Groundnut Oil, Sugar Down, Bullion Steady

A dull demand, coupled with modest arrivals, yesterday pushed the groundnut oil prices down by Rs 2 at the oils and oilseeds market in Turbhe, Navi Mumbai.

Iindustrial oils, indicated a steady to subdued trend, while imported palmolein remained unchanged, owing to a reduced demand. In futures section, March 1997 contract opened higher but declined towards closing.

Groundnut oil eased further by Rs 2 to Rs 340 per 10 kg on reduced demand and because of moderate arrivals. Arrivals are put about 100-110 tonnes a day. Among other oils, sesame oil declined by Rs 10 to Rs 305 per 10 kg on reduced industrial demand while mowra oil improved by Rs 10 at Rs 270 per 10 kg on better offtake. Copra oil white improved further by Rs10 to Rs 670 per 10 kg on firm demand and sunflower oil (expeller) declined further by Rs 8 to Rs 283 per 10 kg mainly due to reduced demand. Imported palmolein held steady at Rs 283 per 10 kg on subdued demand.In futures section, March 1997 contract opened Rs 3.50 higher at Rs 1,175.50 a quintal. It declined to Rs 1,167 before closing at Rs 1,172 on buying pressure.

Sugar: A weak trend continued at the wholesale sugar market Overall demand, remained dull Sugar small grade declined further to Rs 1,240-1,270 per quintal from the previous price of Rs 1,245-1,280 per quintal while medium grade dipped to Rs 1,280-1,370 against the previous band of Rs 1,285-1,370 a quintal. The trading,remained dull. Sugar prices for the check-post were quoted lower at Rs 1,215-1,240 a quintal for S-30 grade, while its was Rs 1,245-1,315 a quintal for M-30 grade

Non-ferrous Metals: Virgin metals ruled weak to easy while scrap metals ruled overall steady on narrow movements in the local non-ferrous market yesterday.

Nickel cathodes declined by Rs 4 to Rs 365 per kg. Tin slabs eased by Rs 2 to Rs 344 per kg on dull industrial offtake, while lead ingots and copper wirebars dipped by 75 paise and 50 paise to Rs 44.50 and Rs 126.00 per kg respectively. Aluminium ingots firmed up by 50 paise at Rs 72.50 a kg on better demand. Zinc slabs ruled oveall steady with narrow movments and were nominally quoted at Rs 67.50 a kgYesterdays nominal quotes were: copper heavy scraps, Rs 117.50; copper utensils, Rs 104.50; brass utensils Rs 87.25; brass utensils Rs 91 and aluminium utensils Rs 58.

Bullion: A slightly firm to steady trend was noticed in the local bullion market although both precious metals declined yesterday. The market undertone, however, remaind weak.

In white metals, silver .999 and .916 firmed up by Rs.5 to Rs 6,755 and Rs 6,655 per kg respectively on modest industrial demand. . In yellow metals, standard gold and gold 22 carat ruled overall steady with narrow movements and were nominally quoted at Rs 4,885 and Rs 4,520 per 10 gm respectively because of subdued demand. The overseas advices, too, remained weak. Gold biscuits, however, ruled steady at Rs 57,100 per piece of 10 toals yesterday.