Groundnut Oil Firms Up, Gold Weakens Further

A firm trend in groundnut oil continued on better offtake and modest arrivals while other industrial oils ruled easy to steady at the wholesale oils and oilseeds market in Turbhe, Navi Mumbai yesterday. Imported palmolein held steady on modest arrivals. In futures section, March '97 contract opened lower and eased further towards closing, while June '97 contract opened lower and weakened further towards closing. Groundnut oil firmed up further by Rs 2 at Rs 342 per 10 kg on improved demand, coupled with modest arrivals. Arrivals are put about 100/ 120 tonnes a day.

Kardi oil firmed up by Rs 2 at Rs 382 per 10 kg. on better demand, while sunflower oil expeller and soya oil refined eased by Re 1 each to Rs 277 and Rs 287 per 10 kg respectively on reduced offtake and brisk inflows. Imported palmolein was quoted at 281 per 10 kg on subdued demand. In future section, March '97 contract opened Rs 5.50 lower at Rs 1150 a quintal. It closed at Rs 1144 a quintal on speculative selling pressure. June'97 contract opened Rs 9 lower at Rs 1217 a quintal and it moved up to Rs 1121. It closed at Rs 1219.

Sugar: An easy to subdued trend continued at the wholesale sugar market. Sugar of both the grades ruled subdued on reduced demand and moderate inflows. The market undertone was weak. Sugar S-30 grade held steady at the previous levels of 1225/1260 a quintal on subdued demand and modest arrivals. Sugar M-30 eased to Rs 1263/1356 from the previous level of 1265/1360 a quintal. Sugar for the check post deliveries were quoted at Rs 1195/1220 a quintal for S-30 and Rs.1230/1305 for the M-30 grade.

Non-ferrous metals: A downward to steady trend was noticed in the local non-ferrous market. Scraps metals went down while virgin metals prices ruled easy to steady on narrow movements. In virgin section, copper wirebar declined by Re 1 at Rs 127.50 a kg on reduced demand coupled with improved arrivals. All other metals ruled steady Aluminium ingots were quoted at Rs 72.50, zinc slabs Rs 67.50, lead ingots at Rs 45.50, tin slabs at Rs 344 and nickel cathodes at Rs 365 a kg respectively. In scraps section, copper heavy scraps declined by Re.1 at Rs 127.50 a kg. Copper utensils eased by 50 paise at Rs. 105. Brass utensils eased and brass sheet cuttings dipped by 25 paise each to Rs 88.00 and Rs 88.75 respectively on subdued demand. Aluminium utensils ruled steady at Rs 58. Copper heavy scraps quoted at Rs 118.50, copper utensils at Rs 105.50, brass utensils at Rs 88.50, brass sheet cutings at Rs 89.00 and aluminium utensils at Rs. 58.00 a kg respectively.

Bullion: The local bullion market continued to witness the divergent trend. White metals ruled firm while yellow metals ruled downward to easy.

In yellow metals, standard gold and 22 carat gold weakened further by Rs.55 and Rs 45 to Rs.4830 and Rs 4465 per 10 grams respectively on dull consumer demand and the modest arrivals from upcountry centres. Gold biscuits prices declined further by Rs.600 at Rs.56,500 per piece of 10 tolas on subdued consumer demand.In white metals, silver .999 and .916 firmed up further by Rs 25 each to Rs 7075 and Rs 6975 a kg respectively.