Groundnut Oil Weakens, Sugar Easy, Bullion Slips

Groundnut oil weakened further at the improved level while most other edible oils ruled easy-to-steady at the wholesale oils and oilseeds market here yesterday. Imported palmolein too remained easy.

In the futures market, castorseeds December contract was untraded while the March `99 contract opened lower and lost further ground towards close.

Groundnut oil declined further by Rs 5 at Rs 410 per 10 kg. Castor oil commercial and BSS slipped further by Rs 16 each to Rs 385 and Rs 399 per 10 kg respectively.

Sesame and karanji oil declined by Rs 10 each to Rs 450 and Rs 325 per 10 kg respectively. Cottonseed oil washed and refined edged down by Rs 2 each to Rs 358 and Rs 360 per 10 kg respectively. Imported palmolein softened further by Rs 2 at Rs 348 per 10 kg. The majority of other oils ruled overall steady.

In the futures market, the March `99 contract opened Rs 25 lower at Rs 1,505 before declining and closing at Rs 1,500.

In oilseeds, castorseeds Madras and Maharashtra fell by Rs 77 each to Rs 1,752 and Rs 1,746 a quintal respectivel.

Sugar: An easy-to-subdued trend continued in sugar prices here yesterday. Both grades ruled steady-to-quiet.

Sugar S-30 eased to Rs 1,420-1,448 a quintal against its previous close of Rs 1,420-1,460.

Sugar M-30 weakened to Rs 1,443-1,500 against its previous level of Rs 1,445-1,510 a quintal.

Sugar for the check-post deliveries were quoted higher at Rs 1,402-1,412 a quintal for S-30 and at Rs 1,422-1,438 for M-30.

Non-ferrous metals: A firm-to-steady trend was in evidence on the local non-ferrous metals market yesterday. Both section of metals ruled firm.

In scraps, brass utensils and copper heavy improved by Rs 1.25 and 50 paise to Rs 79.50 and Rs 102.50 a kg respectively. Copper utensils and brass sheetcuttings firmed up by 25 paise to Rs 89.50 and Rs 83.75 a kg respectively.

Aluminium utensils ruled overall steady and were nominally quoted at Rs 64 a kg.

In virgins, copper wirebar and zinc slabs looked up by 50 paise each to Rs 114.50 and Rs 71 a kg . All other metals ruled overall steady. Aluminium ingots were quoted at Rs 86 a kg, lead ingots at Rs 39, tin slabs Rs 375 and nickel cathodes at Rs 258 a kg respectively on narrow movement.

Bullion: A weak trend was witnessed in both the precious metals on the local bullion market yesterday.

In white metals, silver .999 and .916 fell by Rs 70 and Rs 50 to Rs 7,410 and Rs 7,310 a kg respectively. Delhi advices too indicated a dull trend.

In yellow metal, both standard gold and .22 carat weakened by Rs 30 each to Rs 4,310 and Rs 3,985 per 10 grammes respectively. Gold biscuit prices too dipped by Rs 400 at Rs 50,600 per piece.