Groundnut Oil Flares Up, Bullion Divergent

Groundnut oil soared on renewed buying support against limited arrivals whereas other industrial oils ruled easy-to-steady at the wholesale oils and oilseeds market, Turbhe, Navi Mumbai yesterday.

Groundnut oil shot up by Rs 8 at Rs 340 per 10 kg on improved demand coupled with limited arrivals from the producing centres. Arrivals were put at around 90/100 tonnes a day.

Rapeseed oil refined and soya oil refined improved by Rs 4 each to Rs 282 and Rs 290 per 10 kg respectively.Copra oil white declined by Rs 5 to Rs 540 per 10 kg on reduced industrial as well consumer demand. Sunflower oil expeller slid by Rs 3 at Rs 285 per 10 kg. Imported palmolein gained Rs 3 at Rs 269 per 10 kg on better industrial demand coupled with modest arrivals.

In futures section, December contract opened Rs 3.50 lower at Rs 1166 a quintal and held steady at the same level. It declined and closed to Rs 1164 quintal on subdued movements. Castorseeds Madras and Maharashtra qualities declined by Rs 5 each to Rs 1190 and Rs 1184 per quintal.

Sugar: Sugar prices ruled firm at the wholesale sugar market at Turbhe, Navi Mumbai yesterday. Both grades moved upward on better demand coupled with subdued arrivals. The undertone of the market was not firm.

S-30 firmed up to Rs 1431/1460 against the previous level of Rs 1428/1455 a quintal on modest consumer demand coupled with subdued arrivals. M-30 improved to Rs 1460/1508 against the previous level of Rs 1460/1498 a quintal on improved offtake.

Non-ferrous Metals: An easy-to-steady trend was noticed in the local non-ferrous market yesterday. The undertone of the market was hesitant.

In virgin section, tin slabs firmed up further by Rs 2 at Rs 299 a kg on improved industrial offtake against limited arrivals. The other metals were nominally quoted as under : copper wirebar Rs 129, aluminium ingots Rs 78, zinc slabs Rs 85.50 and lead ingots Rs 41 a kg. respectively. In scraps section the metals were nominally quoted as under : copper heavy scraps Rs 121.50 and copper utensils Rs 110.75 respectively.

Bullion: A divergent trend was noticed in the local bullion market yesterday. The market undertone remained hesitant.

Standard gold and 22 carat gold eased by Rs 5 and Rs 10 to Rs 4415 and Rs 4080 per 10 gms respectively on dull overseas advices, subdued demand and modest arrivals. Gold biscuit prices were nominally quoted at Rs 51,800 a piece of gold bar of 10 tolas.

Silver .999 and .916 looked up by Rs 10 each to Rs 6785 and Rs 6685 a kg on restricted arrivals coupled with improved industrial demand.