Groundnut Oil Eases Anew, Gold Dims A Tad, Sugar Dips

Groundnut oil continued to ease on reduced offtake and moderate arrivals from the producing centres yesterday, whereas other industrial oils ruled easy to subdued at the wholesale oils and oilseeds market, Turbhe, Navi Mumbai.

Imported palmolein also ruled steady on dull demand. In future section, castorseeds June'97 contract opened lower and eased further towards closing. September contract remained untraded yesterday. Groundnut oil eased further by Re 1 at Rs 362 per 10 kg on subdued demand coupled with improved arrivals.

In other oils, copra oil white and neem oil improved by Rs 5 and Rs 10 to Rs 575 and Rs 210 per 10 kg respectively on improved industrial offtake followed by reduced arrivals. Mowra oil and ricebran oil declined by Rs 5 and Rs 2 to Rs 285 and Rs 158 per 10 kg respectively on dull industrial demand coupled with better inflows.

Imported palmolein ruled overall steady and was nominally quoted at Rs 283 per 10 kg on subdued demand. Meanwhile, majority of other oils ruled overall steady on narrow movements. In futures, castorseeds June'97 contract opened Rs 1.50 lower at Rs 1,102 and remained at the same level. It declined and closed at Rs 1,099.50 a quintal.

In oilseeds, kardiseeds bold declined by Rs 25 at Rs 1,175 a quintal on reduced demand and improved arrivals.

Sugar: An easy-to- subdued trend continued at the wholesale sugar market. Sugar of both the grades showed a subdued trend. The undertone of the market was hesitant. Sugar S-30 grade eased to Rs 1,410/1,435 as against the previous level of Rs 1,410/1,440 a quintal on subdued demand and moderate arrivals. Sugar M-30 grade declined to Rs 1,440/1,480 from the previous level of Rs 1,445/1,485 a quintal on reduced offtake. Meanwhile, sugar for the check post deliveries were quoted easy at Rs 1,382/1,405 a quintal for S-30 grade and Rs 1,420/1,450 for the M-30 grade.

Non-ferrous Metals: An overall steady trend was noticed in the local non-ferrous market. Industrial demand remained subdued as against moderate arrivals. The trade volume remained small. In virgin section, all the metals ruled overall steady and were nominally quoted as under: copper wirebars, Rs 135.50, aluminium ingots, Rs 75.25, zinc slabs, Rs 78.50, lead ingots, Rs 41.50, tin slabs, Rs 311 and nickel cathodes, Rs 367 a kg respectively on narrow movements.

In scraps section, a steady trend prevailed. Prices were nominally quoted as under: copper heavy scraps, Rs 122, copper utensils, Rs 110, brass utensils, Rs 93.25, brass sheetcuttings, Rs 97.50 and aluminium utensils, Rs 59 a kg respectively on narrow movements.

Bullion: An easy-to-steady trend was witnessed in the local bullion market. The undertone of the market was not firm. In white metals, silver.999 ruled overall steady and was nominally quoted at Rs 7,080 a kg on narrow movements. Silver .916 eased slightly by Rs 5 to Rs 6,975 a kg on subdued industrial demand coupled with modest arrivals.

In yellow metals, standard gold and 22-carat gold declined by Rs 25 and Rs 15 to Rs 4,825 and Rs 4,465 per 10 grammes, respectively on reduced demand with better arrivals. Gold biscuits prices also eased by Rs 200 at Rs 56,400 per piece of 10 tolas on reduced demand.