Groundnut Oil Slightly Firm, Sugar Hardens

Groundnut oil yesterday ruled slightly firm on improved demand coupled with subdued arrivals from the producing centres. Imported palmolein too firmed up on better offtake and moderate arrivals.

In the futures section, castorseeds June'97 contract opened higher but eased towards closing.

Groundnut oil firmed by Rs 3 at Rs 369 per 10 kg on better consumer demand against modest arrivals from the upcountry centres. In other oils, cottonseed washed and refined qualities hardened by Rs 3 each to Rs 296 and Rs 300 per 10 kg. on better buying and limited arrivals. Kardi and neem oil improved by Rs 5 each to Rs 355 and Rs 200 per 10 kg on improved industrial demand. The majority of other oils ruled overall steady on narrow movements. In futures, castorseeds June'97 contract opened Re 1 higher at Rs 1,122 a quintal and climbed to Rs 1,123. It declined to Rs 1,111.50 before closing at Rs 1,112 a quintal on short-coverings. In oilseeds, castorseeds Madras and Maharashtra qualities declined by Rs 5 each to Rs 1,104 and Rs 1,098 a quintal respectively on reduced industrial offtake.

Groundnuts - karad bold and saurashtra - hardened by Rs 10 each to Rs 1,880 and Rs 1,890 a quintal respectively on better offtake.

Sugar: A firm-to-upward trend continued on the sugar wholesale market yesterday. Demand remained better. The undertone remained weak.

Sugar S-30 improved to Rs 1,360/1,395 a quintal from the previous level of Rs 1,350/1380, while M-30 firmed up to Rs 1,392/1,465 a quintal from Rs 1,385/1,465 on better buying interest.

Sugar for the check-post deliveries was quoted low at Rs 1,345/1,360 a quintal for the S-30 grade, while M-30 ruled in the Rs 1,380/1,425 a Quintal range. Non-ferrous metals: A firm-to-upward continued on the local non-ferrous market yesterday. Industrial demand remained better-to-firm. In scraps, copper heavy, copper utensils and brass utensils firmed up by 25 paise each to Rs 123.25, Rs 111.25 and Rs 93.75 a kg respectively on improved demand coupled with restricted arrivals.

In the virgin section, copper wire bar eased by 25 paise at Rs 136.25 a kg on dull industrial buyings coupled with limited arrivals.

All the other metals like aluminium ingots, zinc slabs, lead ingots, tin slabs and nickel cathodes ruled overall steady on narrow movements and were quoted nominally at Rs 74.50, Rs 79, Rs 45.50, Rs 315 and Rs 365 a kg respectively.

Bullion: A weak-to-downward trend was witnessed on the local bullion market here yesterday. The overseas market remained dull on weak advices coupled with reduced offtake.

The undertone remained shaky. In white metals, silver.999 and .916 declined by Rs 30 each to Rs 6,780 and Rs 6,680 a kg respectivelu.In yellow metals, standard gold and 22 carat eased by Rs 20 each to Rs 4,770 and Rs 4,410 per 10 grammes respectively on reduced offtake coupled with moderate arrivals. Overseas advices remained subdued-to-easy. Gold biscuit prices declined by Rs 300 at Rs 55,800 per 10 tolas on dull movement.