Groundnut Oil Improves, Metals Rule Steady

Groundnut oil improved on further offtake while other industrial oils ruled easy-to-subdued at the oils and oilseeds market here yesterday. Imported palmolein ruled firm on better demand against modest arrivals. In the futures section, castorseeds September contract opened lower and eased towards closing.

Groundnut oil looked up by Rs 3 at Rs 367 per 10 kg on improved demand coupled with restricted inflows. Arrivals were put at around 80-85 tonnes a day.

Mowra and copra oil white improved Rs 5 each to Rs 245 and Rs 540 per 10 kg. Neem and sunflower oil expeller rose Rs 5 each to Rs 170 and Rs 275 per 10 kg.

In the futures section, castorseed September contract opened Rs 3 lower at Rs 1144.50 and ruled steady at the same level. It declined and closed at Rs 1141.50. In oilseeds, groundnuts-karad and Saurashtra bold improved Rs 15 each to Rs 1875 and Rs 1885 per quintal respectively. Castor seeds Madras and Maharashtra qualities moved up Rs 6 each to Rs 1142 and Rs 1136 a quintal respectively.

Non-ferrous metals: A steady trend was noticed following subdued overseas advices in the local non-ferrous market. Demand remained modest.

In scraps section, quiet conditions were noticed. All the metals ruled overall steady and were nominally quoted as: copper heavy scraps Rs 126.50, copper utensils Rs 114.75, brass utensils Rs 96, brass sheetcuttings Rs 101.25 and aluminium utensils Rs 59.50 a kg, respectively.

In virgin section, all the metals ruled quiet and were nominally quoted. Copper wirebar was quoted for Rs 136.50, aluminium ingots Rs 77, zinc slabs Rs 81.50, lead ingots Rs 41, tin slabs Rs 290 and nickel cathodes Rs 338 a kg respectively.

The local bullion and sugar market remained officially closed on account of Ashadhi Ekadasi.