Silver Fall Continues, Gnut Oil Firms Up, Sugar Mixed

Groundnut oil advanced further on restricted inflows coupled with renewed demand whereas other industrial oils ruled better-to-steady at the wholesale oils and oilseeds market, Turbhe, Navi Mumbai, yesterday..

Groundnut oil advanced further by Rs 2 at Rs 365 per 10 kg. Arrivals were put at around 85/90 tonne a day.

In other oils, linseed oil and sesame oil improved by Rs 5 and Rs 15 to Rs 325 and Rs 350 per 10 kg respectively. Soya oil and sunflower oil expeller firmed up further by Rs 2 and Rs 3 to Rs 316 and Rs 355 per 10 kg. Mowra oil declined by Rs 5 at Rs 255 per 10 kg. Imported palmolein improved further by Rs 3 at Rs 311 per 10 kg.

In futures section, castorseeds March '98 contract opened Rs 2 up at Rs 1224 and improved to Rs 1225.50 a quintal. It declined and closed at Rs 1222 a quintal on speculative movements. June contract opened Rs 5 higher at Rs 1265 a quintal and ruled at the same level.

Sugar: A divergent trend was noticed in sugar prices on lower consumer offtake coupled with normal arrivals at Turbhe, Navi Mumbai, yesterday.

Sugar S-30 grade firmed up to Rs 1450/1485 against the previous level of Rs 1450/1471 a quintal. Sugar M-30 grade ruled overall steady at the previous level of Rs 1465/1545 a quintal. Meanwhile, sugar for the checkpost deliveries were quoted firm at Rs 1435/1445 a quintal for S-30 grade and Rs 1450/1510 for the M-30 grade.

Non-ferrous metals: An easy-to-steady trend was noticed in the local non-ferrous metals market yesterday.

In virgin metals, nickel cathodes declined further by Rs 3 to Rs 320 a kg on reduced industrial demand coupled with better arrivals. Meanwhile, all the other metals ruled overall steady and were nominally quoted as under : copper wirebar Rs 115.50, aluminium ingots Rs 82, zinc slabs Rs 71.50, lead ingots Rs 40 and tin slabs Rs 332 a kg respectively on narrow movements.

In scraps section, all the metals ruled overall steady, and were nominally quoted as under: copper heavy scraps Rs 105.50, copper utensils Rs 94, brass utensils Rs 83.50, brass sheetcuttings Rs 88.25 and aluminium utensils Rs 62.50 a kg on narrow movements.

Bullion: Silver continued to decline at higher levels on heavy selling pressure by local dealers while gold ruled firm in the local bullion market yesterday. The undertone of the market remained firm.

In white metals, silver .999 and .916 declined further by Rs 80 and Rs 40 to Rs 8,735 and Rs 8,620 a kg respectively.

In yellow metals, both standard gold and 22 carat gold looked up further by Rs 10 each to Rs 4,020 and Rs 3,720 per 10 grammes. Gold biscuit prices also firmed up further by Rs 100 at Rs 47,900 per piece of bar.