Sugar Hardens Further, Bullion Divergent

Groundnut oil continued to rule firm on restricted arrivals and better demand, while other industrial oils ruled easy-to-steady at the wholesale oils and oilseeds market here yesterday. Imported palmolein eased further on better arrivals. In futures section, castorseeds December contract opened up and advanced further towards closing.

Groundnut oil rose Rs 3 at Rs 350 per 10 kg. Arrivals were put at around 80 tonnes a day. Kardi and sesame oil improved by Rs 3 and Rs 2 to Rs 330 and Rs 282 per 10 kg respectively on firm industrial demand. Copra oil white and linseed oil declined by Rs 5 each to Rs 500 and Rs 280 per 10 kg on reduced industrial demand and modest arrivals. Imported palmolein softened further by Re 1 to Rs 264 per 10 kg on dull industrial demand.

In futures section, December contract opened Rs 1.50 up at Rs 1169 and firmed up to Rs 1172 a quintal. It declined to Rs 1168 before closing at Rs 1171.50 a quintal on upward movements.

In oilseeds, groundnut-karad bold and Saurashtra qualities eased by Rs 10 each to Rs 1830 and Rs 1850 a quintal respectively on reduced industrial demand.

Sugar: Sugar prices advanced further at the wholesale sugar market in Navi Mumbai yesterday. Both the grades moved up on improved buying interest from the consumers.

Sugar M-30 improved to Rs 1525/1575 against the previous level of Rs 1515/1545 a quintal on reduced inflow and better consumer offtake.

Sugar S-30 grade firmed up to Rs 1510/1522 from the previous level of Rs 1500/1511 a quintal on better consumer demand coupled with normal arrivals. Sugar for the check post deliveries were quoted low at Rs 1498/1510 a quintal for S-30 and Rs 1512/1525 for the M-30 grade.

Non-ferrous metals: A steady trend was witnessed in the local non-ferrous market. Both the metals ruled quiet on subdued industrial offtake.

In virgin section all the metals ruled overall steady and were nominally quoted as: copper wirebar Rs 128, aluminium ingots Rs 82, zinc slabs Rs 82.75, lead ingots Rs 41.50, tin slabs Rs 310 and nickel cathodes Rs 319 a kg respectively on narrow movements.

In scraps section,all the metals ruled steady and were nominally quoted as: copper heavy scraps Rs 118, copper utensils Rs 109.50, brass utensils Rs 95.50, brass sheetcuttings Rs 101.50 and aluminium scraps Rs 62.50 a kg respectively.

Bullion: A divergent trend was noticed in the local bullion market yesterday. Silver firmed up while gold eased. In white metals, silver.999 and .916 firmed up by Rs 10 each to Rs 7270 and Rs 7170 a kg respectively on better overseas advices and modest industrial demand. Delhi advices also indicated weak trend.

In yellow metals, both standard gold and 22 carat gold eased Rs 10 and Rs 5 to Rs 4440 and Rs 4110 a kg respectively on subdued overseas advices and nominal demand.

Gold biscuit prices also ruled weak and declined by Rs 100 at Rs 52,100 a piece of gold bar of 10 tolas.