Upbeat Fiis Gravitate To Dalal St

Groundnut oil eased further on sluggish demand and brisk arrivals. Most of the other edible oils ruled downward-to-steady at the wholesale oils and oilseeds market here yesterday.

Groundnut oil declined by Rs 2 at Rs 392 per 10 kg on weak upcountry advices. Arrivals from the production centres were at 12-15 trucks a day.

In other oils, linseed oil and kardi oil declined by Rs 5 each to Rs 340 and Rs 465 per 10 kg, respectively. Karanji oil and soya oil refined drifted lower by Rs 11 and Rs 6 to Rs 272 and Rs 288 per 10 kg, respectively, on dull industrial demand. Cottonseed oil washed and refined qualities declined by Rs 7 each to Rs 308 and Rs 310 per 10 kg, respectively.

Imported palm olein eased further by Rs 2 at Rs 281 per 10 kg on subdued movements.

In the futures market, castorseeds June 1999 contract opened Re 1 higher at Rs 1,599 a quintal and firmed to Rs 1,614. It declined to Rs 1,599 before closing at Rs 1,614 a quintal, on speculative movements.

In oilseeds, nigerseeds Madras improved by Rs 400 at Rs 4,000 a quintal on shortage of ready stock against hectic buying interest.

Sugar: A better-to-steady trend was noticed in sugar prices. Both grades of sugar ruled firm at the wholesale sugar market here yesterday. S-30 firmed up to Rs 1,475-1,500 a quintal against its previous level of Rs 1,465-1,500 a quintal, on restricted offerings in the local market against renewed consumer offtake.

M-30 looked up to Rs 1,495-1,550 a quintal from the previous level of Rs 1,485-1,550 on moderate consumer demand against normal supply of ready stock.

Sugar for check-post deliveries was quoted lower at Rs 1,457-1,467 a quintal for S-30 and Rs 1,472-1,495 a quintal for M-30.

Non-ferrous metals: An easy-to-steady trend was noticed in the local non-ferrous metals market. Metas of both sections ruled steady.

In virgin metals, tin slabs declined by Rs 4 to Rs 362 a kg on weak overseas advices coupled with dull industrial offtake. Other metals held steady and quoted as under: copper wirebar Rs 116.25, aluminium ingots Rs 82, zinc slabs Rs 80, lead ingots Rs 40 and nickel cathodes Rs 342 a kg, respectively, on narrow movements.

In the scraps, brass sheetcuttings eased by 50 paise at Rs 86 a kg on dull industrial demand against easy inflows. Meanwhile, all the other metals ruled overall steady and were quoted as under: copper heavy scraps Rs 103, copper utensils Rs 90.50, brass utensils Rs 79.50 and aluminium utensils scraps Rs 67 a kg, respectively.

Bullion: A weak trend was witnessed in the precious metals market. Silver .999 and .916 declined by Rs 135 and Rs 115 to Rs 8,125 and Rs 7,985 a kg, respectively, on weak overseas advices and moderate local offtake.

Standard gold and 22-carat gold eased by Rs 50 and Rs 45 to Rs 4,410 and Rs 4,085 per 10 grams, respectively.