Groundnut Oil Declines Further, Bullion Rises

Groundnut oil eased further on brisk arrivals from producing centres. Demand was subdued at higher levels, while other industrial oils ruled easy-to-steady at the wholesale oils and oilseeds market here yesterday. Imported palmolein ruled weak.

In futures section, castorseeds June contract opened higher but eased towards closing, while the September contract opened higher and ruled overall steady towards closing.

Groundnut oil eased by Rs 2 at Rs 427 per 10 kg on improved arrivals from upcountry centres. Kardi oil declined by Rs 10 at Rs 550 per 10 kg on brisk arrivals. Mowra oil and copra oil-white firmed up by Rs 5 each to Rs 305 and Rs 460 per 10 kg respectively. Rapeseed oil refined flared up by Rs 6 to Rs 398 per 10 kg on improved industrial demand. Cottonseed oil-washed and refined qualities looked up by Rs 3 and Re 1 to Rs 403 and Rs 405 per 10 kg respectively. Imported palmolein ferll Rs 2 to Rs 392/10 kg.

In futures, castorseeds June contract opened Rs 4.50 up at Rs 1274.50 a quintal and ruled steady. It closed at Rs 1270 a quintal.

Sugar: An easy-to-dull trend continued in sugar prices at local wholesale sugar market yesterday. The market undertone was weak. Sugar S-30 eased to Rs 1501/1525 against the previous level of Rs 1510/1535 a quintal on dull offtake coupled with easy availability of ready stock.

The M-30 grade declined to Rs 1525/1565. Sugar for the check-post deliveries were quoted lower at Rs 1490/1515 a quintal for S-30 and Rs 1505/1535 for M-30.

Non-ferrous metals: A firm-to-upward trend was noticed in the local non-ferrous metals market yesterday. The demand remained better. The undertone remained hesitant.

In virgin section, nickel cathodes and tin slabs looked up by Rs 5 and Rs 2 to Rs 304 and Rs 350 a kg respectively on paucity of ready stock against better industrial demand. Copper wirebar firmed up by 50 paise at Rs 129.50 a kg. on better industrial demand against limited inflows. Meanwhile, the other metals were quoted as: aluminum ingots Rs 82, zinc slabs Rs 76 and lead ingots Rs 42 a kg. respectively.

Inscraps section, copper heavy scraps, copper utensils, brass utensils and brass sheetcuttings edged up by 50 paise each to Rs 114, Rs 99, Rs 88.50 and Rs 92 a kg. Aluminium utensils ruled steady and were nominally quoted at Rs 63.00 a kg.

Bullion: An upward trend continued in the local bullion market yesterday following firm US dollar in the international market. Both the precious metals ruled firm.

In white metals, silver .999 and .916 improved further by Rs 100 and Rs 90 to Rs 8,120 and Rs 8,000 a kg respectively on firm overseas advices and subdued upcountry arrivals. In yellow metals, both- standard and 22 carat gold firmed up further by Rs 90 and Rs 85 to Rs 4,200 and Rs 3,885 per 10 gram respectively. Demand was moderate. Gold biscuit prices strengthened by Rs 1100 at Rs 49,300 per piece of gold bar.