Groundnut Oil Rallies
Groundnut oil shot up by Rs 6 to Rs 427 per 10 kg on festival demand and restricted arrivals. Sources said the oversold market has now readjusted to the right level. Widespread rains in south India has changed the market sentiment and the stockists have turned buyers. The advices from Rajkot have also shown firm trend.
Sesame oil shot up by Rs 10 to Rs 300 per 10 kg on paucity of ready stock and reduced arrivals from the producing centres. Copra oil white suffered a setback Rs 15 to Rs 50 per 10 kg at a higher level on improved supplies and reduced industrial demand.
Cottonseed oil washed and refined qualities looked up by Rs 2 and Rs 5 per 10 kg to Rs 287 and Rs 295 per 10 kg respectively on improved industrial offtake. Karanji oil and rapeseed oil refined firmed up by Rs 2 each to Rs 195 and Rs 298 per 10 kg respectively on better demand.
Imported palmolein ruled overall steady at Rs 268 per 10 kg on narrow moevements. Majority of other oils ruled overall steady on narrow movements. In futures, December contract opened steady at Rs 128.50 per quintal. It declined to Rs 124.50 before closing at Rs 1126 per quintal. All other oilseeds ruled overall steady on narrow movements.
An easy to steady trend was noticed at the wholesale sugar market at Turbhe, Navi Mumbai, yesterday. The overall demand ranged from subdued to slack.
Sugar S-30 grade was quoted at Rs 1250/1290 a quintal as against the previous level of Rs 1255/1275 on subdued festival demand.
Sugar M-30 was quoted at Rs 1275/1325 as against Rs 1272/1330 a quintal yesterday. Sugar for check-post deliveries were quoted lower at Rs121/1233 a quintal for small grade and Rs 1230/1280 for the medium grade. The market undertone was weak.
A downward trend in precious metals prevailed at the local bullion market yesterday. The market sentiment remained weak following lower seasonal demand and improved arrivals from the upcountry centres.
Standard gold eased by Rs 5 at Rs 5,110 per 10 grams on improved arrivals and reduced demand. Gold 22 carat also dipped by Rs 5 to Rs 4,725 per 10 grams. Gold biscuit prices decclined by Rs 50 at Rs 59,750 per piece of 10 tolas on reduced demand yesterday. The undertone remained shaky.
Silver.999 declined by Rs 30 to Rs 6870 per kg on improved arrivals coupled with weak industrial and consumer demand. Silver .916 prices dipped by Rs 25 to Rs 6,775 per kg. The Delhi advices were weak.
Nickel cathodes and tin slabs recovered while aluminium ingots eased yesterday in the local non-ferrous market yesterday. Industrial demand remained dull. The trade volume continued to remain limited.
In virgin section, nickel cathodes and tin slabs recovered by Re 1 each to Rs 377 and Rs 356 per kg respectively on moderate industrial demand.
Aluminium ingots eased by 50 paise to Rs 74.00 a kg .
Other metals like copper wirebars, zinc slabs and lead ingots ruled overall steady on narrow movements. Prices quoted per kg were as folows: copper wirebars Rs17; zinc slabs Rs 62.00; lead ingots Rs 49.50. In scraps section, all the metals were overall steady on narrow movements.