Sugar Continues Recovery, Groundnut Oil Steady

Groundnut oil ruled steady on subdued demand coupled with moderate arrivals from the upcountry centres yesterday whereas other industrial oils ruled easy to steady at the wholesale oils and oilseeds market, Turbhe, Navi Mumbai. Imported palmolein ruled steady on moderate arrivals. In future section, castorseeds March97 contract remained untraded while June97 contract opened higher and advanced further towards closing.

Groundnut oil ruled steady at the previous level of Rs 341 per 10 kg. on subdued offtake coupled with moderate arrivals

.Arrivals ware put about 100/110 tonnes a day. In other oils, mowra oil and soya oil refined eased by Rs 5 and Rs 2 to Rs 265 and Rs 281 per 10 kg respectively on dull industrial demand with brisk arrivals. Copra oil white lost Rs 20 to Rs 680 per 10 kg on slack industrial offtake. Karanji oil declined by Rs 7 to Rs.215 per 10 kg on dull demand.

Imported palmolein ruled overall steady at the previous level of Rs 281 per 10 kg on subdued demand. In futures, castorseeds June97 contract opened Rs 6 higher at Rs 1,200 and firmed up to Rs.1,214 a quintal. It declined to Rs 1,199 before closing at Rs 1,213 a quintal on speculative shortcoverings.

In oilseeds, castorseeds Madras and Maharashtra qualities firmed up further by Rs 5 each to Rs 1,114 and Rs 1,108 a quintal respectively on better offtake. Sugar: An overall recovery continued in sugar prices at the wholesale sugar market.Sugar S-30 grade improved further to Rs 1,280/1,310 a quintal as against the previous level of Rs 1,270/1,300 a quintal on slack demand and improved arrivals.

Sugar M-30 grade hardened to Rs 1,315/1,376 from the previous level of 1,300/1,360 a quintal on improved offtake.

Sugar for the check post deliveries were quoted easy at Rs 1,260/1,280 a quintal for S-30 grade and Rs 1,280/1,330 for M-30 grade.

Non-ferrous Metals: Tin continued to ease while nickel cathodes recovered as copper wirebar witnessed a firm trend in the local non-ferrous market yesterday.

A reduction of customs duty continued to affect on the market prices. Industrial demand remained moderate. Tin slabs declined further by Rs 4 to Rs 318 a kg while nickel cathodes recovered by Re.1 to Rs 373 a kg on improved demand and restricted arrivals. Copper wirebar firmed up further by 50 paise to Rs 133 a kg.on bullish demand. Meanwhile, other metals like aluminium ingots, zinc slabs and lead ingots ruled overall steady on narrow movement and were nominally quoted at Rs 74, Rs 75.50 and Rs 45.50 a kg respectively on subdued demand.

Copper heavy scraps, Rs.120, copper utensils, Rs.108, brass uetnsils, Rs 92, brass sheetcuttings, Rs.94.50 and aluminium utensils, Rs 59 a kg respectively

Bullion: Silver suffered a setback at higher level while gold ruled steady in the local bullion market. Silver .999 and .916 eased by Rs.10 each to Rs 7,650 and Rs 7,550 a kg on reduced demand coupled with improved arrivals.

Standardard gold and 22 carat gold ruled overall steady at the previous levels of Rs 4,950 and Rs 4,580 per 10 grams respectively on narrow movements.

Gold biscuits also held steady at Rs 58,300 per piece of 10 tolas.