Groundnut Oil Weakens, Sugar Up, Bullion Mixed

Groundnut oil weakened on improved arrivals coupled with reduced offtake. Demand remained dull. Other industrial oils ruled mixed. Imported palmolein also ruled weak on subdued demand. In futures section, Castorseeds June'97 contract opened higher but declined towards closing.

Groundnut oil declined by Rs.3 to Rs.366 per 10 kg. on reduced demand coupled with improved arrivals.

In other oils, kardi and mowra firmed up by Rs.5 each to Rs.360 and Rs.285 per 10 kg.respectively on better industrial demand coupled with limited inflows. Copra oil white improved by Rs 5 to Rs 600 per 10 kg. on better industrial demand coupled with limited arrivals.Neem oil and sunflower oil expeller declined by Rs.5 each to Rs.195 and Rs 285 per 10 kg.respectively on reduced industrial interest. Imported palmolein fell by Rs.2 to Rs 293 per 10 kg.on subdued demand.

In futres, Castorseeds June'97 contract opened Rs.3.50 up at Rs.1119.50 and firmed up to Rs.1119.50 a quintal. It declined to Rs. 1113.50 before closing at Rs.1115 a quintal on improved buying support. In oilseeds, Castorseeds Madras and Maharashtra qualities improved to Rs.1109 and Rs.1103 a quintal respectively on improved offtake. Sugar : A firm upward trend continued at the wholesale sugar market yesterday. Sugar of both the grades i.e. small and medium, showed improvements. The undertone was not firm.

Sugar S-30 moved up further to Rs.1390/1420 a quintal as against the previous level of Rs.1360/1410 on improved demand and moderate arrivals. Sugar M-30 firmed up to Rs 1420/1487 from the previous level of 1401/1475 a quintal on better offtake. Sugar for the check post deliveries were quoted easy at Rs.1375/1390 a quintal for S-30 and Rs.1410/1435 for the M-30 .

Non-ferrous metals :An easy to steady trend was noticed in the local non-ferrous market yesterday. Industrial demand remained dull to subdued. The traded volume remained small.

In the scraps section, most of the scraps ruled weak on reduced demand coupled with improved arrivals. Copper heavy scraps, copper utensils and brass utensils eased by 25 paise each to Rs.123, Rs. 111 and Rs.93.50 a kg. respectively. Other metals like brass sheetcuttings and aluminium utensils ruled overall steady, and were quoted at Rs. 97.50 and Rs 59.50 a kg. respectively on narrow movements.

In virgin section, copper heavy scraps firmed up by 25 paise to Rs.136.50 a kg. on better enquires and limited availablity. All metals ruled overall steady. The quotes were as follows: aluminium ingots Rs 74.50, zinc slabs Rs.79, lead ingots Rs. 45.50, tin slabs Rs.315 and nickel cathodes Rs. 365 a kg. respectively on subdued industrial demand and narrow movements.

Bullion : A mixed trend was noticed in the local bullion market. Silver ruled slightly firm while gold ruled overall steady on narrow movements. Festive demand remained subdued coupled with improved arrivals. The undertone was shaky.

In white metals, silver.999 and .916 firmed up by Rs 5 each to Rs.6735 and Rs. 6635 a kg. respectively on better industrial demand and modest overseas advices. Delhi advices also indicated a moderate trend.

In yellow metals, standard gold and 22 carat gold ruled overall steady at the previous levels of Rs.4750 and Rs.4395 per 10 grammes respectively on subdued offtake with moderate arrivals. Gold biscuit was steady at Rs.55,500 per piece of 10 toals.