Groundnut Oil Flares Up, Bullion Firm, Sugar Dips

Groundnut oil flared up further on reduced arrivals coupled with better demand whereas other industrial oils ruled better-to-steady at the wholesale oils and oilseeds market, Turbhe, Navi Mumbai yesterday. Imported palmolein ruled firm on better demand.

Groundnut oil soared by Rs 9 at Rs 362 per 10 kg on improved consumer demand.

In other oils, copra oil white declined by Rs 10 to Rs 530 per 10 kg. Cottonseed oil washed and refined qualities firmed up by Rs 2 and Rs 3 to Rs 308 and Rs 311 per 10 kg. Soya oil refined and sunflower oil expeller looked up by Rs 2 and Rs 3 to Rs 308 and Rs 311 per 10 kg respectively. Linseed oil and Kardi oil edged up by Rs 10 and Rs 5 to Rs 335 and Rs 365 per 10 kg respectively. Imported palmolein looked up further by Rs 4 at Rs 304 per 10 kg on better demand.

In futures section, castorseeds March '98 contract opened Rs 3.50 higher at Rs 1188 and firmed up to Rs 1191.50 a quintal. Later, it declined and closed at Rs 1185.50 a quintal.

Sugar: An easy-to-steady trend was noticed in sugar prices on subdued consumer offtake and limited arrivalsyesterday. Sugar S-30 grade eased further to Rs 1451/1478 against the previous level of Rs 1451/1486 a quintal on dull upcountry as well as local consumer demand. Sugar M-30 grade weakened further to Rs 1468/1521 as against the previous level of Rs 1476/1531 a quintal. Meanwhile, sugar for the checkpost deliveries were quoted low at Rs 1432/1445 a quintal for S-30 grade and Rs 1455/1465 for the M-30 grade.

Non-ferrous metals: A firm-to-upward trend was noticed in the local non-ferrous metals market yesterday. In virgin metals, tin slabs and nickel cathodes improved by Rs 2 and Re 1 to Rs 328 and Rs 329 a kg respectively. Copper wirebar firmed up by 25 paise at Rs 115.50 a kg. Zinc slabs eased by 25 paise at Rs 71.50 a kg. Meanwhile, all the other metals ruled totally steady, and were quoted as under : aluminium ingots Rs 82 and lead ingots Rs.39.50 a kg respectively.

In the scraps section, copper heavy scraps firmed up by 50 paise while copper utensils, brass utensils and brass sheetcutings looked up by 25 paise each to Rs 106, Rs 94.50, Rs 82.75 and Rs 88.25 a kg respectivel . Aluminium utensils ruled steady and were nominally quoted at Rs 62.50 a kg

Bullion: A firm trend continued in the local bullion market yesterday. However, the undertone of the market remained weak.

In white metals, silver .999 and .916 improved further by Rs 135 each to Rs 8,345 and Rs 8,245 a kg respectively on strong overseas advices coupled with better industrial demand.

In yellow metals, both standard gold and 22 carat gold firmed up further by Rs 25 each to Rs 4,030 and Rs 3,730 per 10 grammes. Gold biscuit prices also firmed up by Rs 300 at Rs.47,200 per piece.