Silver Rallies, Gold Down
Groundnut oil eased by Rs 2 to Rs 428 per 10 kg on easy demand at higher level and better supplies, around 80-85 truckloads, from the upcountry centres.
In other oils, kardi oil and lineseed oil declined by Rs 5 and Rs 2 to Rs 395 and Rs 348 per 10 kg respectively on reduced demand. Copra oil white eased by Rs 3 to Rs 450 per 10 kg on light demand.
Rice bran oil and karanji oil firmed up by Rs 3 and Rs 2 to Rs 208 and Rs 207 per 10 kg respectively on better offtake.
Imported palmolein improved by Rs 2 to Rs 287 per 10 kg on better demand and restricted arrivals Karanji oil, castor oil etc, ruled overall steady on narrow movements.
In futures section, castorseed September contract opened steady but declined sharply before making up for lost ground towards closing. Castorseed September contract opened at Rs 1,088 a quintal and declined to Rs 1,060 a quintal on heavy speculative selling pressure before closing at Rs 1,075.
December contract opened at Rs 118 and improved to Rs 1,123 on renewed buying activities. It declined by Rs 16.50 before closing at Rs 1,122.50 on speedy short-coverings.
In oilseeds, all the oilseeds were overall steady on limited activities. Prices remained unchanged yesterday.
A downward trend was noticed at the wholesale sugar markets of Vashi and Turbhe, Navi Mumbai, yesterday. The demand also remained low.
Prices for small grade declined to Rs 1,365/1,396 from Rs 1,370/1,396 a quintal on slack demand, while sugar medium grade eased to Rs 1390/1440 from Rs 1390/1446 a quintal.
Sugar checkpost delivery were quoted at Rs 1,340/1,360 a quintal for S-30 grade and Rs 1,355/1,390 for M-30 grade.The market undertone was weak.
Silver prices showed an upward trend while gold prices were down. Silver.999 improved by Rs 50 to Rs 7,300 a kg on better local and industrial offtake. Arrivals from Delhi was restricted. Silver.916 also gained by Rs 50 to Rs 7,200 a kg.
The Delhi advices showed a firm trend.
Standard gold declined by Rs 13 to Rs 5,177 per 10 grams on subdued seasonal demand. Gold 22 carat declined by Rs 12 at Rs 4,766 per 10 grams on easy demand.
Gold biscuits slumped by Rs 150 per piece to Rs 60,550 on reduced festive demand yesterday.
A downward trend prevailed at the local non-ferrous metals market. Demand ranged from easy to steady. In the scraps section, copper heavy scraps and copper utensils eased by 50 paise each to Rs 121.50 and Rs 107.50 per kg respectively on easy demand. Brass utensils and sheetcuttings also dipped by 50 paise each to Rs 89.00 and Rs 95.0. Aluminium utensils were overall steady at Rs 58.0 per kg.
In virgin section, nickel cathodes gained Rs 7 at Rs 382 per kg on better industrial demand and limited arrivals. Tin shed Rs 7 at Rs 356 a kg on slack demand and improved imports.
Aluminium ingots declined by Rs 2 at Rs 72.50 a kg on slack demand. Other metals like copper wirebars, zinc slabs and lead ingots ruled overall steady on narrow movements.