Groundnut oil eased from higher level on reduced seasonal demand and normal arrivals from the producing centres. Demand remained modest, while other industrial oils ruled easy-to-steady at the wholesale oils and oilseeds marke there yesterday.
Imported palmolein ruled easy on better arrivals. In future section, castorseeds December contract opened higher but eased towards closing, while March 98 contract opened lower and ruled steady throughout the sesson.
Groundnut oil eased by Rs 2 at Rs 343 per 10 kg on subdued demand against better arrivals from the producing centres. Arrivals were put at around 95 tonne a day. In futures section, December contract opened Re 1 up at Rs 1,162 a quintal and firmed up to Rs 1,162.50. It declined and closed at Rs 1,161.50 a quintal on speculative movements. While March 98 contract opened Rs 2 lower at Rs 1,127 a quintal and ruled steady at the same level.
Sugar: An easy trend was noticed at the wholesale sugar market here yesterday. Both the grades of sugar ruled subdued. The undertone of the market remained weak.
Sugar S-30 ruled at Rs 1,503/1,532 from the previous level of Rs 1,510/1,530 a quintal on subdued consumer demand. Sugar M-30 eased to Rs 1,520/1,562 against the previous level of Rs 1,530/1,566 a quintal on dull offtake. Sugar for the check post deliveries were quoted at Rs 1,485/1,495 a quintal for S-30 and Rs 1,505/1,520 for M-30 grade.
Non-ferrous metals: An easy-to-steady trend was noticed in the local non-ferrous market yesterday.Market undertone was weak.
In virgin section, nickel cathodes and zinc slabs declined by Rs 2 and 75 paise to Rs 308 and Rs 80.25 per kg respectively on reduced industrial demand and improved arrivals. Copper wirebar firmed up by 25 paise at Rs 128.25 per kg on better demand.
In scraps section, all the metals ruled overall steady and were nominally quoted as under: copper heavy scraps Rs 115, copper utensils Rs 107.50, brass utensils Rs 93.50, brass sheetcuttings Rs 99.50 and aluminium utensils Rs 62.00 a kg respectively.
Bullion: A weak trend continued in the local bullion market yesterday. Both the precious metals ruled easy on weak overseas advices. The governments decision to put bullion imports by banks and other public agencies in OGL has fueled market sentiment.
In white metals, silver .999 and .916 declined further by Rs 220 each to Rs 6,630 and Rs 6,530 per kg respectively on weak overseas advices and dull consumer buying. In yellow metals, both standard gold and 22-carat gold softened further by Rs 35 and Rs 30 to Rs 4,250 and Rs 3,930 per 10 grams respectively on dull overseas advicesand reduced buying interests. Arrivals remained modest. Gold biscuit prices also lost Rs 400 at Rs 49,700/piece of gold bar of 10-tolas.
