Groundnut Oil Easy, Sugar Firm, Bullion Divergent

Groundnut oil ruled easy on better arrivals and modest demand while other industrial oils ruled better-to-steady at the wholesale oil and oilseeds market, here yesterday. Imported palmolein ruled easy on subdued demand.

Groundnut oil eased by Rs 2 at Rs 358 per 10 kg on reduced consumer demand. Arrivals remained at around 90/95 tonnes.

In other oils, castoroil commercial and BSS varieties improved by Rs 2 each to Rs 276 and Rs 288 per 10 kg respectively. Karanji oil firmed up by Rs 3 to Rs 158 per 10 kg.

Soya oil refined declined by Rs 3 at Rs 310 per 10 kg on reduced industrial demand. Imported palmolein firmed up by Re 1 to Rs 303 per 10 kg.

In the futures section, castorseeds March '98 contract opened Rs 4.50 up at Rs 1,189.50 and firmed up to Rs 1,201 a quintal. It declined to Rs 1,189.50 before closing at Rs 1,199 a quintal on speculative movements. The June contract opened Rs 6 higher at Rs 1,227 a quintal and ruled overall steady.

In oilseeds, castorseed Madras and Maharastra improved by Rs 10 each to Rs 1,229 and Rs 1,223 a quintal. Nigerseeds Madras declined by Rs 35 at Rs 1,400 a quintal.

Sugar: A firm-to-upward trend continued in sugar prices. Both grades ruled firm. The market undertone remained dull.

Sugar S-30 firmed up further to Rs 1,458/1,475 against the previous close of Rs 1,445/1,472 a quintal. Sugar M-30 looked up to Rs 1,478/1,525 a quintal against the previous close of Rs 1,465/1,540.

Sugar for the checkpost deliveries were quoted firm at Rs 1,438/1,452 a quintal for S-30 and Rs 1,454/1,475 for M-30.

Non-ferrous metals: A steady trend was in evidence on the local non-ferrous metals market.

In scraps, all metals ruled overall steady. Copper heavy scraps was quoted at Rs 106.50 a kg, copper utensils at Rs 95, brass utensils at Rs 84, brass sheetcuttings at Rs 88.75 and aluminium utensils at Rs 62.50 a kg respectively.

All virgin metals ruled steady. Copper wirebar was quoted at Rs 116.50, aluminium ingots Rs 82, zinc slabs Rs 71.50, lead ingots Rs 40, tin slabs Rs 335 and nickel cathodes at Rs 328 a kg respectively.

Bullion: A divergent trend was witnessed on the local bullion market here yesterday. Silver advanced further on firm overseas advices coupled with paucity of ready stock. Gold eased on dull buying interest. The market undertone remained weak.

In white metals, silver .999 and .916 advanced further by Rs 100 and Rs 95 to Rs 8,690 and Rs 8,580 a kg respectively..

In yellow metals, both standard gold and 22 carat gold eased by Rs 10 each to Rs 4,050 and Rs 3,745 per 10 grammes.

Gold biscuit prices,too, declined by Rs 100 at Rs 47,400 per piece on dull trading.