Groundnut Oil Eases

Groundnut oil eased further by Rs 3 to Rs 415 per 10 kg on reduced consumer demand and improved arrivals from the producing centres. Stockists turned sellers for profit booking at higher level. The arrivals are gradually picking up with the commencement of the new season in Saurashtra.

In other oils, sesame oil declined by Rs 10 to Rs 290 per 10 kg on improved stock availability and reduced demand. Linseed oil improved by Rs 10 to Rs 330 per 10 kg on improved demand and limited arrivals. Copra oil white ruled overall steady on narrow movements.

Sunflower oil expeller looked up by Rs 5 to Rs 275 on good buying support at the reduced level. Karanji oil lost Rs 8 to fix at Rs 187 per 10 kg on lack of demand support. Imported palmolein eased by Re 1 at Rs 263 per 10 kg on narrow movements. Other oils were mostly steady on narrow movements.

December contract futures opened Rs 3.50 lower at Rs 19.50 per quintal. It declined to Rs 119.50 before closing at Rs 121.50 per quintal. In oilseeds, castorseeds Madras and Maharashtra qualities dipped by Rs 4 to Rs 1090 and Rs 1084 per quintal respectively on reduced industrial offtake. Nigerseeds Madras also dipped by Rs 25 at Rs 1475 a quintal on easy demand.

An overall downward trend was noticed at the wholesale sugar market at Turbhe, Navi Mumbai, yesterday. The overall demand remained dull. Sugar S-30 grade declined to Rs 1240/1268 a quintal from the previous level of Rs 1245/1275 on dull festival demand. While Sugar M-30 eased to Rs 1270/1325 from Rs 1275/1340 a quintal yesterday.

Sugar checkpost deliveries were quoted lower at Rs 1202/1225 a quintal for small grade and Rs 1225/1260 for the medium grade. The market undertone was weak.

An easy to steady trend was witnessed in precious metals in the local bullion market yesterday. Gold ruled easy while silver was steady. The market sentiment remained weak following lower seasonal demand and improved supplies from the upcountry centres. Standard gold eased by Rs 15 to Rs 5,090 per 10 grams on improved arrivals and reduced demand.

Gold 22 carat also dipped by Rs 10 to Rs 4,710 per 10 grams. Gold biscuits prices declined by Rs 100 to Rs 59,600 per piece of 10 tolas on reduced demand yesterday. The undertone remained shaky.

Silver .999 and .916 ruled overall steady on narrow movements prices were quoted at Rs 6880 and Rs 6780 per kg respectively on subdued demand and supply.

Scrap metals were weak while virgin metals were easy to steady at the non-ferrous metals market yesterday. Industrial demand remained dull. The trade volume remained limited.

In scraps, copper heavy scraps, brass utensils scraps, brass sheetcuttings and aluminium utensil scraps eased by 50 paise each to Rs 110.50, Rs 85.0, Rs 89.50 and Rs 58.0 a kg respectively on reduced industrial demand yesterday. Copper utensils dipped by 25 paise to Rs 9.75 a kg on improved arrivals and reduced demand.

In virgin section, aluminium ingots eased by 50 paise at Rs 73.50 a kg on easy offtake while lead ingots eased by 25 paise at Rs 49.25 a kg on easy demand yesterday. Other metals like copper wirebars, zinc slabs, tin slabs and nickel cathodes ruled overall steady on narrow movements.