Groundnut Oil Steady, Sugar, Bullion Easy

Moderate demand kept the groundnut oil prices steady at the previous level of Rs 368 per 10 kg, despite better arrivals from the producing centres at the wholesale oils and oilseeds market, Turbhe, Navi Mumbai yesterday.

Imported palmolein, too, weakened on brisk arrivals and dull demand. In futures section, castorseeds June 1997 contract opened higher but declined towards closing.

In other oils, cottonseed oil refined quality declined by Rs 3 to Rs 294 per 10 kg on profit taking at higher level and because of the reduced demand. Mowra oil and linseed oil improved further by Rs 2 each to 280 and Rs 300 per 10 kg on better industrial demand. Neem oil and karanji eased by Rs 5 and Rs 2 to Rs 185 and Rs 190 per 10 kg respectively on reduced offtake from the industrial sector.

Sunflower oil expeller eased further by Rs 3 to Rs 275 per 10 kg on reduced industrial demand. Imported palmolein declined further by Rs 4 to Rs 291 per 10 kg on reduced offtake and better availability. Other oils ruled overall steady on narrow movements.

In futures, castorseeds June 1997 contract opened Rs 2.50 higher at Rs 1,151.50 and firmed to Rs 1,153 a quintal. It declined and closed to Rs 1,142 a quintal.In oilseeds, karadi bold firmed up further by Rs 25 to Rs 1,175 a quintal on better demand from millers. Sesame seeds improved by Rs 25 at Rs 1,300 a quintal on improved industrial demand. All the other oilseeds ruled overall steady on narrow movements.

Sugar: A subdued-to-easy trend continued at the sugar wholesale market at Turbhe, Navi Mumbai yesterday. The overall demand was dull. The market undertone remained weak. Sugar S-30 grade eased to Rs 1,350-1,370 a quintal from the previous level of Rs 1,340-1,375, while that of M-30 grade ruled overall steady at the previous level of Rs 1,385-1,460 a quintal on narrow movements. Sugar for check post deliveries was quoted low at Rs 1,325-1,345 a quintal for S-30 grade, while Rs 1,360-1,415 a quintal for M-30 grade yesterday.

Non-ferrous metals: An overall improvement was noticed in the local non-ferrous market yesterday. Despite a better industrial demand, trade volumes remained thin.

In scraps section, copper heavy scraps improved by 75 paise at Rs 122 a kg on improved demand coupled with restricted arrivals. Copper utensils, brass utensils and brass sheetcuttings firmed up by 50 paise each to Rs 109.25, Rs 92.75 and Rs 96.25 a kg respectively on improved industrial demand. Aluminium utensils ruled steady at Rs 59.50 a kg.

In virgin section, copper wire bar improved by 75 paise at Rs 135 a kg on good industrial buying and because of the limited arrivals. Zinc slabs firmed up by 50 paise to Rs 45.50 a kg, while tin slabs and nickel cathodes flared up by Rs 2 and Rs 3 to Rs 312 and Rs 361 a kg respectively on restricted arrivals and improved industrial interest. Aluminium and lead ingots ruled overall steady on narrow movements and were nominally quoted at Rs 74.50 and Rs 45.50 a kg.

Bullion: An easy-to-steady trend witnessed in the local bullion market yesterday. Both the precious metals ruled easy on weak overseas advices coupled with dull demand. The undertone of the market was shaky.

In white metals, silver.999 and .916 eased by Rs 30 each to Rs 6,910 and Rs 6,810 a kg respectively on reduced industrial demand and weak overseas advices. Delhi advices, too, indicated a dull trend. In yellow metals, standard gold and gold 22 carat eased by Rs 5 each to Rs 4,805 and Rs 4,445 per 10 grammes respectively on subdued offtake.

The arrivals were moderate arrivals. Overseas advices for gold also showed an subdued to easy trend. Gold biscuits prices also declined by Rs 100 at Rs 56,200 per piece of 10 toals on subdued consumer offtake.