Groundnut Oil Improves, Sugar, Bullion Harden

Groundnut oil yesterday improved on better offtake and restricted arrivals from the producing centres. Imported palmolein ruled firm on dull demand.

In the futures section, Castorseeds June'97 contract opened lower and eased further towards closing. The September contract resumed yesterday and eased towards closing.

Groundnut oil improved by Rs 5 at Rs 363 per 10 kg on better demand coupled with limited arrivals. Arrivals were put at around 80-90 tonnes.

In other oils, castor oil washed and refined eased by Re 1 each to Rs 289 and Rs 294 per 10 kg respectively on reduced industrial demand and better arrivals. Rapeseed oil refined and karanji looked up by Rs 3 each to Rs 283 and Rs 185 per 10 kg respectively.

Imported palmolein climbed by Rs 2 at Rs 287 per 10 kg on better demand. The majority of other oils ruled overall steady on narrow movements.

In futures, castorseeds June'97 contract opened Rs 8.50 lower at Rs 1,114 but firmed up to Rs 1,116 a quintal. It declined to Rs 1,103.50 before closing at Rs 1,104. The September contract resumed at Rs 1,170.25 but declined and closed at Rs 1,103.50 a quintal on narrow movements.

In oilseeds, castorseeds Madras and Maharashtra declined further by Rs 3 each to Rs 1,094 and Rs 1,088 a quintal respectively

Sugar: A firm trend continued on the wholesale sugar market here yesterday. Both small and medium sugar showed an upward trend.

Sugar S-30 firmed up to Rs 1,400/1,450 against the previous level of Rs 1,390/1,440 a quintal on better demand and restricted arrivals. Sugar M-30 improved to Rs 1,460/1,505 from the previous level of Rs 1,440/1,500 a quintal on better offtake

Sugar for the checkpost deliveries were quoted easy at Rs 1,390/1,420 a quintal for S-30 and at Rs 1,440/1,480 for M-30.

Non-ferrous metals: An overall steady trend was witnessed on the local non-ferrous market here yesterday. Industrial demand remained subdued-to-dull.

In the virgin section, all metals ruled overall steady without any variations in prices. Copper wirebar was quoted at Rs 134.50, aluminium ingots at Rs 74.50, zinc slabs Rs 77.50, lead ingots Rs 42.50, tin slabs Rs 312 and nickel cathodes at Rs 361 a kg respectively on narrow movements.

In the scraps section, a quiet condition was noticed. Prices of all metals ruled steady. Copper heavy was quoted at Rs 121, copper utensils at Rs 109, brass utensils at Rs 92.50, brass sheetcuttings Rs 96.50 and aluminium utensils at Rs 59 a kg on narrow movements.

Bullion: An upward-to-firm trend was noticed on the local bullion market. Both the precious metals moved up on improved overseas as well as consumer and industrial demand.

In white metals, silver.999 and .916 flared up by Rs 175 each to Rs 7,025 and Rs 6,925 a kg respectively on improved industrial demand coupled with reduced arrivals. Firm overseas advices pushed up white metal prices. Delhi advices too indicated a better trend.

In yellow metal, standard gold and 22 carat firmed up by Rs 40 and Rs 35 to Rs 4,800 and Rs 4,440 per 10 grammes respectively on improved demand and restricted arrivals. Overseas advices too showed a firm trend. Gold biscuit prices looked up by Rs 400 at Rs 56,100 per 10 tolas on improved demand.