Groundnut Oil Declines, Sugar Easy, Bullion Firm

Groundnut oil suffered a setback on reduced demand coupled with better arrivals from the upcountry centres yesterday whereas other industrial oils ruled easy to steady at the wholesale oils & oilseeds market, Turbhe, Navi Mumbai. Imported palmolein ruled firm on subdued arrivals. In future section, March97 contract remained untraded while June97 contract opened steady but eased towards closing.

Groundnut oil declined by Rs 3 to Rs 344 per 10 kg on dull demand coupled with improved arrivals. Arrivals were put at about 100/110 tonnes a day.

In other oils, kardi oil and karanji oil lost by Rs 10 and Rs 5 to Rs 365 and Rs 200 per 10 kg respectively on improved inflows. Coconut oil white gained Rs 15 to Rs 715 per 10 kg on improved offtake and dull supply. Imported palmolein firmed up by one rupee Rs 282 per 10 kg on subdued demand. Meanwhile, majority of other oils ruled overall steady on narrow movements.

In futures market, June97 contract opened steady at the previous level of Rs1,208 a quintal. It eased to Rs 1,206 before closing at Rs1,207 on subdued trading.

In oilseeds, castorseeds Madras and Maharashtra qualities looked up by Rs 3 each to Rs 1,102 and Rs 1,096 per quintal respectively on dull demand and better inflows. Meanwhile, all the other oilseeds ruled overall steady on narrow movements.

Sugar: Sugar prices contined to rule easy to subdued. Sugar of both the grades eased on weak demand. Sugar S-30 grade declined to Rs 1,250/1,280 a quintal from the previous level of Rs 1,250/1,288 on slack demand and better arrivals. Sugar M-30 grade dipped to Rs 1,285/1,365 from the previous level of Rs 1,288/1,370 a quintal on reduced offtake. Meanwhile, sugar for the check post deliveries were quoted easy at Rs 1,230/1,245 a quintal for S-30 grade and Rs1,265/1,325 for the M-30 grade.

Non-ferrous Metals: An easy to steady trend was noticed in the local non-ferrous market. Scrap metals ruled easy while virgin metals ruled steady on narrow movements.Industrial demand remained dull. The trade volume continued to remained small.

In scraps section, copper heavy scraps and copper utensils eased by 50 paise and 25 paise to Rs 117 and Rs 105.25 a kg respectively on easy industrial offtake. Meanwhile, all the other metals ruled overall steady on narrow movements. Metals were quoted per Kg were the following: brass utensils, Rs 89.50, brass sheetcuttings, Rs 91.50 and aluminium utensils, Rs 58 respectively on dull industrial demand and subdued arrivals.

In virgin section, metals like copper wirebar, aluminium ingots, zinc slabs, lead ingots, tin slabs and nickel cathodes ruled overall steady and were quoted at Rs.129.50, Rs 72.50, Rs 70.50, Rs 45.50, Rs 341 and Rs 372 a kg respectively.

Bullion: A firm to upward trend was noticed in the local bullion market. Both the precious metals moved up on better demand. The market sentiment remained modest.

In white metals, silver .999 and .916 improved by Rs 40 each to Rs 7,425 and Rs 7,325 a kg respectively on improved overseas advices and better industrial offtake as against moderate arrivals.Delhi advices also witnessed a firm trend.