Groundnut Oil Easy, Sugar, Bullion Follow Suit

Groundnut oil ruled easy on subdued demand coupled with better arrivals from producing centres, whereas other industrial oils ruled easy-to-steady at the wholesale oils and oilseeds market, Turbhe, Navi Mumbai, yesterday. Imported palmolein ruled steady on modest arrivals. In futures section, castor seeds December 1997 contract remained untraded, while March 1998 opened lower but firmed up towards closing.

Groundnut oil eased by Rs 2 at Rs 336 per 10 kg. Arrivals from producing centures remained at 95 tonne a day. In other oils, linseed oil and ricebran oil eased by Rs 3 and Rs 2 to Rs 282 and Rs 168 per 10 kg respectively on reduced industrial demand coupled with limited inflows. Coconut oil white declined by Rs 5 at Rs 590 per 10 kg on dwindled industrial offtake and better inflows. Soya oil refined firmed up by Re 1 at Rs 271 per 10 kg on better industrial demand while karanji oil eased by Re 1 to Rs 156 per 10 kg on low industrial demand coupled with improved arrivals from producing centres. Imported palmolein ruled overall steady and were nominally quoted at Rs 277 per 10 kg on normal industrial demand. Meanwhile, majority of other oils ruled overall steady on narrow movements. In futures section, castor seed March 1998 contract opened Rs 3 lower at Rs 1,160.50 and firmed up to Rs 1,163 a quintal. It declined to Rs 1,160.50 before closing at Rs 1,163 on speculative dealings.

Sugar: A downward trend was noticed in sugar prices on improved arrivals at the wholesale sugar market yesterday. Both the grades of sugar ruled weak. The undertone of the market remained hesitant. Sugar S-30 grade declined to Rs 1,525/1,565 from the previous level of Rs 1,541/1,591 a quintal on dull consumer demand coupled with normal arrivals. Sugar M-30 fell to Rs 1,570/1,621 against the previous level of Rs 1,575/1,640 a quintal on dull offtake and subdued arrivals. Meanwhile, sugar for the check post deliveries were quoted low at Rs 1,480/1,500 a quintal for S-30 grade and Rs 1,500/1,530 for the M-30 grade.

Bullion: A weak trend continued to prevail on dull overseas advices coupled with improved arrivals of both the precious metals in the local bullion market yesterday. Both the metals declined.

In white metals, silver .999 and .916 declined by Rs 35 and Rs 30 to Rs 7,340 and Rs 7,245 a kg respectively on dull industrial demand and improved arrivals coupled with weak overseas advices. Delhi advices also indicated a weak trend. In yellow metals, standard gold and 22-carat gold receded by Rs 55 and Rs 50 to Rs 3,925 and Rs 3,630 per 10 gramms respectively on dull overseas advices and dull local demand. Gold biscuit prices also dropped further by Rs 800 to Rs 45, 800 per gold bar.

Non-ferrous metals: The Bombay Metal Exchange remained officially closed in protest against the service tax imposed by the Central government.