Sugar On A Downward Spiral, Bullion Eases

While groundnut oil continued to rule steady on subdued demand and modest arrivals, other industrial oils ruled easy-to-steady at the wholesale oils and oilseeds market, Turbhe, Navi Mumbai yesterday. Imported palmolein ruled steady on modest demand and normal arrivals.

Groundnut oil ruled steady, and was nominally quoted at Rs 348 per 10 kg.on reduced demand and reduced arrivals from the producing centres. Heavy imports of edible oils also kept the market prices under pressure. Arrivals were put at around 110/120 tonnes a day.

In other oils, coconut oil white declined further by Rs 5 at Rs 535 per 10 kg.on reduced industrial demand.In futures section, December contract opened Rs 1.50 lower at Rs 1164, and firmed up to Rs 1165.50 a quintal. It declined to Rs 1159 before closing at Rs 1165.50 a quintal. In oilseeds, all the oilseeds ruled overall steady on narrow movements.

Sugar: Sugar prices fell further in the wholesale sugar market at Turbhe, Navi Mumbai yesterday. Both the grades ruled weak on sluggish demand coupled with higher free sale quota declared by the government. The undertone of the market was not firm.

S-30 declined further to Rs 1448/1470 against the previous level of Rs 1496/1520 a quintal on sluggish consumer demand coupled with brisk arrivals. M-30 fell further to Rs 1475/1510 against the previous level of Rs 1510/1553 a quintal on dull offtake.

Non-ferrous metals : Virgin metals ruled mixed while scraps ruled steady in the local market yesterday. The demand remaineddull.The undertone was hesitant. In virgin section, nickel cathodes and tin slabs declined by Rs 2 and Re 1 to Rs 319 and Rs 284 a kg.on reduced industrial demand.. Zinc slabs and lead ingots eased by 50 paise each to Rs 86 and Rs 41.50 a kg respectively on dull demand. All other metals ruled overall steady, and were nominally quoted as under : copper wirebar Rs 129 and aluminium ingots Rs 78 a kg. respectively. The metals in the scraps section were nominally quoted as under : copper heavy scraps Rs 120.50, copper utensils Rs 110, brass utensils Rs 96.50, brass sheetcuttings Rs 102 respectively.

Bullion: An easy-to-downward trend was noticed in the local market yesterday. Both the precious metals ruled weak on lack of consumer and industrial demand. The undertone remained hesitant.

Silver .999 and .916 eased by Rs 10 each to Rs 6,890 and Rs 6,790 a kg respectively on dull industrial demand ,improved arrivals and weak overseas advices. Standard gold and 22 carat fell by Rs 10 each to Rs 4460 and Rs 4125 a kg. on sluggish demand and better arrivals. Gold biscuit prices also fell by Rs 100 to Rs 52,300 per 10 tola.