Groundnut Oil Up, Sugar Firm, Gold Weakens

Groundnut oil ruled firm on better demand coupled with modest arrivals from the upcountry centres, while other industrial oils ruled easy-to-steady at the wholesale oils and oilseeds market at Navi Mumbai yesterday. Imported palmolein stayed firm on subdued arrivals. In the futures, both March 97 and June 97 contracts remained untraded.

Groundnut oil price increased by Rs 3 at Rs 340 per 10 kg on improved demand coupled with reduced arrivals.

Coconut oil white and karanji oil declined by Rs 10 and Rs 5 to Rs 700 and Rs 195 per 10 kg respectively on dull demand.

Linseed oil and cottonseed oil refined firmed up by Rs 2 each to Rs 300 and Rs 281 per 10 kg respectively on better demand. Imported palmolein hardened by Re 1 at 279 per 10 kg.

Meanwhile, the majority of other oils ruled overall steady on narrow movements.

Sugar: A firm-to-upward trend witnessed at the wholesale sugar market yesterday. Sugar of both grades moved upward on firm sentiment owing to the increase in sugar price under the public distribution system. The demand remained better against subdued inflows. The undertone of the market remained weak.

Sugar S-30 grade firmed up to Rs 1,270/1,300 a quintal from the previous level of Rs 1,250/1,290 on improved demand and modest arrivals.

While sugar M-30 grade improved to Rs 1,310/1,390 from the previous level of Rs 1,300/1,375 a quintal on better offtake. Meanwhile, sugar for the check post deliveries was quoted at Rs 1,255/1,275 a quintal for S-30 grade and Rs 1,285/1,350 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 and trade volumes continued to remained small.

Copper heavy scraps declined by Re 1 at Rs 119 a kg on dull industrial demand coupled with improved arrivals.

Copper utensils and brass utensils eased by 50 paise and 25 paise to Rs 106.50 and Rs 89 a kg respectively on reduced industrial demand coupled with weak upcountry as well as overseas advices. Meanwhile, brass sheet-cuttings and aluminium utensils ruled overall steady at Rs 91 and Rs 58 a kg respectively on narrow movements.

Copper wirebar eased by 50 paise to Rs 130.50 a kg on reduced demand coupled with better arrivals and weak overseas advices.

Meanwhile, other metals like aluminium ingots, zinc slabs, lead ingots, tin slabs and nickel cathodes ruled overall steady. Bullion: A divergent trend prevailed in the local bullion market yesterday. Silver ruled upward while gold traded downward on brisk activity. .

In white metals, silver .999 and .916 improved by Rs 5 each to Rs 7,155 and Rs 7,055 a kg respectively on improved industrial offtake as against of moderate arrivals. Delhi advices also witnessed a firm trend.

In yellow metals, standard gold and 22 carat gold weakened by Rs 15 each to Rs 4,785 and Rs 4,425 per 10 grammes respectively on subdued consumer demand coupled with weak overseas advices and the modest arrivals from the upcountry centres.