Groundnut Oil Props Up Further

Groundnut oil improved by Re 1 to Rs 381 per 10 kg on renewed demand against the limited arrivals of oils. According to market sources, arrivals of groundnut oil remained limited at around 70/90 tonnes per day on account of widespread rains in Gujarat and Andhra Pradesh.

In other oils, copra oil white suffered a setback by Rs 25 to Rs 525 per 10 kg on improved arrivals from producing centres and restricited demand from consuming centres. Ricebran oil and neem oil declined by Rs 2 and Rs 5 respectively to Rs 165 and Rs 175 per 10 kg on dull demand and improved inflow of the oil in the market. Kardi oil improved by Rs 5 to Rs 380 per 10 kg on better demand. Sesame oil eased by Rs 2 to Rs 320 per 10 kg on dull offtake. Imported palmolein ruled firm by Re 1 at Rs 261 per 10 kg.

 

Meanwhile, majority of other oils ruled overall steady on narrow movements. December contract futures opened at Rs 1,108.50 and moved up to Rs 1,109.50 a quintal. It declined to Rs 104.50 before closing at Rs 1,106. In oilseeds, castorseeds Madras and Maharashtra qualities improved by Rs 5 per quintal to Rs 1,085 and Rs 1,079 respectively on better offtake. Meanwhile, all other oilseeds ruled overall steady on narrow movements.

An upward to firm trend was noticed at the wholesale sugar market. Demand was noted better and undertone of the market remained firm. Sugar S-30 grade improved to Rs 1,315/1,350 from Rs 1,312/1,338 a quintal on improved demand at reduced level. Sugar M-30 grade firmed up to Rs 1,350/1,380 per quintal from Rs 1,340/1,380 a quintal. Sugar for check-post deliveries were quoted at Rs 1,288/1,300 a quintal for S-30 grade and Rs 1,300/1,340 for M-30 grade.

Precious metals were divergent in the local bullion market. Silver ruled overall steady on narrow movements while gold ruled downward. The market sentiment remained weak.

Standard gold and 22 carat gold declined by Rs 15 to Rs 5,150 and Rs 4,765 per 10 grammes respectively on reduced demand, improved arrivals and weak overseas advices. Gold biscuits prices also declined by Rs 200 to Rs 60,200 per piece of 10 tolas on dull demand. The undertone remained shaky. In white metals, silver .999 and .916 ruled overall steady on narrow movements. Prices remained unchanged at Rs 6,900 and Rs 6,800 per kg respectively. Overseas and Delhi too advices indicated weak trend.

An easy to steady trend was noticed in the local non-ferrous metals market. Industrial demand remained low and trade volume remained small.

In virgin section, tin slabs declined by Rs 2 to Rs 353 per kg on reduced industrial demand and improved arrivals. Meanwhile, all the other metals ruled overall steady on narrow movements. Prices were as under: copper wirebars Rs 116.50, aluminium ingots Rs 72, zinc slabs Rs 62.50, lead ingots Rs 48 and nickel cathodes Rs 375 a kg respectively on easy demand.

In scraps section, all metals ruled overall steady on narrow movement. Prices remained unchanged. Prices quoted were: copper heavy scraps Rs 107, copper utensils Rs 98, brass utensils Rs 84, brass sheet cuttings Rs 8 and aluminium ingots Rs 57.25 per kg respectively.