Gnut Improves, Sugar Rules Easy, Silver Soars

Groundnut oil recovered on improved consumer demand coupled with limited arrivals from the producing centres, whereas other industrial oils ruled better to steady at the wholesale oils and oilseeds market, Turbhe, Navi Mumbai yesterday. Imported palmolein also ruled firm.

In future section, castor seeds December97 contract remained untraded, while March98 opened lower and ruled at the same level towards closing.

Groundnut oil improved by Rs 4 at Rs 364 per 10 kg. Arrivals remained limited at around 80/85 tonne a day.

In other oils, linseed oil and kardi oil eased by Rs 2 each to Rs 318 and Rs 360 per 10 kg. Mowra oil and coconut oil white improved by Rs 5 each to Rs 240 and Rs 590 per 10 kg. Soya oil refined and sesame oil improved by Rs 6 and Rs 10 to Rs 301 and Rs 320 per 10 kg. Imported palmolein firmed up by Rs 3 at Rs 288 per 10 kg. Majority of oils ruled overall steady. In future section, castor seed March98 contract opened Re 1 lower at Rs 1174 and firmed up to Rs 1175 a quintal. It declined to Rs 1172.50 before closing at Rs 1174 a quintal.

 

In oilseeds, castorseeds Madras and Maharashtra eased further by Rs 5 each to Rs 1248 and Rs 1242 a quintal. Kardi seeds advanced by Rs 25 Rs 1325 a quintal. Niger seeds Madras quality declined by Rs 25 to Rs 1425 a quintal. All the other oilseeds ruled overall steady.

Sugar: An easy to subdued trend witnessed in sugar prices on dull offtake and subdued arrivals at Turbhe yesterday. Small grade sugar ruled easy.

Sugar S-30 grade eased to Rs 1463/1486 from the previous level of Rs 1471/1491 a quintal. Sugar M-30 grade ruled subdued at Rs 1475/1531 a quintal as against the previous level of Rs 1480/1526. Sugar for the check post deliveries was quoted low at Rs 1450/1460 a quintal for S-30 grade and Rs 1470/1580 for M-30 grade.

Non-ferrous metals: A weak trend was witnessed in the local non-ferrous metals market yesterday. Demand remained sluggish.

In virgin metals, tin slabs and nickel cathodes declined by Rs 5 and Rs 3 to Rs 330 and Rs 327 a kg. Copper wirebar, zinc slabs and lead ingots eased by 50 paise each to Rs 117, Rs 73.50 and Rs 39.50 a kg. Aluminium ingots dipped by 25 paise at Rs 82 a kg.

In scraps section, copper wirebar declined by 50 paise, while copper utensils, brass utensils and brass sheetcuttings eased by 50 paise each on weak LME advices. Aluminium utensils ruled overall steady and were nominally quoted at Rs 62.50 a kg.

Bullion: A divergent trend was noticed in the local bullion market yesterday. Both the precious metals ruled in opposite directions. The undertone of the market was weak.

In white metals, silver .999 and .916 soared by Rs 120 each to Rs 8510 and Rs 8410 a kg. The arrivals remained modest.

In yellow metals, standard gold and 22 carat gold weakened further by Rs 20 each to Rs 4,140 and Rs 3,830 per 10 grammes on dull overseas advices and reduced local demand. Gold biscuit prices also declined further by Rs 400 at Rs 48,400 per piece of gold bar.