Groundnut Oil, Sugar Easy; Copper Gains

Groundnut oil witnessed an easy to subdued trend on reduced offtake and modest arrivals yesterday whereas other industrial oils ruled easy to steady trend at the Turbhe wholesale oils and oilseeds market yesterday. Imported palmolein eased on better arrivals. In future section, March97 contract was lower and eased towards closing, while June97 contract remained untraded during the session.

Groundnut oil eased by Re 1 at Rs 343 per 10 kg on easy demand coupled with modest arrivals. Arrivals are put about 100-130 tonnes a day.

In other oils, sesame oil and coconut oil white declined by Rs 5 each to Rs 300 and Rs 680 per 10 kg respectively on dull demand coupled with modest arrivals. Karanji oil firmed up by Rs 2 at Rs 185 per 10 kg on improved offtake and reduced inflows. Imported palmolein eased by Re 1 at 280 per 10 kg on subdued demand.

In future section, March97 contract opened slightly lower at Rs 1,158.50 a quintal. It declined to Rs 1,153 before closing at Rs 1,158 a quintal on speculative buying pressure. In oilseeds, groundnuts, karad bold and saurashtra bold eased by Rs 10 each to Rs 1,840 and Rs 1,850 per quintal on reduced demand.

Sugar: An easy to steady trend continued at the wholesale sugar market at Turbhe yesterday. Both sugar grades ruled subdued on reduced demand and moderate inflows. Sugar S-30 grade was quoted at the previous level of Rs 1,240/1,265 a quintal on subdued demand and modest arrivals. While sugar M-30 grade traded at Rs 1,275/1,350 a quintal against the previous level of Rs 1,273/1,360 a quintal on dull offtake. Meanwhile, sugar for the check post deliveries were quoted easy at Rs 1,207/1,360 a quintal for S-30 grade and Rs 1,275/1,350 for the M-30 grade.

Non-ferrous Metals: A firm to upward trend was noticed in the local non-ferrous market yesterday. Industrial demand remained better. In scraps section, brass utensils and sheetcutings improved by 75 paise and Re 1 to Rs 88.25 and Rs 89 per kg respectively on improved industrial demand coupled with firm overseas advices and restricted arrivals. Copper heavy scraps and copper utensils firmed up by 50 paise each to Rs 118.50 and Rs 105.50 a kg respectively on better industrial demand and limited arrivals.

In virgin section, copper wirebar and zinc slabs firmed up by 50 paise each to Rs 128.50 and Rs 68 a kg respectively on better industrial buyings yesterday.

Bullion: A firm to upward trend was noticed in the local bullion market yesterday. Prices of both the precious metals looked up. The market sentiment was firm.

In yellow metals, standard gold and 22 carat gold firmed up by Rs 20 each to Rs 4,930 and Rs 4,560 per 10 grammes respectively on better consumer demand coupled with firm overseas advices and modest arrivals from the upcountry centres.

Gold biscuit prices also moved up further by Rs 200 at Rs 59,600 per piece of 10 tolas on better consumer demand yesterday. In white metals, silver .999 and .916 improved by Rs 115 each to Rs 7,110 and Rs 7,010 a kg respectively on better industrial offtake as against limited arrivals.