Groundnut Oil Slips, Sugar Easy, Oilseeds Steady

Improved arrivals, coupled with a reduced demand, pushed the groundnut oil prices down by Rs 2 at the wholesale oils and oilseeds market at Turbhe, Navi Mumbai, yesterday.

Other industrial oils, however, indicated a steady to subdued trend whereas imported palmolein recovered due to better demand. In futures section, March 1997 contract opened lower but recovered towards closing.

Groundnut oil declined by Rs 2 to Rs 349 per 10 kg on reduced demand. Arrivals are put about 100-120 tonnes a day.

Among other oils, linseed oil improved by Rs 3 to Rs 315 per 10 kg on better demand and moderate arrivals.

Cottonseed oil washed and refined firmed by Rs 4 each to Rs 285 and Rs 290 per 10 kg respectively on better offtake. Sunflower oil (expeller) declined by Rs 7 to Rs 305 per 10 kg on reduced demand while ricebran oil and karanji oil declined by Rs 3 and Rs 5 to Rs 162 and Rs 185 per 10 kg respectively on dull demand and modest arrivals from producing centres.

Imported palmolein recovered by Rs 2 to Rs 289 per 10 kg on better demand. Majority of other oils ruled overall steady on narrow movements.

In futures section, March 1997 contract opened at Rs 1.50 lower at Rs 1,171 and moved up to Rs 1,172.50 per quintal. It declined to Rs 1,170 before closing at Rs 1,172.50 on speculative short-coverings.

All oilseeds ruled overall steady on narrow movements yesterday.

An easy to steady trend continued at the wholesale sugar market at Turbhe, Navi Mumbai yesterday. The overall demand, however, remained sluggish. The market undertone remained weak.

Sugar small grade was quoted at Rs 1,265-1,295 from the previous level of Rs 1,250-1,295 per quintal while medium grade sugar remained overall steady at Rs 1,300-1,375 per quintal on narrow movements.

Sugar prices for the check-post were quoted lower at Rs 1,225-1,248 a quintal for S-30 grade, while for M-30 it was quoted at Rs 1,251-1,327 per quintal.

Non-ferrous metals: Scrap metals showed an upward trend, while virgin metals witnessed a steady trend in the local non-ferrous market yesterday. Industrial demand, however, remained subdued with total trade volume being small.

In scraps section, copper heavy scraps improved by 50 paise at Rs 116.50 per kg while copper utensils, brass utensils and brass sheet-cuttings firmed up by 25 paise each to Rs 103.75, Rs 86.75 and Rs 90.25 per kg respectively on better industrial demand.

Aluminium utensils ruled overall steady at Rs 58 a kg on subdued demand.

In virgin section, all the metals ruled overall steady with narrow movements. The prices of metals quoted per kg as were: copper wire bar Rs 125.50; aluminium ingots Rs 72; zinc slabs Rs 65; lead ingots Rs 44; tin slabs Rs 345 and nickel cathodes Rs 368. The overall offtake was moderate.

Bullion: The Bombay Bullion Association remained officially closed on account of Makar Sankranti.