Silver Lining For Bullion, Gnut Oil Continues Slide

Groundnut oil eased further by Re 1 to Rs 361 per 10 kg on reduced demand and brisk arrivals at the wholesale oils and oilseeds market at Turbhe in Navi Mumbai yesterday. Arrivals were put at nearly 100 tonnes a day.

Other industrial oils and imported palmolein, however, ruled easy to steady on dull demand against improved arrivals. In futures, castorseeds September contract opened Rs 4 lower at Rs 1,137 a quintal and firmed up to Rs 1,142. It declined to Rs 1,137 before closing at Rs 1,138. December contract, too, opened Rs 8 higher at Rs 1,166 and advanced to Rs 1,170. It declined to Rs 1,166 before closing at Rs 1,170 a quintal. In other oils, castor oil commercial and BSS qualities declined by Rs 2 each to Rs 265 and Rs 277 per 10 kg because of reduced industrial demand and with modest arrivals, while Copra oil white declined by Rs 5 to Rs 540 per 10 kg on dull industrial demand. In oilseeds, castorseeds Madras and Maharashtra qualities declined Rs 10 each to Rs 1,176 and Rs 1,170 a quintal respectively on fresh selling pressure. ment.

Sugar: A mixed trend was witnessed at the wholesale sugar market at Turbhe, Navi Mumbai yesterday. Both the grades of sugar ruled in opposite directions. Sugar S-30 grade firmed up to Rs 1,503-1,520 against the previous level of Rs 1,500-1,515 a quintal on better consumer offtake. Sugar M-30 softened to Rs 1,515-1,545 against the previous level of Rs 1,520-1,548 a quintal on reduced offtake. Sugar for the check post deliveries were quoted low at Rs 1,471-1,485 a quintal for S-30 grade and Rs 1,487-1,504 for the M-30 grade.

Non-ferrous metals: An easy to steady trend continued in the local non-ferrous market yesterday due to the fall in copper prices. In virgin section, copper wirebar and zinc slabs eased by 50 paise to Rs 128.50 and Rs 85 a kg respectively on weak overseas advices and dull industrial demand. All the other metals ruled steady and were nominally quoted as under: Aluminium ingots Rs 78; lead ingots Rs 42; tin slabs Rs 285 and nickel cathodes Rs 328 a kg.

Copper heavy scraps and copper utensils eased further by 50 paise each to Rs 119.50 and Rs 109.50 a kg respectively on reduced industrial demand. All the other metals ruled steady and were nominally quoted as under: Brass utensils Rs 95.50, brass sheetcuttings Rs 100.50 and aluminium utensils Rs 60.

Bullion: Both the precious metals ruled overall steady with narrow movements at the local bullion market yesterday.

In white metals, silver .999 and .916 improved further by Rs 80 each to Rs 6,550 and Rs 6,450 a kg on firm overseas advices,and restricted arrivals. Delhi advices, too, indicated a firm trend. In yellow metals, both standard gold and 22 carat gold ruled overall steady and were nominally quoted at Rs 4,500 and Rs 4,160 per 10 gm on subdued demand and modest arrivals. The London advices, too, showed a subdued trend. Gold biscuits prices ruled steady at the previous level Rs 52,700 per piece of 10 tolas.