Groundnut Oil Steady, Bullion Takes A Knock

Castorseeds futures flared up on hectic enquiries while ready seeds and oil ruled firmer at the oilseeds and oils market here yesterday.

Castorseeds March opened higher at Rs 1168.50 on overnight buying.

Prices continued to rise sharply on hectic bull support from leading operators tocover up exposed positions and closed at Rs 1174.50, a gain of Rs 12.00 over the previous close of Rs 1162.50.

Edible oils ruled better with groundnut oil rising by a rupee to Rs 358 from the last close of Rs 357 on good local demand.

Groundnuts ready was steady at Rs 1930. Imported palm oil rose by Rs 3.00 to Rs 303 on account of reduced arrivals through imports.

Castor oil commercial improved by a rupee to Rs 272 from Rs 271 previously while castorseeds ready madras firmed up by five rupees to Rs 1210 from the last close of Rs 1205.

Linseed oil at Rs 330 and linseeds ready at Rs 1300 were unaltered from the previous close.

Bullion: Silver prices suffered a heavy setback due to brisk stockist selling amidst increased arrivals of raw silver. Gold prices also ruled subdued. Silver ready .999 fineness nose-dived by Rs 140 per kg to close at Rs 8240 from the previous close of Rs 8400.

Raw silver .916 fineness and tenderable silver also slumped by Rs 140 each to close at Rs 8,140 and Rs 8,245 respectively from the last close of Rs 8300 and Rs 8405 per kg.

Gold prices declined moderately due to fresh arrivals as compared to poor seasonal demand. Lower overseas advices also dampened sentiment.

Standard gold declined by Rs 15 to close at Rs 4025 from the previous close of Rs 4040.

22-carat gold was nominally quoted lower at Rs 3725 from Rs 3740 while ten-tola gold bar .999 purity dropped by Rs 200 to Rs 47,100 from the last close of Rs 47,300.

Metals: Zinc and tin prices suffered a setback on the metal market yesterday traders. Other base metals were steady in a narrow band and thin activity.

Zinc and tin prices moved down amid sluggish industrial demand while a weak trend in world prices prompted fresh selling.

Zinc fell by 25 to 7,225 per quintal, while tin lost Rs 200 to Rs 32,600 per quintal. Other base metals remained steady amid sluggish demand while an uptrend in the dollar value and limited supplies kept offerings at a low ebb.

Aluminium was quiet at Rs 8,200 per quintal, as was lead at Rs 3,950 and nickel at Rs 32,500 per quintal.

Copper fell by Rs 50 to Rs 11,600 per quintal mirroring a slide in the world market.