Groundnut Oil Subdued, Gold, Silver Still Down

Groundnut oil witnessed a steady to subdued trend on reduced offtake and modest arrivals yesterday while other industrial oils ruled easy to steady at the wholesale oils and oilseeds market at Turbhe, Navi Mumbai.

Imported palmolein firmed up on reduced arrivals. In futures section, March97 contract opened slightly higher and firmed up further towards closing, while June97 contract resumed yesterday and held steady throughout the session.

Groundnut oil held steady at the previous level of Rs 339 per 10 kg on subdued demand coupled with modest arrivals. Arrivals are put at around 100/ 130 tonnes a day. In other oils, linseed oil declined by Rs 2 to Rs 310 per 10 kg on dull demand coupled with modest arrivals from the producing centres. Karanji oil and sunflower oil expeller firmed up by Rs 5 each to Rs 190 and Rs 280 per 10 kg respectively, on improved offtake and reduced inflows. Imported palmolein firmed up by Re 1 at 281 per 10 kg on better demand.

In futures section, March97 contract opened slightly up at Rs 1160.50 a quintal and firmed up to Rs 1161.50. It declined to Rs 1154.50 before closing at Rs 1161.50 a quintal on speculative buying pressure.

In oilseeds, castorseeds Madras bold and Maharashtra bold eased by Rs 2 each to Rs 1097 and Rs 1091 a quintal respectively, on easy demand.

Sugar: An easy to subdued trend continued at the wholesale sugar market yesterday. Sugar of both the grades ruled subdued on reduced demand and moderate inflows. The market undertone remained weak. Sugar S-30 grade eased to 1225/1263 from the previous level of 1240/1265 a quintal on subdued demand and modest arrivals. While sugar M-30 grade traded at Rs 1265/1360 a quintal as against of the previous level of Rs 1275/1350 a quintal on dull offtake.

Non-ferrous metals: An easy to subdued trend was noticed in the local non-ferrous market yesterday. Prices of both the sections remained overall steady on narrow movements. In the scraps section, copper heavy scraps were Rs 118.50, copper utensils Rs 105.50, brass utensils Rs 88.50, brass sheetcutings Rs 89 and aluminium utensils Rs 58.00 a kg respectively.

In virgin section, copper wirebar Rs 128.50, aluminium ingots Rs 72.50, zinc slabs Rs 68, lead ingots Rs 45.50, tin slabs Rs 344 and nickel cathodes Rs 365 per kg respectively.

Bullion: An easy to downward trend was noticed in the local bullion market. Prices of both the precious metals suffered a setback. The market sentiment remained weak. In yellow metals, standard gold and 22 carat gold eased by Rs 30 each to Rs 4900 and Rs 4530 per 10 grams respectively on dull consumer demand coupled with weak overseas advices and modest arrivals from upcountry centres. Gold biscuit prices also weakened by Rs 300 at Rs 59,300 per piece of 10 tolas on subdued consumer demand.

In white metals, silver .999 and .916 declined by Rs 70 and Rs 65 to Rs 7040 and Rs 6945 a kg respectively on reduced industrial offtake as against better arrivals. Delhi advices also witnessed a weak trend.