Groundnut Oil, Sugar Take A Knock; Bullion Moves Up

Groundnut oil suffered a setback at higher level on subdued demand coupled with modest arrivals from the upcountry centres yesterday whereas other industrial oils ruled easy to steady at the wholesale oils and oilseeds market.

Groundnut oil eased by Re 1 at Rs 341 per 10 kg. on reduced demand coupled with better arrivals. In other oils, kardi oil and sesame oil declined by Rs 5 and Rs 10 to Rs 375 and Rs 300 per 10 kg. respectively on dull demand. Sunflower oil expeller improved by Rs 4 at Rs 278 per 10 kg.on improved supplies coupled with dull industrial demand. Cottonseed oil washed and refined firmed up by Rs 2 and Re 1 to Rs 280 and Rs 284 per 10 kg respectively on better demand. Imported palmolein firmed up further by Rs 2 at 283 per 10 kg on better demand.Meanwhile, majority of other oils ruled overall steady on narrow movements.

In oilseeds, castorseeds Chennai and Maharashtra qualities looked up by Rs.3 each to Rs 1085 and Rs 1079 per quintal respectively on dull demand and better inflows.

Sugar: Sugar prices suffered a setback on improved level the wholesale sugar market yesterday. Sugar of both the grades declined on the weak demand.

Sugar S-30 grade declined to Rs 1265/1296 a quintal from the previous levele of 1280/1305 on slack demand and better arrivals. While sugar M-30 grade dipped to Rs 1300/1392 from the previous level of 1310/1400 a quintal on better offtake. Meanwhile, sugar for the check post deliveries were quoted easy at Rs. 1240/1260 a quintal for S-30 grade and Rs.1280/1345 for the M-30 grade.

Non-ferrous Metals: :An easy to steady trend continued in the local non-ferrous market yesterday. Scraps metals ruled more easy than virgin metals. Industrial demand remained dull. The trade volume continued to remained small. In scraps section, copper heavy scraps and copper utensils eased by 50 paise each to Rs 118 and Rs 106 a kg respectively on dull industrial demand coupled with improved arrivals. Meanwhile, brass utensils, brass sheetcuttings and aluminium utensils ruled overall steady at Rs 89, Rs 91 and Rs 58 a kg. respectively on narrow movements.

In virgin section, copper wirebars and zinc slabs weakened by 50 paise each to Rs 130 and Rs 68.50 a kg respectively on dull industrial demand. Tin slabs declined by Rs 2 to Rs 342 a kg. Meanwhile, all the other metals i.e. aluminium ingots, lead ingots and nickel cathodes ruled overall steady and were nominally quoted at Rs 72.50, Rs 45.50 and Rs 372 a kg.respectively.

Bullion: :A firm to upward trend was noticed in the local bullion market yesterday. Both the precious metals improved on better festive demand. The market sentiment remained weak. In white metals, silver .999 and .916 shot up by Rs.215 each to Rs.7290 and Rs.7190 a kg.respectively on strong overseas advices coupled with better industrial offtake.

In yellow metals, standard gold and 22 carat gold firmed up by Rs 25 and Rs 20 to Rs 4780 and Rs 4420 per 10 grammes respectively on better consumer demand coupled with firm overseas advices and the modest arrivals. The demand remained modest. Gold biscuits prices also recovered by Rs 300 at Rs 55,900 per piece of 10 tolas on better consumer demand yesterday.