Groundnut Oil Suffers Setback, Gold Recovers

Groundnut oil suffered a fresh setback on reduced demand coupled with brisk arrivals from the upcountry centres yesterday whereas other industrial oils ruled easy to steady at the wholesale oils and oilseeds market at Navi Mumbai yesterday. Imported palmolein eased further on improved arrivals. In the futures section, March 97 contract opened lower and eased further towards closing, while June 97 contract opened higher but eased towards closing yesterday.

Groundnut oil declined by Rs 3 at Rs 341 per 10 kg. on dull demand coupled with improved arrivals. Arrivals are put about 120/130 tonnes a day.

Linseed oil and mowra oil improved by Rs 5 each to Rs 310 and Rs 275 per 10 kg respectively on better demand. Sesame oil improved by Rs 10 at Rs 315 per 10 kg on improved demand. Sunflower oil expeller looked up by Rs 3 to Rs 278 per 10 kg on improved offtake. Imported palmolein eased further by Re 1 at 280 per 10 kg on subdued demand. Meanwhile, the majority of other oils ruled overall steady on narrow movements. In the futures, March 97 contract opened Rs 2.50 lower at Rs 1147.50 and firmed to Rs 1151.50 a quintal. It declined to Rs 1140.50 before closing at Rs.1141 a quintal on speculative shortcoverings. While June 97 contract opened Rs 2 higher at Rs 1220 a quintal, it declined and closed at Rs.1206.

Sugar: A subdued-to-steady trend was witnessed at the wholesale sugar market yesterday.

Sugar of both the grades moved narrowly on moderate demand and subdued inflows. The undertone of the market remained weak.

Sugar S-30 grade eased to Rs 1230/1275 a quintal from the previous level of Rs 1235/1275 on improved demand and modest arrivals. While sugar M-30 grade was subdued at Rs 1270/1365 from the previous level of Rs 1275/1360 a quintal on better offtake.

Non-ferrous Metals: An firm-to-steady trend continued in the local non-ferrous market yesterday. Scraps metals as well as virgin metals prices improved on firm overseas advices. Industrial demand remained better. The trade volume continued to remain small. Copper wire bar and nickel cathodes improved further by 50 paise and Re1 to Rs 123, and Rs 370 a kg respectively on improved demand coupled with restricted arrivals and firm overseas advices.

Copper heavy scraps and copper utensils improved further to Rs 130 and Rs 107 a kg respectively on improved industrial demand coupled with firm upcountry as well as overseas advices.

Brass utensils and brass sheetcuttings firmed up further by 25 paise each to Rs 89.25 and Rs 90.50 a kg respectively on better demand. Meanwhile, aluminium utensils ruled overall steady at Rs 58 a kg on narrow movements.

Bullion: Both the precious metals moved up moderately at the local bullion market yesterday. Silver .999 and raw silver gained by Rs 20 and Rs 5 to Rs 7090 and Rs 6975 per kg respectively on good buying support from industrial users and local buyers.

Standard mint and 22 carat gold increased by Rs 15 and Rs 10 to Rs 4845 and Rs 4480 per ten grams respectively.