Groundnut Oil Eases, Sugar Subdued, Metals Mixed

Groundnut oil eased further on subdued demand coupled with better arrivals while other industrial oils ruled easy-to-steady at the wholesale oils and oilseeds market here yesterday. Imported palmolein ruled firm on limited arrivals. In the futures section, castorseed December contract opened higher and advanced further towards closing. The March 98 contract too opened up and firmed further towards closing.

Groundnut oil eased further by Re 1 at Rs 344 per 10kg. Arrivals remained modest at around 85-90 tonnes a day.

In other oils, kardi and coconut oil white improved by Rs 3 and Rs 5 to Rs 328 and Rs 565 per 10kg on improved industrial demand and limited inflow.

Ricebran oil and soya oil refined hardened by Re 1 each to Rs 163 and Rs 273 per 10kg respectively. Imported palmolein further firmed up by Re 1 at Rs 270 per 10kg.

The majority of other oils ruled overall steady on narrow movements. In the futures section, castorseed December contract opened Rs 6 up at Rs 1,194.50 and firmed up to Rs 1,200 a quintal. It declined to Rs 1,193 before closing at Rs 1,199.50. The March 98 contract opened Rs 7 higher at Rs 1,142 a quintal and improved to Rs 1,149. It declined to Rs 1,142 before closing at Rs 1,147.50.

In oilseeds, castorseeds Madras and Maharashtra firmed up further by Rs 5 each to Rs 1,210 and Rs 1,204 a quintal respectively. All other oilseeds ruled overall steady on narrow movements.

Sugar: Sugar continued to rule subdued-to-weak here yesterday.

The market undertone remained weak. Sugar S-30 eased further to Rs 1,470/1,512 from the previous Rs 1,475/1,514 a quintal. Sugar M-30 ruled quiet at Rs 1,496/1,546 against the previous Rs 1,491/1,546 a quintal on subdued offtake and modest arrivals. Sugar for the check-post deliveries were quoted low at Rs 1,455/1,471 a quintal for S-30 and at Rs 1,478/1,500 for M-30.

Non-ferrous metals: A mixed trend was seen on the local non-ferrous market here yesterday. Scrap metals ruled weak while virgin metals ruled mixed. The market undertone was weak.

In scraps, copper and brass utensils and brass sheetcuttings declined by Re 1 each to Rs 102, Rs 86 and Rs 94 a kg respectively on reduced industrial demand and improved arrivals.

Copper heavy scraps dipped by 50 paise at Rs 113.50 a kg on dull demand. Aluminium utensils ruled overall steady and was quoted at Rs 62.50 a kg on narrow movements.In the virgin section, nickel cathodes and tin slabs improved by Rs 2 each to Rs 312 and Rs 314 a kg respectively on better industrial offtake coupled with limited availability.

Copper wirebar lost Re 1 at Rs 126 a kg on sluggish demand. All other metals ruled overall steady. Aluminium ingots was quoted at Rs 82.50 a kg, zinc slabs at Rs 76 and lead ingots at Rs 41 per kg respectively.

Bullion: The Bombay Bullion Association remained officially closed on account of Dev Ekadashi.