Profit Booking Pulls Down Silver To Rs 9260

Groundnut oil recovered on better offtake coupled with modest arrivals from the producing centres whereas other industrial oils ruled better-to-steady at the wholesale oils and oilseeds market, Turbhe, Navi Mumbai, yesterday.

Groundnut oil recovered by Rs 2 at Rs 361 per 10 kg on renewed consumer demand at lower levels. In other oils, castor oil commercial and BSS varieties improved by Rs 2 each to Rs 279 and Rs 291 per 10 kg respectively. Copra oil white softened further by Rs 5 to Rs 530 per 10 kg. Mowra oil and sunflower oil expeller firmed up by Rs 5 and Rs 2 to Rs 255 and Rs 342 per 10 kg on scattered arrivals. Soya oil refined looked up by Re one at Rs 312 per 10 kg.

 

Imported palmolein eased by Re one at Rs 303 per 10 kg on subdued movements.

In futures section, castorseeds March '98 contract opened Rs 3 lower at Rs 1211.50 and improved to Rs 1216 a quintal. It declined to Rs 1211.50 before closing at Rs 1212 a quintal. June contract opened Rs 2 lower at Rs 1238 a quintal, and ruled steady.

In oilseeds, castorseeds Madras and Maharahstra qualities improved by Rs 9 each to Rs 1243 and Rs 1237 a quintal respectively on improved buying interest coupled with limited arrivals.

Sugar: An easy trend was noticed in sugar prices on lower consumer offtake coupled with normal arrivals at Turbhe, Navi Mumbai, yesterday. Sugar S-30 grade eased to Rs 1455/1480 against the previous level of Rs 1460/1480 a quintal.

Sugar M-30 grade weakened to Rs 1465/1545 as against the previous level of Rs 1475/1550 a quintal. Meanwhile, sugar for the checkpost deliveries were quoted firm at Rs 1435/1450 a quintal for S-30 grade and Rs 1450/1465 for the M-30 grade.

Non-ferrous metals: A steady trend was noticed in the local non-ferrous metals market yesterday. In scraps section, all the metals ruled overall steady, and were nominally quoted as under : copper heavy scraps Rs 106, copper utensils Rs 94.50, brass utensils Rs 83.75, brass sheetcuttings Rs 88.50 and aluminium utensils Rs 62.50 a kg respectively on narrow movements.

In virgin metals, the quotes were as follows: copper wirebars Rs 116, aluminium ingots Rs 82, zinc slabs Rs 71.50, lead ingots Rs 40, tin slabs Rs 335 and nickel cathodes Rs 328 a kg respectively on narrow movements.

Bullion: Silver reacted at higher levels on profit booking while gold ruled firm in the local bullion market yesterday. The undertone of the market remained firm.

In white metals, silver .999 and .916 reacted by Rs 90 and Rs 40 to Rs 9,260 and Rs 9,160 a kg respectively on profit booking coupled with reduced industrial demand. The overseas advices also indicated an easy trend.

In yellow metals, both standard gold and 22 carat gold looked up further by Rs 5 each to Rs 4,005 and Rs 3,705 per 10 grammes. Gold biscuit prices also firmed up further by Rs 100 at Rs 46,900 per piece.