Groundnut Oil Firms Up, Sugar, Gold Ease

Groundnut oil firmed up by Rs 3 at Rs 371 per 10 kg on improved demand coupled with reduced arrivals from the producing centres at the wholesale oils and oilseeds market, Turbhe, Navi Mumbai yesterday.

Imported palmolein also firmed up by Re 1 at Rs 292 per 10 kg on better offtake and moderate arrivals. In future section, castorseeds June 97 contract opened lower and eased further towards closing.

In other oils, cottonseed oil refined quality declined further by Rs 2 at Rs 292 per 10 kg on profit booking and reduced demand. Linseed oil weakened by Rs 5 to Rs 295 per 10 kg on reduced industrial demand. Neem oil firmed up by Rs 5 to Rs 190 per 10 kg on improved offtake from the industrial sector. Meanwhile, majority of other oils ruled overall steady on narrow movements.

In futures, castorseeds June 97 contract opened Rs 2.50 lower at Rs 1,141 a quintal and ruled at the same level. It declined to Rs 1,132.50 before closing at Rs 1,140 a quintal on shortcoverings.

In oilseeds, castorseeds Madras and Maharashtra qualities declined by Rs 5 each to Rs 1,118 and Rs 1,112 a quintal respectively on reduced industrial offtake.

Sugar: A subdued-to-easy trend continued at the sugar wholesale market yesterday. Demand remained dull. The undertone of the market remained weak.

Sugar S-30 grade eased to Rs 1,345/1,375 a quintal from the previous level of Rs 1,350/1,370, while that of M-30 grade ruled overall steady at the previous level of Rs 1,385/1,460 a quintal on narrow movements. Sugar for check-post deliveries was quoted low at Rs 1,330/1,350 a quintal for S-30 grade, while Rs 1,370/1,415 a quintal for M-30 grade yesterday.

Non-ferrous Metals: A firm trend continued in the local non-ferrous market. Industrial demand remained better to firm.

In scraps section, coppr heavy scraps, copper utensils, brass utensils and brass sheetcuttings firmed up by 50 paise each to Rs 122.50, Rs 109.75, Rs 92.75 and Rs 96.75 a kg respectively on improved demand coupled with restricted arrivals. Meanwhile, aluminium utensils ruled overall steady at Rs 59.50 a kg on narrow movements. In virgin section, copper wire bar improved further by Re 1 at Rs 136 a kg on good industrial buyings coupled with limited arrivals. Meanwhile, aluminium ingots, zinc slabs and lead ingots ruled overall steady on narrow movements and were nominally quoted at Rs 74.50, Rs 79 and Rs 45.50 a kg respectively.

Bullion: A weak-to-downward trend witnessed at the local bullion market yesterday. Both the precious metals ruled weak on dull overseas advices coupled with reduced demand. The undertone of the market was shaky.

In white metals, silver.999 and .916 declined by Rs 55 each to Rs 6,855 and Rs 6,755 a kg respectively on reduced industrial demand coupled with weak overseas advices. Delhi advices also indicated dull trend.

In yellow metals, standard gold and 22 carat gold eased further by Rs 10 each to Rs 4,795 and Rs 4,435 per 10 grammes respectively on subdued offtake coupled with moderate arrivals. Overseas advices for gold also subdued to easy trend. Gold biscuits prices ruled overall steady at Rs 56,200 per piece of 10 toals on narrow movements.