Groundnut Oil Improves, Sugar Steady

Groundnut oil prices improved while other industrial oils indicated steady to subdued trend at the Turbhe wholesale oils and oilseeds market yesterday. Imported palmolein eased on easy demand. In future section, March97 contract opened lower and eased towards closing.

Groundnut oil firmed up by Rs 1 at Rs 352 per 10 kg on improved demand coupled with modest arrivals. Arrivals are put about 80/100 tonnes a day.

Kardi oil declined by Rs 3 at Rs 382 per 10 kg. Cottonseed oil washed eased by Rs 1 at Rs 281 per 10 kg on subdued offtake. Sunflower oil expeller eased by Rs 2 at Rs 312 per 10 kg. Ricebran oil and karanji oil firmed up by Rs 2 each to Rs 165 and Rs 190 per 10 kg respectively on better demand coupled with modest arrivals from the producing centres. Imported palmolein eased by Rs 1 at Rs 287 per 10 kg on easy demand. Meanwhile, majority of other oils ruled steady on narrow movements.

In future section, March97 contract opened 50 paise lower at Rs 1,177. It declined to Rs 1170.50 before closing at Rs 1172.50 on speculative short-coverings.

In oilseeds, castor seeds Madras bold and Maharashtra bold eased by Rs 2 each to Rs 1,102 and Rs 1,096 per quintal respectively on low demand. Meanwhile, all the oilseed ruled overall steady on narrow movements yesterday.

An easy to steady trend was noticed at the wholesale sugar market yesterday. The demand overall remained sluggish.

Sugar small grade eased to Rs 1,250/1,295 from the previous level of Rs 1,255/1,301 a quintal while medium grade remained overall steady at Rs 1,300/1,375 a quintal on narrow movements.

Sugar prices for the check-post were quoted lower at Rs 1,225/1,240 a quintal for S-30 grade, while Rs 1,247/1,325 quoted for M-30 grade yesterday.

Gold prices witnessed a slightly firm trend while silver prices showed steady trend in the local bullion market yesterday.

In yellow metals, gold standard and 22 carat gold recovered by Rs 5 each to Rs 4,870 and Rs 4,505 per 10 grams respectively on better overseas advices, improved demand and moderate arrivals.

Gold biscuit also ruled overall steady at Rs 56,900 per piece of 10 tolas.

In white metals, silver.999 and .916 ruled overall steady at Rs 6,800 and Rs 6,700 per kg on subdued industrial demand coupled with improved arrivals. Delhi advices also indicated weak trend yesterday.

A steady to easy trend was witnessed in the local non-ferrous market yesterday.

Industrial demand remained subdued. Prices of all the metals in both the sections remained unchanged yesterday.

The trade volume remained small. In virgin section, prices quoted per kg were as under: Copper wirebar Rs 125.50 aluminium ingots Rs 72, zinc slabs Rs 65, lead ingots Rs 44, Tin slabs Rs 345 and, nickel cathodes Rs 368 kg respectively on moderate offtake.In scraps section, copper heavy scraps Rs 116, copper utensils Rs 103.50, brass utensils Rs 86.50, brass sheet-cuttings Rs 90, and aluminium utensils Rs 58.