Precious Metals Lose Sheen, Gnut Oil Up

Groundnut oil recovered from the low level and firmed up on better upcountry advices coupled with improved demand against modest arrivals whereas other industrial oils ruled easy-to-steady at the wholesale oils and oilseeds market, Turbhe, Navi Mumbai yesterday.

Groundnut oil improved by Rs 7 at Rs 340 per 10 kg on renewed demand coupled with reduced arrivals from the producing centres.

In other oils, kardi oil and sesame oil declined by Rs 3 and Rs 2 to Rs 335 and Rs 280 per 10 kg respectively. Castor oil commercial and BSS varieties eased by Rs 2 each to Rs 266 and Rs 278 a kg respectively. Cottonseed oil washed and refined qualities dropped by Rs 6 and Rs 5 to Rs 282 and Rs 285 a kg respectively. Imported palmolein gained further Re 1 at Rs 271 per 10 kg.

In futures section, December contract opened Re 1 down at Rs 1154.50 and firmed up to Rs 1155.50 a quintal. It declined to Rs 1153.50 before closing at Rs 1154.50 a quintal on subdued movements.

In oilseeds, castorseeds Madras and Maharashtra qualities declined by Rs 9 each to Rs 1181 and Rs 1175 a quintal respectively.

Non-ferrous metals: Virgin metals ruled mixed while scraps ruled overall steady in the local non-ferrous market yesterday.

In virgin section, nickel cathodes declined further by Rs 2 at Rs 328 a kg. on reduced industrial offtake and improved arrivals. Tin slabs improved by Rs 3 at Rs 305 a kg. Aluminium ingots and lead ingots firmed up by 50 paise each to Rs 81 and Rs 41.50 a kg respectively. Zinc slabs eased by 25 paise at Rs 84.75 a kg on subdued demand. Meanwhile, copper wirebars ruled overall steady and was quoted at Rs 129 a kg respectively on narrow movements.

In the scraps section, all the metals ruled quiet and steady, and were nominally quoted as under : copper heavy scraps Rs 120.50, copper utensils Rs 111, brass utensils Rs 97, brass sheetcuttings Rs 102.50 and aluminium utensils Rs 61 a kg respectively

Bullion: Both the precious metals suffered a setback at higher level in the local bullion market yesterday. Both the precious metals ruled weak on weak London advices coupled with improved arrivals and reduced consumer as well as industrial demand.

In yellow metals, standard gold and 22 carat gold declined by Rs 80 and Rs 75 to Rs 4530 and Rs 4190 per 10 gms respectively on subdued overseas advices, dull demand and modest arrivals. Gold biscuit prices also dropped by Rs 1,000 at Rs 53,100 a piece

In white metals, silver, both .999 and .916, fell by Rs 85 each to Rs 7195 and Rs 7095 a kg on dull overseas advices coupled with improved arrivals from upcountry centres and reduced industrial demand.