Groundnut Oil Eases, Easy Trend In Sugar

Groundnut oil eased further by Rs 2 at Rs 346 per 10 kg on reduced demand and improved arrivals. Other industrial oils indicated steady to subdued trend at the wholesale oils and oilseeds market Turbhe yesterday. However, imported palmolein eased further on reduced demand.

In future section, March'97 contract opened lower and ruled steady at the same level towards closing. Groundnut oil arrivals are put around 110/130 tonnes a day.

In other oils, mowra and sesame improved by Rs 5 and Rs 6 to Rs 270 and Rs 316 per 10 kg respectively. Cottonseed oil refined declined by Rs 3 at Rs 287 per 10 kg on reduced offtake while mowra oil firmed by Rs 3 at Rs 315 per 10 kg. Copra oil white declined by Rs 20 at Rs 630 per 10 kg due to dull demand.

Soya oil refined declined by Rs 2 at Rs 287 per 10 kg on reduced demand. Ricebran oil dipped by Rs 3 at Rs 165 per 10 kg while karanji oil firmed up by Re 1 at Rs 187 per 10 kg. Imported palmolein eased further by Rs 2 at Rs 284 per 10 kg on subdued demand. Meanwhile, majority of other oils ruled overall steady on narrow movements.

In future section, March'97 contract opened 50 paise lower at Rs 1,172.50 and moved up to Rs 1,177.50 per quintal. It declined to Rs 1,172 before closing at Rs 1,172.50 on speculative short-coverings. In oilseeds, castor seeds Madras and Maharashtra gained Rs 3 each to Rs 1,104 and Rs 1,098 per quintal respectively on better offtake. Meanwhile, all the oilseeds ruled overall steady on narrow movements yesterday.

Sugar: An easy to subdued trend continued at the wholesale sugar market yesterday. The demand overall remained dull. The market undertone remained weak.

Sugar small grade was quoted at Rs 1,270/1,280 from the previous level of Rs 1,255/1,295 a quintal while medium grade traded at Rs 1,300/1,371 as against the previous level of Rs 1,300/1,375 a quintal on narrow tradings.

Sugar prices for the check-post were quoted lower at Rs 1,235/1,250 a quintal for S-30 grade, while Rs 1,260/1,335 a quintal for M-30 grade yesterday.

Non-ferrous Metals: Scrap metals ruled firm while virgin metals ruled easy to steady in the local non-ferrous market yesterday. Industrial demand remained moderate. The trade volume remained small.

In scraps section, copper heavy scraps, copper utensils and brass utensils improved by 50 paise each to Rs 117.50, Rs 104.50 and Rs 91 per kg respectively. Brass utensils firmed up by 25 paise at Rs 87.25 per kg on improved offtake. Meanwhile, aluminium utensils ruled overall steady at Rs 58 per kg on subdued demand. In virgin section, nickel cathodes and tin slabs declined by Rs 2 each to Rs 267 and Rs 344 per kg respectively on dull industrial offtake coupled with improved arrivals. Lead ingots firmed up by 50 paise at Rs 45 per kg on better offtake.

Meanwhile, copper wirebars, aluminium ingots and zinc slabs ruled overall steady on narrow movements and were nominally quoted at Rs 126, Rs 72 and Rs 66.50 per kg respectively on moderate offtake.

Bullion: An upward trend was noticed in the local bullion market yesterday. Both the precious metals firmed up on improved overseas advices. The undertone of the market remained weak.

In white metals, silver.999 and .916 firmed up by Rs 30 each to Rs 6,750 and Rs 6,650 per kg respectively on slightly better improved demand coupled with firm upcountry advises. Delhi advices also indicated better trend yesterday.

In yellow metals, standard gold and 22 carat gold improved by Rs 20 each to Rs 4870 and Rs 4,505 per 10 grams respectively on better consumer demand coupled with firm overseas advices. The arrivals remained modest.