Groundnut Oil Hardens, Bullion Gains Sheen

Groundnut oil firmed up by Rs 2 at Rs 347 per 10 kg on improved industrial as well as consumer demand. Arrivals were put at around 90 tonne a day. Other industrial oils ruled easy-to-steady yesterday.

Imported palmolein ruled easy on better arrivals. In future section, castorseeds December contract opened steady and ruled steady towards closing, while March98 contract opened lower and ruled steady.

In other oils, kardi oil and cottonseed oil refined declined by Rs 3 and Rs 2 to Rs 325 and Rs 285 per 10 kg respectively on reduced industrial demand coupled with better inflows. Coconut oil white and sunflower oil expeller gained Rs 5 each to Rs 550 and Rs 290 per 10 kg respectively on improved industrial demand coupled with limited arrivals from the producing centres. Imported palmolein eased by Re 1 at Rs 267 per 10 kg.

In future section, December contract opened steady at the previous level of Rs 1,162 a quintal and ruled steady at the same level. It declined to close at Rs 1,159.50. The March98 contract opened Rs 5 down at Rs 1,124 a quintal and ruled steady at the same level.

Sugar: An easy-to-weak trend continued at the wholesale sugar market yesterday. Both the grades of sugar ruled subdued-to-weak.

Sugar S-30 grade receded to Rs 1,495/1,522 from the previous level of Rs 1,502/1,522 a quintal. Sugar M-30 eased to Rs 1,511/1,556 against the previous level of Rs 1,521/1,551 a quintal. Sugar for the check post deliveries were quoted low at Rs 1,475/1,490 a quintal for S-30 grade and Rs 1,500/1,515 for the M-30 grade.

Non-ferrous Metals: A steady-to-subdued trend was noticed in the non-ferrous market.

In virgin section, all the metals ruled overall steady and were nominally quoted as under: copper wirebar Rs 127.50, aluminium ingots Rs 82.50, zinc slabs Rs 76, lead ingots Rs 41 and tin slabs Rs 307 and nickel cathodes Rs 312 per kg respectively.

In scraps, all the metals ruled steady and were nominally quoted as under: copper heavy scraps Rs 116, copper utensils Rs 108, brass utensils Rs 92, brass sheetcuttings Rs 98 and aluminium ingots Rs 62.50 a kg respectively.

Bullion: An upward trend continued in bullion prices in the local bullion market yesterday. Both the precious metals ruled firm. The demand remained better.

In white metals, silver .999 and .916 improved further by Rs 20 each to Rs 6,710 and Rs 6,610 a kg respectively. In yellow metals, both standard gold and 22-carat gold looked up further by Rs 25 and Rs 20 to Rs 4,195 and Rs 3,880 per 10 grammes respectively on better advices coupled with improved buying interest. Gold biscuit prices also firmed up further by Rs 300 at Rs 49,100 per a gold bar of 10-tolas.