Groundnut Oil Recovers, Sugar Divergent

Groundnut oil recovered further from the reduced level on renewed buyings coupled with limited arrivals from the upcountry centres yesterday whereas other industrial oils ruled easy to steady at the wholesale oils and oilseeds market, Turbhe, Navi Mumbai. Imported palmolein firmed up on improved demand. In futures section, castorseeds March 97 contract remained untraded while June 97 contract opened higher but eased towards closing.

Groundnut oil firmed up by Re 1 at Rs 341 per 10 kg on improved institutional demand coupled with restricted arrivals. Arrivals were put about 100 tonnes a day.

In other oils, mowra oil and karanji oil improved by Rs 10 and Rs 5 to Rs 280 and Rs 205 per 10 kg respectively due to improved industrial demand and limited inflows. Castor oil commercial and BSS qualities firmed up by Re 1 each to Rs 254 and Rs 266 per 10 kg respectively on better industrial demand. Copra oil white declined further by Rs 10 to Rs 620 per 10 kg on reduced industrial demand coupled with good arrivals. Ricebran oil lost Re 1 to Rs 155 per 10 kg on dull demand. Imported palmolein improved by Rs 2 at Rs 277 per 10 kg on restricted arrivals and better demand. Meanwhile, majority of other oils ruled overall steady on narrow movements. In futures section, castorseeds June 97 contract opened Rs 3 up at Rs 1,197 and firmed up to Rs 1,202 per quintal. It declined and closed at Rs 1,194 a quintal on speculative sellings.

Sugar: Sugar prices witnessed a divergent trend yesterday. Small and medium grades moved in opposite direction. The undertone of the market was hesitant.

Sugar S-30 grade eased to Rs 1,255/1,270 a quintal as against of the previous level of Rs 1,250/1,295 a quintal on subdued demand and moderate arrivals while sugar M-30 firmed up to Rs 1,290/1,345 from the previous level of 1280/1340 a quintal on dull offtake. Meanwhile, sugar for check post deliveries were quoted easy at Rs 1,215/1,240 a quintal for S-30 grade and Rs 1,250/1,305 for M-30 grade.

Non-ferrous Metals: A firm to steady trend was noticed at the local non-ferrous market yesterday. Industrial demand remained better while trade volume remained small.

In virgin section, copper wirebars firmed up by 50 paise at Rs 135 a kg on better industrial support. Aluminium ingots hardened by 25 paise at Rs 74.25 a kg and tin slabs improved by Re 1 at Rs 316 a kg on improved buying supports. Meanwhile, other metals like zinc slabs, lead ingots and nickel cathodes ruled overall steady on narrow movements and were nominally quoted at Rs 77, Rs 45.50 and Rs 373 per kg respectively on subdued industrial demand and narrow movements.

Bullion : An easy to downward trend was noticed at the local bullion market. Prices of both the precious metals ruled easy on weak overseas advices coupled with reduced demand. The undertone of the market remained hesitant. .

In white metals, silver .999 and .916 eased by Rs 5 each to Rs 7,335 and Rs 7,235 a kg owing to weak advices from London bullion market, dull demand and modest arrivals.

The industrial offtake remained dull in the local market. Delhi advices also indicated a weak trend. In yellow metals, standard gold and 22 carat gold declined by Rs 20 each to Rs 4,720 and Rs 4,365 per 10 grams respectively on weak overseas advices coupled with reduced consumer demand. Gold biscuit prices also declined by Rs 300 at Rs 55,200 per piece of 10 tolas on reduced demand.