Groundnut Oil Recovers, Sugar Firm, Gold Weak

Groundnut oil recovered at the reduced level while other industrial oils ruled easy-to-subdued on the wholesale oils and oilseeds market here yesterday.

Imported palmolein ruled firm on subdued demand and modest arrivals. In the futures section, castorseeds September contract opened higher and firmed up further towards closing.

Groundnut oil recovered by Rs 2 at Rs 350 per 10 kg on reduced arrivals. Arrivals were less due to heavy rainfall and floods in groundnut producing regions of Gujarat. Demand remained modest. Arrivals were put at around 80 tonnes.

In other oils, linseed and karanji declined by Rs 5 each to Rs 280 and Rs 145 per 10 kg respectively on dull industrial demand coupled with improved arrivals. Kardi oil rose by Rs 3 at Rs 370 per 10 kg on better industrial offtake, whereas rapeseed oil refined eased by Rs 2 to Rs 272 per 10 kg. Karnji oil declined by Rs 5 at Rs 145 per 10 kg.

In the futures section, castorseeds September contract opened Rs 1.50 higher at Rs 1,131.5 and firmed up to Rs 1,136 a quintal. It declined to Rs 1,130.5 before closing at Rs 1,135 on speculative short-coverings.

Castorseeds Madras and Maharashtra qualities improved further by Rs 5 each to Rs 1,104 and Rs 1,098 per quintal respectively on improved industrial demand. Groundnut - Karad bold and Saurashtra - eased by Rs 10 each to Rs 1,860 and Rs 1,870 a quintal respectively.

Sugar: The firm-to-upward trend continued on the wholesale sugar market here yesterday. The declaration of a smaller sugar quota for Maharashtra for the current quarter fuelled demand. Both grades of sugar ruled firm. The undertone of the market was firm.

Sugar S-30 improved to Rs 1,475-1,500 against the previous level of Rs 1,472-1,500 a quintal on better demand coupled with limited availability. Sugar M-30 firmed up to Rs 1,485-1,540 as against the previous level of Rs 1,490-1,525 a quintal on improved offtake.

Sugar for the checkpost deliveries were quoted low at Rs 1,445-1,460 a quintal for S-30 and at Rs 1,475-1,485 for M-30.

Non-ferrous metals: Scrap metals ruled firm while virgin metals ruled overall steady on the local non-ferrous market yesterday. Demand remained better than arrivals.

In scraps, copper heavy improved by 50 paise, while copper utensils, brass utensils and brass sheetcuttings firmed up by 25 paise each to Rs 129, Rs 116, Rs 97.75 and Rs 60 per kg respectively . Aluminium utensils ruled overall steady on narrow movements.

In the virgin section, copper wirebars firmed up by 25 paise at Rs 138.75 a kg on improved industrial demand coupled with restricted arrivals.

Aluminium ingots was quoted at Rs 77, zinc slabs at Rs 81.50, lead ingots Rs 41, tin slabs Rs 298 and nickel cathodes Rs 298 a kg respectively.

Bullion: A weak-to-downward trend continued on the local bullion market yesterday. Both the precious metals depressed on weak overseas advices coupled with sluggish demand and improved arrivals. The undertone of the market was hesitant.

In yellow metals, standard gold and 22 carat declined by Rs 45 each to Rs 4,435 and Rs 4,100 per 10 grams respectively on dull demand coupled with weak overseas advices. Gold biscuit prices too weakened further by Rs 500 at Rs 51,900 per piece of 10 tolas on dull movements.

In white metals, silver.999 and .916 dropped further by Rs 30 each to Rs 6,620 and Rs 6,520 a kg. respectively on sluggish industrial demand coupled with dull overseas advices. Delhi advices indicated a weak trend.