Groundnut Oil Steady; Sugar, Gold Firm On Improved Demand

Groundnut oil ruled firm on better demand at the wholesale oils and oilseeds market, Turbhe, Navi Mumbai yesterday. Imported palmolein prices also improvement on reduced arrivals and better demand. In future section, castorseeds June 97 contract opened lower and declined further towards closing. Groundnut oil firmed up by Rs 2 at Rs 360 per 10 kg.

In other oils, cottonseed oil refined firmed up by Rs 2 to Rs 283 per 10 kg on better industrial demand. Karanji oil improved by Rs 5 to Rs 195. Imported palmolein improved by Rs 3 at Rs 287 per 10 kg on improved offtake and reduced availability. Meanwhile, majority of other oils ruled overall steady on narrow movements.

In futures, castorseeds June 97 contract opened Rs 5 lower at Rs 1,171 and ruled at the same level. It declined and closed at Rs 1,155 a quintal on selling pressure.

In oilseeds, castorseeds Madras and Maharashtra qualities declined by Rs 9 a quintal each to Rs 1,114 and Rs 1,108 a quintal respectively on reduced industrial demand.

Kardiseeds bold firmed up by Rs 10 at Rs 1,110 a quintal on improved offtake. Meanwhile, all the other oilseeds ruled overall steady on narrow movements.

Sugar: A firm to upward trend was witnessed at the sugar wholesale market yesterday. Demand remained better to moderate. The undertone of the market remained weak.

Sugar S-30 grade improved to Rs 1,300/1,350 a quintal from the previous level of Rs 1,290/1,326, while that of M-30 grade firmed up to Rs 1,365/1,425 a quintal from Rs 1,350/1,415. Sugar for check-post deliveries was quoted low at Rs 1,280/1,300 a quintal for S-30 grade, while Rs 1,335/1,390 a quintal for M-30 grade yesterday.

Non-ferrous Metals: Scraps metals ruled easy while virgin metals ruled easy to steady at the local non-ferrous market. Industrial demand remained weak to moderate.

The trade volume remained small. The undertone of the market remained firm.

In scraps section, copper heavy scraps eased by 25 paise to Rs 122 a kg on easy offtake, while copper utensils, brass utensils and brass sheetcuttings declined by 50 paise each to Rs 109.50, Rs 92.50 and Rs 96.50 a kg respectively on reduced demand against improved availability of ready stock.

Aluminium utensils ruled overall steady at Rs 59.50 a kg on subdued industrial offtake and narrow movements. In virgin section, copper wirebars eased by 25 paise at Rs 135 a kg on subdued industrial demand, while tin slabs and nickel cathodes declined by Rs 2 and Rs 3 to Rs 310 and Rs 360 a kg respectively on reduced industrial demand and improved arrivals.

Meanwhile, other metals like aluminium ingots, zinc slabs and lead ingots ruled overall steady and were nominally quoted at Rs 74.50, Rs 78.50, and Rs 45.50 a kg respectively on narrow movements.

Bullion: An upward trend was noticed in the local bullion market yesterday.

Both the precious metals ruled firm on improved festive demand. The undertone of the market was shaky.

In white metals, silver .999 and .916 firmed up by Rs 20 and Rs 15 to Rs 6,980 and Rs 6,875 a kg respectively on improved industrial demand coupled with better overseas advices. Delhi advices also indicated firm trend.

In yellow metals, standard gold and 22 carat gold improved by Rs 35 each to Rs 4,830 and Rs 4,470 per 10 grammes respectively on improved offtake coupled with subdued arrivals. Overseas advices for gold also showed an firm trend.

Gold biscuit prices also firmed up by Rs 400 at Rs 56,500 per piece of 10 tolas on better consumer offtake.