs 380 and Rs 370 per 10 kg respectively on improved improved industrial demand coupled with restricted inflows.

Cottonseed oil-washed and refined firmed up by Rs 7 and Rs 6 to Rs 371 and Rs 374 per 10 kg.respectively on improved industrial offtake against limited availability.

Mowra oil shot up Rs 10 at Rs 285 per 10 kg on paucity of ready stock. Copra oil white and karanji oil declined by Rs 30 and Rs 5 to Rs 450 and Rs 175 per 10 kg on easy availability of ready stock against reduced industrial demand. Imported palmolein improved further by Re 1 at Rs 362 per 10 kg on limited arrivals of imported goods.

In futures section, the June contract opened Rs 2.50 lower at Rs 1304 a quintal and firmed to Rs 1308.

It declined to Rs 1304 before closing to Rs 1306.50 a quintal.In oilseeds, groundnuts -karad bold and saurashtra bold improved by Rs 10 each to Rs 1960 and Rs 1980 per quintal.

Sugar: A firm trend was noticed in sugar prices at the local wholesale sugar market. Sugar S-30 firmed up further to Rs 1430/1460 against the previous level of Rs 1428/1460 a quintal on limited availability of ready stock.

The M-30 grade improved further to Rs 1470/1520 as against the previous level of Rs 1463/1520 a quintal on improved buying interest and limited availability of ready stock.

Arrivals of imported sugar also remained restricted.

Sugar for the check-post deliveries were quoted lower at Rs 1415/1435 a quintal for S-30, while Rs 1460/1475 a quintal for the M-30 grade.

Non-ferrous metals: A steady trend was witnessed in the local non-ferrous metals market.

In virgin section, all other metals ruled overall steady and were nominally quoted as: copper wirebar Rs 118, aluminium ingots Rs 82, zinc slabs Rs 72, lead ingots Rs 41, tin slabs Rs 343 and nickel cathodes Rs 308 a kg.In scraps, copper heavy scraps Rs 108, copper utensils Rs 94, brass utensils Rs 84.50, brass sheetcuttings Rs 88.50 and aluminium Rs 62 a kg.

Bullion: An easy-to-downward trend was noticed in the local bullion market. Both the precious metals ruled weak.

The undertone of the market remained firm.

In white metals, silver .999 and .916 declined by Rs 125 and Rs 120 to Rs 8,850 and Rs 8,745 a kg.respectively on weak overseas advices and improved upcountry arrivals.

Delhi advices indicated a modest trend.

In yellow metals, both- standard gold and 22 carat gold eased by Rs 20 and Rs 15 to Rs 4230 and Rs 3915 per 10 gram respectively..

Overseas advices also indicated weak trend.

Gold biscuit prices declined by Rs 300 at Rs 49,600 per piece of gold bar on better availability of ready stock and subdued consumer demand.