Sugar Dull, Metals Steady, Groundnut Oil Improves

Groundnut oil improved at reduced levels on better consumer demand and limited arrivals from producing centres at the wholesale oils and oilseeds market here yesterday. Imported palmolein flared up on limited availability while other industrial oils ruled easy-to-steady.

In the futures section, castor seeds December 97 contract ruled steady at the same level, while March 98 opened up but eased towards closing.

Groundnut oil improved by Rs 9 at Rs 357 per 10 kg on better consumer demand. Linseed and cottonseed oil washed improved Rs 2 each to Rs 310 and Rs 288 per 10 kg. Coconut oil white and sunflower oil expeller shot up by Rs 10 each to Rs 590 and Rs 340 per 10 kg. Sesame and soya oil refined firmed up by Rs 5 and Rs 8 to Rs 310 and Rs 290 per 10 kg. Imported palmolein rose Rs 6 at Rs 285 per 10 kg. In futures, castor seed December contract opened steady at the level of Rs 1,247. While castor seed March 98 contract opened Re 1 up at Rs 1169.50 a quintal and ruled steady. It declined and closed at Rs 1165.50a quintal.

In oilseeds, castorseeds Madras and Maharashtra qualities improved by Rs 5 each to Rs 1,248 and Rs 1,242 a quintal. Kardi and niger seeds improved by Rs 25 and Rs 10 to Rs 1,225 and Rs 1,410 per quintal. In groundnuts, Karad bold and Saurashtra qualities firmed up Rs 20 each to Rs 1,900 and Rs 1,920 a quintal.

Sugar: A weak trend was noticed in sugar prices on the declaration of free sale sugar quota higher than the trade expectation at the wholesale sugar market yesterday. Both grades ruled dull.

Sugar S-30 declined to Rs 1435/1485 from the previous level of Rs 1465/1491 a quintal on sluggish consumer demand and moderate arrivals. The M-30 grade weakened to Rs 1460/1520 a quintal from the previous level of Rs 1481/1526.

Non-ferrous metals: A steady trend was witnessed in the non-ferrous metals market. The undertone remained hesitant.

In virgin metals, all metals ruled overall steady and were nominally quoted: copper wirebar Rs 118.50, aluminium ingots Rs 82.25, zinc slabs Rs 74.50, lead ingots Rs 40, tin slabs Rs 340 and nickel cathodes Rs 332 a kg .

In scraps, all metals ruled overall steady and were nominally quoted as: copper heavy scraps Rs 107.50, copper utensils Rs 95.50, brass utensils Rs 83.25, brass sheetcuttings Rs 89 and aluminium utensils Rs 62.50 a kg.

Bullion: A mixed trend was witnessed in the local market yesterday. Silver ruled weak while gold ruled overall steady. In white metals, silver .999 and .916 eased further by Rs 10 each to Rs 8,215 and Rs 8,115 a kg respectively on dull overseas advices. In yellow metals, both standard gold and 22 carat gold ruled overall steady and were quoted at Rs 3,975 and Rs 3,675 per 10 grams. Gold biscuit prices ruled overall steady and were nominally quoted at Rs 46,500 per piece of gold bar.