Groundnut Oil Dips, Sugar Divergent, Bullion Steady

An easy-to-downward trend continued in groundnut oil while other industrial oils ruled easy-to-subdued at the wholesale oils and oilseeds market at Turbhe , Navi Mumbai, yesterday.

Imported palmolein showed a slightly firm-to-steady trend on better demand against modest availability. In futures section, castorseeds June contract remained untraded while September contract opened lower but firmed up towards closing.

Groundnut oil eased further by Rs 2 to Rs 358 per 10 kg on reduced demand. Arrivals were put at around 90/100 tonnes a day.

Linseed oil and soya oil refined declined by Rs 3 and Rs 4 to Rs 285 and Rs 286 per 10 kg respectively on reduced industrial demand and better availability. Rapeseed oil refined eased by Rs 2 to Rs 272 per 10 kg.

Cottonseed oil washed and refined qualities weakened by Rs 3 each to Rs 270 and Rs 275 per 10 kg respectively on dull industrial demand and good arrivals. Imported palmolein firmed up by Re 1 at Rs 267 per 10 kg. Majority of other oils ruled overall steady.

In futures section, castorseeds September contract opened Rs 4 lower at Rs 1138.50 and firmed up to Rs 1143 a quintal. It declined to Rs 1136.50 before closing to Rs 1139.50 a quintal.

In oilseeds, castorseeds Madras and Maharashtra qualities declined by Rs 4 each to Rs 1090 and Rs 1084 per quintal respectively. All other oilseeds ruled steady.

Sugar: A divergent trend was noticed at the wholesale sugar market at Turbhe, Navi Mumbai yesterday. Small grade sugar firmed up while the medium grade eased.

Sugar S-30 grade firmed up to Rs 1425/1450 against the previous level of Rs 1410/1448 a quintal on improved demand and restricted availability. While sugar M-30 eased to Rs 1460/1500 against the previous level of Rs 1465/1505 a quintal on subdued offtake. Sugar for the check post deliveries were quoted low at Rs 1400/1420 a quintal for S-30 grade and Rs 1430/1462 for the M-30 grade.

Non-ferrous metals: Tin slabs eased further on reduced demand coupled with weak overseas advices, while all the other metals ruled overall steady in the local non-ferrous market yesterday.

In virgin section, tin slabs declined further by Rs 2 at Rs 309 a kg on reduced industrial demand coupled with improved arrivals. Meanwhile, all other metals ruled overall steady and were nominally quoted as: copper wirebars Rs 137.50, aluminium ingots Rs 77, zinc slabs Rs 81, lead ingots Rs 41 and nickel cathodes Rs 363 per kg respectively.

In scraps section, quiet conditions were noticed. All the metals ruled overall steady and were nominally quoted. Copper heavy scraps were quoted at Rs 126.50, copper utensils at Rs 114.50, brass utensils at Rs 96.75, brass sheetcuttings at Rs 101.75 and aluminium utensils at Rs 60 a kg.

Bullion: An easy-to-steady trend continued in the local bullion market. Silver ruled easy while gold ruled overall steady on account of subdued overseas advices. The undertone of the market was weak.

In white metals, silver .999 and .916 eased further by Rs 40 each to Rs 6800 and Rs 6700 per kg respectively on dull offtake and weak overseas advices. Delhi advices indicated a dull trend.

In yellow metals, both standard gold and 22-carat gold ruled overall steady and were nominally quoted at Rs 4680 and Rs 4330 per 10 grams respectively. Gold biscuit prices ruled at the previous level of Rs 54,800 per piece of 10 tolas.