Groundnut Oil Easy, Silver Slips, Gold Remains Steady

Subdued demand and modest arrivals pushed the groundnut oil price by Re 1 to Rs 364 per 10 kg at the oils and oilseeds market at Turbhe, Navi Mumbai. The arrivals remained rather improved to nearly 100 tonnes yesterday with subdued offtake. Other industrial oils ruled mixed at the wholesale oils and oilseeds market.

Imported palmolein, too, eased by Rs 2 to Rs 291 per 10 kg mainly due to low demand.

In other oils, mowra oil and sesame oil improved by Rs 5 each to Rs 290 and Rs 325 per 10 kg on better industrial demand and limited inflow. Copra oil white suffered a setback by Rs 20 to Rs 580 per 10 kg on reduced industrial demand and better arrivals. Rapeseed oil refined and sunflower oil expeller declined by Rs 4 and Rs 3 to Rs 282 and Rs 285 per 10 kg on reduced industrial interest. Majority of other oils ruled overall steady on narrow movements.

In futures, castorseeds June 1997 contract opened Rs 4 lower at Rs 1,118.50 and firmed up to Rs 1,120 a quintal. It declined and closed at Rs 1,115 a quintal on improved offerings. In oilseeds, nigerseeds Madras improved by Rs 25 at Rs 1,425 per quintal on improved industrial demand coupled with restricted availability. All the oilseeds ruled overall steady on narrow movements.

Sugar: An easy to steady trend was seen at the wholesale sugar market at Turbhe, Navi Mumbai yesterday. Sugar small (S-30) and medium (M-30) showed easy trend. The undertone of the market was shaky.

Sugar S-30 grade ruled at Rs 1,375-1,425 against of the previous level of Rs 1,385-1,425 a quintal on subdued demand, while sugar M-30 grade declined to Rs 1,425-1,490 from the previous level of Rs 1,430-1,495 a quintal on reduced offtake. Sugar for the check post deliveries were quoted easy at Rs 1,360-1,385 a quintal for S-30 grade and Rs 1,395-1,435 for the M-30 grade.

Non-ferrous metals: An easy to steady trend continued in the local non-ferrous market yesterday. The industrial demand was dull and trade volumes, small.

In virgin section, copper wire bar eased by 50 paise to Rs 135 a kg. The demand was low while the arrivals were improved. All the other metals ruled overall steady on narrow movements and were nominally quoted as under: copper wire bar Rs 136.50; aluminium ingots Rs 74.50; zinc slabs Rs 79; lead ingots Rs 45.50; tin slabs Rs 312 and nickel cathodes Rs 361 a kg. In scraps, an easy trend was witnessed. Copper utensils declined by Rs 1.50 to Rs 109.50 a kg on reduced industrial demand. The inflows from overseas centres were improved.

Copper heavy scraps dipped by 50 paise while brass utensils and brass sheet cuttings eased by 25 paise to Rs 92.75 and Rs 96.75 a kg on dull industrial demand. Aluminium utensils, however, ruled overall steady at Rs 59.00 a kg on narrow movements.

Bullion: A mixed trend was noticed in the local bullion market yesterday. Silver prices eased while gold prices ruled overall steady on narrow movements. The festive demand remained subdued with improved arrivals.

In white metals, silver .999 and .916 eased to by Rs 10 to Rs 6,795 and Rs 6,675 a kg. The industrial demand remained subdued with modest arrivals. The overseas advices, as well as the Delhi advices, showed a subdued trend.

In yellow metals, standard gold and 22 carat gold ruled overall steady at the previous levels of Rs 4,750 and Rs 4,395 per 10 grammes on subdued offtake with moderate arrivals. Gold biscuits prices were steady at Rs 55,500 per piece of 10 tolas.