Groundnut Oil Steady, Sugar Easy, Copper Wirebar Dips

Groundnut oil continued to witness a steady-to-easy trend on reduced offtake and modest arrivals yesterday whereas other industrial oils ruled steady-to-better at the wholesale oils and oilseeds market, Turbhe, Navi Mumbai yesterday.

Imported palmolein was largely firm on subdued demand. In the futures section, March 1997 contract opened higher and improved towards the close of trading.

Groundnut oil firmed up by Re1 at Rs 343 per 10 kg on better demand coupled with modest arrivals.

Traders put the arrivals at about 100 tonnes a day.

Coconut oil white and sesame oil declined by Rs10 each to Rs690 and Rs305 per 10 kgon reduced demand from the industries coupled with improved arrivals.

Linseed oil and mowra oil firmed up by Rs 5 and Rs 4 to Rs 315 and Rs 257 per 10 kg, respectively, on improved demand coupled with modest arrivals from the producing centres.

Imported palmolein ruled overall steady on the previous level of 282 per 10 kg on subdued demand. Meanwhile, a majority of other oils ruled overall steady owing to narrow movement.

In the futures section, March 1997 contract opened Rs 2 higher at Rs1,173 and moved up to Rs 1,177 a quintal on speculative buyings. It declined to Rs 1,171 before closing at Rs 1,177 on speculative shortcovering.

All the oilseeds ruled overall steady on narrow movements yesterday.

An easy to steady trend continued to witness at higher level at the wholesale sugar market at Turbhe, Navi Mumbai yesterday. Sugar of both the grades ruled steady on reduced demand and moderate inflows. The undertone of the market remained weak.

Sugar S-30 grade was quoted at the same previous level of Rs1,280/1,320 a quintal on subdued demand and better arrivals. While sugar M-30 grade traded steady and was quoted at Rs 1,305/1,368 as against yesterdays level of 1,300/1,365 a quintal on dull offtake.

Meanwhile, sugar for check-post deliveries were quoted easy at Rs 1,251/1,270 a quintal for S-30 grade and Rs1,270/1,331 for the M-30 grade.

The local bullion market remained closed on account of the New Year.

A downward trend was witnessed in the local bullion market yesterday.

The governments announcement to allow NRIs to import more gold had an adverse effect on market sentiment. The demand overall remained dull with the weak.

In yellow metals, gold standard and 22-carat gold declined by Rs 30 and Rs 25 to Rs 5,020 and Rs 4,645 per 10 grams, respectively, on reduced demand and brisk arrivals. Gold biscuit also dropped to Rs 58,700 from the previous level of Rs 59,100 per piece of 10 tolas.

In white metals, silver .999 and .916 declined by Rs 40 each to Rs 6,885 and Rs 6,785 per kg, respectively, on dull industrial demand. Delhi advices also indicated weak trend yesterday.

An easy to downward trend was witnessed in the local non-ferrous market yesterday. Industrial demand remained dull. The trade volume continued to remained limited.

In virgin section, nickel cathodes declined by Rs 3 at Rs 362 a kg on dull industrial demand, improved arrivals and weak overseas advices.

Copper wirebar declined by Re 1 at Rs 123.50 a kg on reduced industrial demand and improved arrivals. Zinc slabs recovered by 50 paise to Rs 64.50 and lead ingots eased by 50 paise to Rs 44.00 a kg

Meanwhile, all other metals like aluminium ingots and tin slabs ruled overall steady on narrow movements and were nominally quoted at Rs 72 and Rs 343 a kg, respectively on subdued industrial demand.

In scraps section, copper heavy scraps and copper utensils eased by 50 paise and 75 paise to Rs 114 and Rs 102 a kg, respectively, on dull industrial offtake. Meanwhile, all the other metals like brass utensils,brass sheetcuttings and aluminium utensils ruled overall steady on narrow movements and were nominally quoted at Rs 86, Rs 89.50 and Rs 58 a kg, respectively.