Silver Slides, Sugar Slips, Groundnut Oil Steady

Groundnut oil ruled steady at the previous level of Rs 372 per 10 kg at the wholesale oils and oilseeds market at Turbhe in Navi Mumbai yesterday because of subdued demand and modest arrivals from the producing centres. Arrivals were put at nearly 90 tonnes a day.

Other industrial oils ruled easy to steady, while imported palmolein ruled steady on dull demand against modest arrivals. In futures section, castorseeds September contract opened lower and eased up further towards closing.

Linseed oil and kardi oil declined by Rs 3 and Rs 4 to Rs 292 and Rs 366 per 10 kg respectively on reduced industrial demand and modest arrivals. Mowra oil declined by Rs 5 to Rs 235 per 10 kg on improved arrivals and dull industrial offtake. Rapeseed oil (refined) eased further by Re 1 to Rs 280 per 10 kg on dull demand, while majority of other oils ruled overall steady.

In futures section, castorseeds contract September contract opened 50 paise down at Rs 1,151.50 and remained steady at the same level. It declined to Rs 1,147.50 before closing at Rs 1,150 on improved buyings.

Sugar: An easy to subdued trend continued at the wholesale sugar market. Sugar S-30 grade eased to Rs 1,471-1,495 from the previous level of Rs 1,470-1,498 a quintal on reduced offtake while sugar M-30 weakened to Rs 1,490-1,535 against the previous level of Rs 1,495-1,526 a quintal on modest offtake. Sugar for the check post deliveries were quoted low at Rs 1,450-1,460 a quintal for S-30 grade and Rs 1,470-1,485 for the M-30 grade.

Non-ferrous metals: Virgin metals ruled firm while scraps metals ruled overall steady in the local non-ferrous market yesterday. The demand remained better against modest arrivals.

In virgin section, nickel cathodes and tin slabs firmed up by Rs 2 and Re 1 to Rs 292 and Rs 343 per 10 kg on better industrial demand, while zinc slabs eased by 50 paise at Rs 84 a kg on reduced offtake coupled with dull overseas advices. In scraps section, all the metals ruled overall steady and were nominally quoted as under: Copper heavy scraps Rs 125; copper utensils Rs 114; brass utensils Rs 96.75; brass sheetcuttings Rs 101.75 and aluminium utensils Rs 60 a kg.

Bullion: An easy trend was noticed in the local bullion market yesterday. Both the precious metals ruled weak in a hesitant market.

In white metals, silver .999 and .916 declined by Rs 35 each to Rs 6,300 and Rs 6,200 a kg respectively on weak overseas advices.Delhi advices, too, indicated weak trend. In yellow metals, both standard gold and gold 22 carat eased by Rs 20 each to Rs 4,520 and Rs 4,180 per 10 gm respectively on reduced demand. Arrivals were modest. The London advices, too, showed a dull trend.