Groundnut Oil Recovers, Sugar Remains Weak

Groundnut oil recovered its tempo on improved demand and modest arrivals. Industrial oils showed a steady trend at the wholesale oils and oilseeds market in Turbhe, Navi Mumbai yesterday. Imported palmolein was firm in spite of reduced arrivals. In the futures section, March 97 contract opened higher but was steady throughout the day till the closing.

Groundnut oil firmed up by Rs 5 at Rs 345 per 10 kg on reduced inflows coupled with better demand. Arrivals were reported to be about 100 tonnes a day.

Cottonseed oil washed and refined improved by Rs 5 to Rs 282 and Rs 287 per 10 kg respectively on improved industrial demand. Copra oil white improved by Rs 15 at Rs 685 per 10 kg on reduced arrivals and better industrial offtake. Sunflower oil expeller declined further by Rs 8 at Rs 275 per 10 kg due to low demand. Imported palmolein looked up by Re at Rs 284 per 10 kg on subdued demand. The majority of other oils, however, ruled steady because of narrow movements.

In the futures section, March 97 contract opened Rs 2 higher at Rs 1,174 and firmed up to Rs 1,175 per quintal. It declined to Rs 1,170.50 before closing at Rs 1,174 on speculative buyings.

In the oilseeds market, all the oilseeds displayed a steady tone due to narrow movements. Their prices remained unchanged.

Sugar: A weak trend continued at the wholesale sugar market. The overall demand remained dull. The market undertone was also weak. Sugar small grade eased further to Rs 1,230/1,272 per quintal from the previous level of Rs 1,240/1,270 per quintal, while medium grade dipped to Rs 1,265/1,350 as against the previous level of Rs 1,280/1,370 per quintal because of narrow trading. Sugar prices for the check-post were quoted lower at Rs1,200/1,220 per quintal for S-30 grade, and Rs 1,230/1,290 per quintal for M-30 grade.

Non-ferrous metals: Virgin metals ruled from a better to a steady undertone, while scrap metals, except brass sheetcuttings ruled steady on narrow movements in the local non-ferrous market. Industrial demand remained moderate and so did the trade volume.

In the virgin section, copper wirebars and lead ingots improved by Rs 1.50 and Re 1 to Rs 127.50 and Rs 45.50 per kg respectively on better demand. In the scraps section, brass sheetcuttings suffered a heavy setback and were quoted lower by Rs 3 at Rs 88 per kg due to brisk arrivals coupled with dull industrial demand and weak overseas advices.

Bullion: An upward to firm trend was noticed in the local bullion market yesterday. Both the precious metals recorded a steep improvement in prices. The market undertone remained firm. In white metals, silver .999 and .916 improved by Rs 180 at Rs 6,945 and Rs 6,840 per kg respectively on improved industrial demand coupled with restricted arrivals and firm overseas advices. In yellow metals, standard gold and 22 carat gold advanced by Rs 40 and Rs 35 to Rs 4,915 and Rs 4,545 per kg respectively on better consumer demand coupled with improved overseas advices. Gold biscuits also zoomed by Rs 400 at Rs 57,400 per piece of 10 tolas.