Groundnut Oil Soars
Groundnut oil shot up by Rs 21 at Rs 421 per 10 kg on improved festival demand from the consumers coupled with restricted arrivals from the producing centres. Sources said that the fall was due to panic and market was oversold. Now the stockists have turned buyers and the advices from Rajkot have also firmed.
In other oils, sesame and copra white have gone up by Rs 10 per 10 kg each to Rs 290 and Rs 565 respectively on restricted availability of ready stock and improved industrial demand. Cottonseed oil washed quality went up by Rs 5 to Rs 285 per 10 kg on improved industrial offtake. Ricebran oil declined by Rs 10 at Rs 175 per 10 kg
Imported palmolein improved by Rs 7 at Rs 268 per 10 kg on improved demand of imported goods coupled with reduced arrivals. Meanwhile, majority of other oils ruled overall steady on narrow movements. In futures, December contract opened steady at Rs 127 and improved to Rs 129 per quintal on moderate speculative buyings.
It declined to Rs 1,125.50 before closing at Rs 1,127.50 a quintal. In oilseeds, a downward to steady trend was noticed. Kardi bold declined further by Rs 25 to Rs 1,050 per quintal on reduced demand.
Castorseeds Madras and Maharashtra declined by Rs 5 each to Rs 1,099 and Rs 1,093 per quintal respectively on reduced demand. Nigerseeds Madras also lost Rs 25 at Rs 1,500 a quintal on reduced industrial demand Other oilseeds ruled overall steady.
An easy to subdued trend was noticed at the wholesale sugar market. The overall demand remained subdued to slack. Sugar S-30 grade was quoted at Rs 1,255/1,275 a quintal as against the previous level of Rs 1,255/1,274 on subdued festival demand. Sugar M-30 was quoted at Rs 1,272/1,330 as against Rs 1,280/1,328 a quintal.
Sugar for check-post deliveries were quoted lower at Rs 1,211/1,233 a quintal for small grade and Rs 1,230/1,280 for the medium grade. The undertone of the market was weak.
Yellow metals showed a slightly firm to upward trend while white metals ruled overall steady on narrow movements in the local bullion market. The market sentiment remained rather weak following the subdued seasonal demand and improved arrivals from the upcountry centres. In yellow metals, standard gold recovered by Rs 10 at Rs 5,115 per 10 grams on improved demand and reduced arrivals. 22 carat gold also firmed up by Rs 10 at Rs 4,730 per 10 grams in sympathy. Gold biscuits prices improved by Rs 100 at Rs 59,800 per piece of 10 tolas on reduced arrivals. The undertone remained firm.
In white metals, silver.999 and silver .916 ruled overall steady on narrow movements without any fluctuations in prices. Silver.999 was quoted at Rs 6,900 per kg and silver .916 at Rs 6,800 per kg. The Delhi advices were also weak.
Copper and nickel witnessed an easy trend while most of the other metals ruled steady in the local non-ferrous metals market. Industrial demand remained dull. The trade volume continued to remain limited. In virgin section, nickel cathodes declined by Rs 3 at Rs 376 per kg on dull industrial demand as against improved arrivals. Copper wirebars eased by 50 paise at Rs 117 a kg on reduced offtake and improved supply.
Meanwhile, all the metals ruled overall steady on narrow movements and prices remained unchanged.