Groundnut Steady, Sugar Firm, Bullion Climbs

Groundnut oil ruled overall steady on subdued arrivals and modest demand, while industrial oils ruled better-to-steady at the wholesale oils and oilseeds market, here yesterday. Imported palmolein ruled easy.

In futures section, castor seeds March 98 contract firmed up towards closing. June contract opened steady and ruled at the same level. Groundnut oil was nominally quoted at Rs 360 per 10 kg on modest demand. Arrivals from producing centres remained at around 90/95 tonne a day.

Coconut oil white improved by Rs 15 to Rs 535 per 10 kg. Kardi and sesame oil firmed up by Rs 2 each to Rs 360 and Rs 340 per 10 kg. Karanji oil declined by Rs 5 at Rs 155 per 10 kg on reduced demand. Soya oil was steady at Rs 311 per 10 kg. Imported palmolein eased by Re 1 to Rs 302 per 10 kg.

In futures, castorseeds March 98 contract opened Rs 1.50 up at Rs 1181.50 and firmed up to Rs 1188 a quintal. It declined to Rs 1181.50 before closing at Rs 1185 a quintal.

Sugar: A firm-to-upward trend was seen in sugar prices on modest consumer offtake coupled with normal arrivals. The market undertone remained dull.

Sugar S-30 firmed up to Rs 1445/1472 against the previous level of Rs 1440/1470 a quintal. The M-30 grade looked up further to Rs 1465/1540 as against the previous level of Rs 1460/1525 a quintal on better offtake and limited arrivals. Sugar for the check post deliveries were quoted at Rs 1432/1440 a quintal for S-30 and Rs 1454/1461 for the M-30 grade.

Non-ferrous metals: A firm-to-upward trend was seen in the local non-ferrous metals market. In scraps, copper heavy scraps, copper utensils, brass utensils and brass sheetcuttings firmed up 25 paise each to Rs 106.50, Rs 95.00, Rs 84.00 and Rs 88.75 a kg . Meanwhile, aluminium utensils ruled overall steady and were nominally quoted at Rs 62.50 a kg.

In virgin metals, copper wirebar and nickel cathodes firmed up by 25 paise and Re 1 to Rs 116.50 and Rs 328 a kg on better industrial demand. Other metals ruled quiet and were nominally quoted as: aluminium ingots Rs 82, zinc slabs Rs 71.50, lead ingots Rs 40 and tin slabs Rs 335 a kg respectively on narrow movements.

Bullion: An upward trend continued in the local bullion market yesterday. Both the precious metals advanced on firm overseas advices coupled with paucity of ready stock. The undertone of the market remained weak.

In white metals, silver .999 and .916 improved further by Rs 60 each to Rs 8,590 and Rs 8,485 a kg respectively on strong overseas advices coupled with the short supply of the ready stock. The demand remained firm.

In yellow metals, both standard gold and 22 carat gold firmed up further by Rs 10 each to at Rs 4,060 and Rs 3,755 per 10 grams. Gold biscuit prices also firmed up further by Rs 100 at Rs 47,500 per piece of gold bar.