Palmolein Firms Up, Sugar Subdued, Bullion Weak

Groundnut oil eased on profit taking and subdued demand on improved arrivals from the producing centres at the wholesale oils and oilseeds market at Turbhe, Navi Mumbai yesterday. Imported palmolein firmed up on limited arrivals and better demand.

Groundnut oil eased by Re. 1 to Rs 371 per 10 kg. on easy demand against improved availability of stock coupled with better arrivals from upcountry centres.

Cottonseed oil (washed and refined) improved by Rs.4 and Rs.2 respectively to Rs.289 and Rs. 294 per 10 kg. on better industrial demand. Linseed oil and kardi oil improved by Rs.3 and Rs.2 to Rs.295 and Rs.340 per 10 kg. respectively on improved offtake from the industrial sector.

Refined soya oil and sunflower oil expeller improved by Rs.5 and Rs.2 to Rs.281, Rs. 300 and Rs.280 per 10 kg. respectively on improved industrial demand. Imported palmolein firmed up by Re 1 at Rs.297 per 10 kg.

In futures, the contract for castorseeds June'97 opened Rs.2.50 lower at Rs.1150 and firmed to Rs.1151.50 a quintal. It declined to Rs.1143.50 before closing at Rs.1144.50 a quintal on moderate buying. Castorseeds Madras and Maharashtra qualities declined by Rs.4 a quintal each to Rs.1104 and Rs.1108 a quintal respectively on reduced industrial demand Sugar:An easy to subdued trend was witnessed at the sugar wholesale market at Turbhe, Navi Mumbai yesterday. Demand remained dull. The undertone of the market remained weak.

Sugar S-30 grade eased to Rs.1345/1380 a quintal from the previous level of Rs.1340/1388. M-30 grade declined to Rs.1355/1461 a quintal from Rs.1400/1465.

Sugar for check-post deliveries was quoted low at Rs.1318/1330 a quintal for S-30 grade while it was Rs.1352/1385 a quintal for M-30 grade yesterday.

Non-ferrous metals: Scrap metals continued to rule easy while virgin metals ruled easy to steady in the local non-ferrous market yesterday.

Industrial demand remained weak to moderate. In the scraps section, copper heavy scraps eased by 25 paise to Rs.121.25 a kg.on easy offtake. Copper utensils, brass utensils and brass sheetcuttings declined by 25 paise each to Rs.108.75, Rs 91.75, and Rs 95.75 a kg. respectively

Aluminium utensils ruled steady at Rs.59.50 a kg on subdued industrial offtake and narrow movements. In virgin section, copper wirebars eased further by 25 paise to Rs.134.25 a kg. on subdued industrial demand. Other metals like aluminium ingots, zinc slabs, lead ingots, tin slabs and nickel cathodes ruled steady, and were nominally quoted at Rs 74.50, Rs.78.50, Rs.45.50, Rs.310 and Rs.358 a kg. respectively.

Bullion : An easy trend was witnessed in the local bullion market yesterday.

Both the precious metals ruled weak on reduced festive demand. The undertone of the market was shaky.

In white metals, silver.999 and .916 eased by Rs 5 each to Rs.6935 and Rs. 6835 a kg. respectively on reduced industrial demand.

In yellow metals, standard gold and 22 carat gold declined by Rs.15 each to Rs.4,810 and Rs.4,450 per 10 grams respectively on reduced offtake.

Gold biscuits' prices also eased by Rs.100 at Rs.56,300 per piece of 10 tolas on subdued consumer offtake.