Groundnut Oil Slumps
Groundnut oil fell by Rs 5 to Rs 371 per 10 kg on dull demand on improved supplies. Market sources put arrivals at around 100 tonnes per day due to widespread rains in Gujarat and Andhra Pradesh.
In other oils, linseed and kardi oil declined by Rs 5 each to Rs 310 and Rs 375 per 10 kg respectively on better supplies and reduced demand.
Karanji oil jumped by Rs 7 to Rs 205 per 10 kg on lack of inventory build-up and improved demand.
Neem oil eased by Rs 5 to Rs 170 per 10 kg on sypply and reduced demand. Kardi oil declined by Rs 5 at 375 per 10 kg. Imported palmolein eased by Rs 2 to Rs 264 per 10 kg yesterday. Majority of other oils ruled overall steady on narrow movements.
In futures, December contract opened Rs 3 down at Rs 1,093 and moved up to Rs 1,095 a quintal and closed at Rs 1,088.
In oilseeds, groundnuts karad bold and Saurashtra quality declined by Rs 10 each to Rs 1,900 and Rs 1,910 per quintal respectively on reduced offtake.
Castorseeds Madras bold and Maharashtra bold eased by Rs 8 each to Rs 1,070 and Rs 1,064 per quintal respectively on dull offtake.
An easy to downward trend continued at the wholesale sugar market yesterday. The demand was dull and the market undertone weak.
Sugar S-30 grade eased to Rs 1,300/1,324 from the previous Rs 1,305/1330 level a quintal on reduced demand and improved arrivals while sugar M-30 grade declined to Rs 1,322/1,368 from Rs 1,325/1,385 a quintal.
Sugar checkpost deliveries were quoted low at Rs 1,265/1,280 a quintal for S-30 grade and Rs 1,280/1,320 for the M-30 grade.
The local bullion market witnessed a moderate trend in precious metals yesterday. Silver was slightly firm, while gold ruled overall steady yesterday. The market sentiment remained weak.
Standard gold and gold 22 carat ruled overall steady on narrow movements at Rs 5,145 and Rs 4,755 per 10 grams respectively on subdued demand coupled with modest arrivals and weak overseas advices.
Prices of gold biscuits were also steady at Rs 60,150 per piece of 10 tolas amid dull demand. The market undertone was shaky.
Silver .999 and .916 looked up by Rs 10 each to Rs 6,910 and Rs 6,810 per kg respectively on modest demand and good arrivals. Overseas advices also indicated weak trend while the Delhi advices were dull.
An easy to steady trend continued at the non-ferrous metals market yesterday. Industrial demand remained at a low ebb. Metal scraps were weak while virgin metals showed an easy to steady trend.
The trade volume failed to break the jinx and remained limited.
In scraps, copper heavy, copper utensils, brass utensils and brass sheetcuttings eased by 25 paise each to Rs 106, Rs 97.25, Rs 83.50 and Rs 87.50 per kg respectively on reduced industrial demand.
Arrivals were mostly brisk.
Aluminium utensils ruled overal steady at Rs 57.25 per kg on narrow movements. In virgin section, copper wirebar eased by 50 paise to Rs 15.0 a kg on dull industrial offtake.
Other metals ruled overall steady on narrow movements. Prices were as follows: aluminium ingots Rs 72 and zinc slabs Rs 62.50 a kg respectively.