Groundnut Oil Steady, Bullion Up, Sugar Dull

Groundnut oil continued to rule steady on subdued demand coupled with moderate arrivals from the upcountry centres yesterday whereas other industrial oils ruled easy to steady at the wholesale oils and oilseeds market, Turbhe, Navi Mumbai. Imported palmolein ruled easy on better arrivals. In future section, Castorseeds March97 contract remained untraded while June97 contract opened lower and eased further towards closing. Groundnut oil ruled overall steady at Rs 342 per 10 kg on narrow movements. The demand remained modest. Arrivals are put about 100/110 tonnes a day.

In other oils, linseed oil firmed up by Rs 2 to Rs 302 per 10 kg on improved demand coupled with limited arrivals. Sesame oil dropped by Rs15 to Rs 300 per 10 kg on slack industrial offtake. Karanji oil recovered by Rs 2 to Rs 222 per 10 kg on better demand. Imported palmolein eased by Re 1 to Rs 281 per 10 kg on subdued demand. Meanwhile, majority of other oils ruled overall steady on narrow movements. In futures, castorseeds June97 contract opened Rs.6.50 lower at Rs 1,188.50 and firmed up to Rs 1,191 a quintal. It declined and closed at Rs 1,187 a quintal on speculative sellings. In oilseeds, kardi seeds looked up by Rs.25 to Rs 1,150 a quintal on better industrial demand. Castorseeds Madras and Maharashtra qualities eased by Rs 5 each to Rs 1,104 and Rs 1,098 a quintal respectively on subdued offtake. Meanwhile, all the other oilseeds ruled overall steady on narrow movements. Sugar: An easy to dull trend was noticed at the wholesale sugar market.

The demand remained sluggish against subdued inflows. The undertone of the market remained weak. Sugar S-30 grade eased to Rs 1,245/1,250 a quintal as against the previous level of Rs 1,245/1,250 a quintal on slack demand and improved arrivals. Sugar M-30 grade declined to Rs 1,255/1,315 from the previous level of 1,275/1,348 a quintal on improved offtake. Meanwhile, sugar for the check post deliveries were quoted easy at Rs 1,230/1,250 a quintal for S-30 grade and Rs 1,255/1,315 for the M-30 grade.

Non-ferrous metals: An upward trend was noticed in the local non-ferrous market. In both the sections, the metals witnessed an upward trend following the increase in prices announced by the manufacturers. A reduction of customs duty in tin had definite effect on the market prices. Industrial demand remained moderate. The trade volume remained large. Bullion: An overall upward trend continued in the local bullion market on account of the firm overseas advuces and moderate demand. In white metals, silver .999 and .916 improved to Rs 7,645 and Rs 7,530 a kg on better London advices and the modest industrial offtake in the local market. Delhi advices also indicated a firm trend.

In yellow metals, standard gold and 22 carat gold advanced to Rs 4,975 and Rs 4,600 from the previous levels of Rs 4,950 and Rs 4,580 per 10 grammes respectively on firm London advices. Gold biscuits improved by Rs 200 to Rs 58,200 per piece of 10 tolas.