Groundnut Oil Steady; Sugar, Bullion Firm

Groundnut oil ruled steady at higher level while arrivals from the upcountry centres remained moderate yesterday at the wholesale oils and oilseeds market, Turbhe, Navi Mumbai. Imported palmolein eased on subdued demand and other industrial oils ruled easy to steady. In future section, castorseeds March 97 contract remained untraded yesterday while June 97 contract opened lower and eased further towards closing.

Groundnut oil ruled steady at the previous level of Rs 348 per 10 kg on subdued institutional as well as local demand coupled with improved arrivals. Arrivals were put about 100 tonnes a day.

In other oils, linseed oil and kardi oil improved by Rs 3 and Rs 4 to Rs 295 and Rs 337 per 10 kg respectively on improved industrial demand coupled with limited inflows.

Copra oil white declined by Rs 40 to Rs 570 per 10 kg on reduced industrial demand coupled with better arrivals. Ricebran oil recovered further by Re 1 to Rs 156 per 10 kg on better demand. Imported palmolein eased by Re 1 at Rs 281 per 10 kg on improved arrivals and subdued demand. In futures, castorseeds June 97 contract opened Rs 1.50 lower at Rs 1,187 and firmed up to Rs 1,188.50 a quintal. It declined and closed to Rs 1,176 a quintal on reduced buyings.

Sugar: Sugar prices continued to rule firm at the wholesale sugar market yesterday. Sugar of both the grades firmed up further. The undertone of the market was hesitant. Sugar S-30 grade moved up further to Rs 1,280/1,310 a quintal as against of the previous level of Rs 1,270/1,310 a quintal on improved demand and moderate arrivals. While sugar M-30 grade firmed up to Rs 1,315/1,400 from the previous level of Rs 1,315/1,390 a quintal on better offtake. Meanwhile, sugar for the check post deliveries were quoted easy at Rs 1,235/1,260 a quintal for S-30 and Rs 1,280/1,352 for the M-30 .

Non-ferrous Metals : A steady to easy trend was noticed at the local non-ferrous market yesterday. Industrial demand remained subdued. The trade volume remained small.

In virgin section, nickel cathodes eased by Re 1 at Rs 370 a kg on reduced industrial demand and better arrivals. Meanwhile, all other metals ruled overall steady on narrow movements and were nominally quoted as under: copper wirebars Rs 135, aluminium ingots Rs 74.25, zinc slabs Rs 77.50, lead ingots Rs 45.50 and tin slabs Rs 316 a kg respectively on subdued industrial demand and narrow movements.

In scraps section, all the metals ruled overall steady on narrow movements and were nominally quoted as under : copper heavy scraps Rs 122, copper utensils Rs 109.50, brass utensils Rs 92.75, brass sheetcuttings Rs 96.75 and aluminium utensils Rs 59.25 a kg respectively.

Bullion : A firm to upward trend was noticed at the local bullion market yesterday. Both the precious metals ruled firm on better overseas advices.

In white metals, silver .999 and .916 improved by Rs 40 each to Rs 7,340 and Rs 7,240 a kg on firm advices of London bullion market coupled with improved demand and modest arrivals.

In yellow metals, standard gold and 22 carat gold firmed up by Rs 10 each to Rs 4,690 and Rs 4,340 per 10 grams respectively on firm overseas advices coupled with improved consumer demand. Gold biscuit prices also improved by Rs 200 at Rs 54,900 per piece of 10 tolas on better demand.