Precious Metals Rise, Sugar Weak, Groundnut Oil Firm

Groundnut oil hardened by Re 1 to Rs 366 per 10 kg on better demand coupled with limited arrivals at the wholesale oils and oilseeds market at Turbhe, Navi Mumbai. Arrivals were put at around 80-90 tonnes a day.

Imported palmolein remained steady on dull demand. In the futures section, Castorseeds June '97 contract opened higher and firmed up further towards closing. September contract remained untraded yesterday.

In other oils, castor oil washed eased by Rs 2 to Rs 290 per 10 kg on reduced industrial demand and better arrivals. Kardi oil and mowra oil declined by Rs 5 and Rs 10 to Rs 355 and Rs 280 per 10 kg, respectively on reduced industrial offtake followed by brisk arrivals.

Rapeseed oil refined and karanji oil declined by Rs 2 and Rs 10 to Rs 282 and Rs 175 per 10 kg, respectively on slack industrial demand coupled with improved inflows. Imported palmolein ruled overall steady at Rs 287 per 10 kg on subdued demand.

In futures, castorseeds June '97 contract opened Rs 1.50 higher at Rs 1,101 and firmed up to Rs 1,107.50 a quintal. It declined to Rs 1,098 before closing at Rs 1,107.50 a quintal. In oilseeds, castorseeds Madras and Maharashtra qualities declined further by Rs 3 each to Rs 1,094 and Rs 1,088 a quintal respectively on reduced demand and better inflows.

Sugar: Sugar prices suffered a slight setback on profit taking at the wholesale sugar market at Turbhe, Navi Mumbai yesterday. Sugar of both the grades showed a subdued trend. The undertone of the market was weak.

Sugar S-30 grade eased to Rs 1,405/1,435 as against of the previous level of Rs 1,400/1,442 a quintal on reduced demand and better arrivals. While sugar M-30 grade declined to Rs 1,440/1,508 from the previous level of 1,470/1,510 a quintal on reduced offtake. Sugar for the check post deliveries were quoted easy at Rs 1,375/1,400 a quintal for S-30 grade and Rs 1,412/1,445 for the M-30 grade.

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

In virgin section, nickel cathodes improved by Rs 5 at Rs 366 a kg, while aluminium ingots and zinc slabs firmed up by 50 paise each to Rs 75.00 and Rs 78.50 a kg, respectively.

While lead ingots eased by Re 1 at Rs 41.50 on reduced industrial offtake. Meanwhile, all the other metals like copper wirebar and tin slabs ruled overall steady and were nominally quoted at Rs 135 and Rs 311 a kg, respectively on narrow movements. In scraps section, a quiet conditions were witnessed in the market. Prices of all the metals ruled steady. Copper heavy Rs 121.50, copper utensils Rs 109.50, brass utensils Rs 92.75, brass sheetcuttings Rs 96.75 and aluminium utensils Rs 59 a kg on narrow movements.

Bullion: An upward-to-firm trend was noticed in the local bullion market yesterday. Both the precious metals moved up on firm overseas trend and consumer as well industrial demand. The undertone of the market was firm.

In white metals, silver.999 and .916 improved by Rs 50 each to Rs 7,095 and Rs 6,995 a kg. respectively on improved industrial demand coupled with reduced arrivals. The firm overseas advices pushed up the white metals prices. Delhi advices also indicated better trend.

In yellow metals, standard gold and 22 carat gold firmed up by Rs 10 and Rs 5 to Rs 4,850 and Rs 4,485 per 10 grams, respectively, on improved demand with restricted arrivals. Overseas advices also showed a firm trend. Gold biscuit prices looked up by Rs 100 at Rs 56,700 per piece of 10 tolas on improved demand.