Groundnut Oil Improves Further, Bullion Firm

Groundnut oil advanced further on improved demand at lower levels coupled with restricted arrivals at the wholesale oils and oilseeds market here yesterday. Industrial oils ruled better-to-firm, while imported palmolein ruled firm.

In futures section, castor seeds June contract opened higher but eased towards closing.

Groundnut oil improved by Rs 5 at Rs 400 per 10 kg on better consumer demand at reduced levels coupled with limited arrivals from the producing centres.

Cottonseed oil washed and refined qualities advanced by Rs 4 each to Rs 362 and Rs 365 per 10 kg respectively on improved industrial demand and restricted inflows. Ricebran and karanji oil soared by Rs 6 and Rs 5 to Rs 188 and Rs 175 per 10 kg on paucity of ready stock against better industrial demand. . Imported palmolein improved by Rs 3 at Rs 355 per 10 kg on limited arrivals of imported goods. In futures, June contract opened Rs 4 higher at Rs 1300 a quintal and ruled steady at the same level. It declined and closed to Rs 1292 a quintal. In oilseeds, castorseeds Madras and Maharashtra improved further by Rs 5 each to Rs 1248 and 1242 a quintal respectively on improved demand.

Sugar: A mixed trend was noticed in sugar prices at the local sugar market yesterday. The medium grade ruled weak while S30 ruled overall steady. The market undertone was weak. Sugar M-30 declined further to Rs 1450/1506 as against the previous level of Rs 1455/1520 a quintal.

The S-30 grade ruled overall steady and were nominally quoted at Rs 1420/1460 a quintal on narrow movements. The demand remained steady to subdued coupled with normal arrivals. Sugar for the check-post deliveries were quoted lower at Rs 1400/1425 a quintal for S-30, while Rs 1440/1463 a quintal for M-30.

Non-ferrous metals: A steady-to-subdued trend was witnessed in the local non-ferrous metals market. Demand remained subdued against normal arrivals.

In virgin section, nickel cathodes and tin slabs improved by Rs 3 and Rs 2 to Rs 308.00 and Rs 340 a kg respectively, while zinc slabs looked up further by 50 paise to Rs 72 a kg. Other metals ruled overall steady and were quoted as: copper wirebar Rs 117.50, aluminium ingots Rs 82 and lead ingots Rs 41 a kg respectively.

In scraps section, all metals ruled overall steady and were quoted as: copper heavy scraps Rs 107.50, copper utensils Rs 94, brass utensils Rs 84.50, brass sheetcuttings Rs 88.50 and aluminium Rs 62 a kg.

Bullion: A firm-to-upward trend continued in the local bullion market. Both the precious metals ruled firm.The market undertone remained dull. In white metals, silver .999 and .916 advanced further by Rs 160 and Rs 150 to Rs 8850 and Rs 8740 a kg respectively on firm overseas advices and restricted upcountry arrivals. In yellow metals, both- standard gold and 22 carat gold firmed up further by Rs 65 and Rs 60 to Rs 4120 and Rs 3810 per 10 grams

Overseas advices also indicated firm trend. Gold biscuit prices improved by Rs 700 at Rs 48,300 per piece of gold bar on improved demand.