Groundnut Oil Easy, Bullion Steady, Sugar In A Groove

Groundnut oil continued to ease on profit taking, subdued demand and improved arrivals from the producing centres at the wholesale oils and oilseeds market, Turbhe, Navi Mumbai yesterday. Imported palmolein, too, weakened on brisk arrivals and dull demand. In futures section, castorseeds June 1997 contract opened higher but declined towards closing.

Groundnut oil eased further by Rs 3 to Rs 368 per 10 kg on reduced demand against improved availability. Among other oils, cottonseed oil refined quality, mowra oil and linseed oil improved by Rs 3 each to Rs 297, Rs 278 and Rs 298 per 10 kg respectively on better industrial demand. Copra oil white improved by Rs 5 to Rs 585 per 10 kg on improved offtake from the industrial sector. Sunflower oil expeller eased by Rs 2 to Rs 278 per 10 kg on reduced industrial demand. Imported palmolein eased by Rs 2 to Rs 295 per 10 kg on reduced offtake and better availability.

In futures, castorseeds June 1997 contract opened Rs 5.50 higher at Rs 1,150 and firmed up to Rs 1,151.50 a quintal. It declined to close at Rs 1,149 a quintal on moderate sales.

In oilseeds, castorseeds Madras and Maharashtra qualities improved by Rs 9 a quintal each to Rs 1,123 and Rs 1,117 a quintal respectively on improved industrial demand. Karad bold firmed up by Rs 25 to Rs 1,150 a quintal on better demand from millers. All the other oilseeds ruled overall steady.

Sugar: An easy to subdued trend continued at the sugar wholesale market at Turbhe yesterday. Overall demand remained dull while the undertone of the market remained weak. Sugar S-30 grade eased to Rs 1,340-1,375 a quintal from the previous level of Rs 1,345-1,380, while that of M-30 grade declined to Rs 1,385-1,460 a quintal from Rs 1,355-1,461. Sugar for check post deliveries was quoted low at Rs 1,325-1,350 a quintal for S-30 grade, while Rs 1,360-1,410 a quintal for M-30.

Non-ferrous metals: A steady to subdued trend was witnessed in the local non-ferrous market yesterday. Industrial demand remained moderate.ll. The undertone of the market remained hesitant and the prices remained unchanged.

In scraps section, an overall steady trend was witnessed. All the metals ruled steady and were nominally quoted as under: Copper heavy scraps Rs 1,21.25; copper utensils Rs 108.75; brass utensils Rs 91.75; brass sheetcuttings Rs 95.75 and aluminium utensils Rs 59.50 a kg respectively.

In virgin section the nominally quoted prices were: copper wire bar Rs 134.25; aluminium ingots Rs 74.50; zinc slabs Rs 78.50; lead ingots Rs 45.50; tin slabs Rs 310 and nickel cathodes Rs 358 a kg.

Bullion: An easy to steady trend witnessed in the local bullion market yesterday. White metals ruled firm while yellow metals ruled overall steady yesterday. The undertone of the market was shaky. In white metals, silver.999 and .916 firmed up by Rs 10 each to Rs 6,940 and Rs 6,840 a kg respectively on improved industrial demand and firm overseas advices. In yellow metals, standard gold and 22 carat gold ruled overall steady and were nominally quoted at Rs 4,810 and Rs 4,450 per 10 grammes respectively on subdued offtake.

Overseas advices showed subdued to easy trend. Gold biscuits prices ruled steady at Rs 56,300 per piece of 10 tolas.