Groundnut Oil Firm, Sugar Improves, Bullion Suffers

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

In the futures section, there was no trading in castorseeds March 97 contract yesterday, while the June 97 contract opened lower and eased further towards closing. Groundnut oil firmed up by Rs 2 at Rs 343 per 10 kg on better offtake, coupled with restricted arrivals. Arrivals were put around 100 tonnes a day.

Linseed oil and kardi oil declined by Rs 3 each to Rs 295 and Rs 342 per 10 kg respectively on reduced industrial demand. Sesame oil eased by Rs 5 at Rs 295 on reduced industrial demand and modest arrivals. Coconut oil white improved by Rs 25 to Rs 685 per 10 kg on improved industrial demand. Sunflower oil expeller eased by Re 1 at Rs 266 per 10 kg on easy demand, while imported palmolein slipped by Re 1 at Rs 279 per 10 kg on subdued offtake. Majority of other oils ruled overall steady on narrow movements.

The castorseeds June 97 contract opened Rs 3 lower at Rs 1,209 but declined to Rs 1,200 before closing at Rs 1202.50 a quintal on speculative shortcoverings.

In oilseeds, castorseeds Madras and Maharashtra qualities eased by Rs 4 each to Rs 1,114 and Rs 1,108 per quintal respectively on dull industrial offtake. Kardi oil and nigerseeds slid by Rs 10 and Rs 15 to Rs 1140 and Rs 1260 a quintal respectively. All the other oilseeds ruled overall steady on narrow movements.

Sugar: An overall firm-to-upward trend was witnessed in sugar prices at the wholesale sugar market at Turbhe yesterday. Demand remained better against subdued inflows. The undertone was modest.

Sugar S-30 grade firmed up to Rs 1,290/1,305 a quintal as against of the previous level of Rs 1,268/1,305 a quintal on better demand and moderate arrivals. Sugar M-30 grade improved to Rs 1,320/1,395 from the previous level of Rs 1,295/1,374 a quintal on better offtake. Meanwhile, sugar for check-post deliveries were quoted easy at Rs 1,265/1,280 a quintal for S-30 grade and Rs 1290/1355 for the M-30 grade.

Non-ferrous metals: An steady-to-better trend was noticed in the local non-ferrous market yesterday. Industrial demand remained slack. The trading volume remained meagre.

In virgin section, zinc slabs and nickel cathodes improved by Re 1 and Rs 2 to Rs 75.50 and Rs.375 per kg on improved industrial demand. All the other metals ruled overall steady on narrow movements. Prices were quoted as under: copper wirebar Rs 133.50, aluminium ingots Rs 74, lead ingots Rs 45.25 and tin slabs Rs 315 a kg. In scraps section, copper heavy scraps, copper utensils, brass utensils, brass sheetcuttings and aluminium utensils ruled steady on narrow movements and were nominally quoted at Rs 120.50, Rs 108.50, Rs 92, Rs 95 and Rs 59 a kg respectively on narrow movements.

Bullion: An easy-to-downward trend was seen in the local bullion market yesterday. Both the precious metals suffered a setback.

In white metals, silver .999 and .916 declined by Rs 20 each to Rs 7450 and Rs 7350 a kg.