Rising Trend In Bullion Marke

Most industrial oils ruled easy to steady at the wholesale oils & oilseeds market at Turbhe, Navi Mumbai, yesterday. Imported palmolein also ruled firm.

In the futures section, September contract remained untraded yesterday while December contract opened higher but declined towards close.

Groundnut oil ruled overall steady at the previous level of Rs 421 per 10 kg on narrow movements on easy demand at higher levels coupled with brisk arrivals from the producing centres.

Arrivals were reported higher at about 110/120 truck-loads.

In other oils, linseed oil and sesame oil declined by Rs 5 per 10 kg each to Rs 330 and Rs 300 respectively on ample availability of ready stock and reduced industrial demand. Cottonseed oil washed and refined eased by Rs 3 and Re 1 at Rs 292 and Rs 300 per 10 kg respectively on dull industrial offtake. Ricebran oil declined by Rs 3 to Rs 195 per 10 kg on reduced industrial demand.

 

Castor oil Commercial and BSS varieties firmed up by 50 paise per 10 kg each to Rs 256 and Rs 268 respectively on better offtake. Imported palmolein firmed up by Re 1 to Rs 270 per 10 kg on improved demand of imported goods coupled with steady arrivals.

Meanwhile, the majority of other oils ruled overall steady on narrow movements. In the futures section, December contract opened Rs 1.50 higher at Rs 1152 and improved to Rs 1153.50 per quintal on moderate speculative buying pressure. It declined to Rs 1143 before closing at Rs 1144.50.

In oilseeds, a downward to steady trend was noticed. Castorseeds Madras and Maharashtra firmed up further by Rs 3 per quintal each to Rs 1133 and Rs 1127 respectively.

A firm to upward trend continued in the local bullion market yesterday as market sentiment in gold & silver was supported by seasonal demand and arrivals from upcountry centres was reduced.

In white metals, silver .99 improved toRs 6,955 from Rs 6,930 per kg on reduced arrivals coupled with better industrial offtake. Silver .916 rose to Rs 6,860 from Rs 6,830 per kg in sympathy. Delhi advices were also better.

In yellow metals, standard gold firmed up further by Rs 15 to Rs 5,130 per 10 grams on renewed demand. 22 carat gold also rose by Rs 15 to Rs 4745 per 10 grams in sympathy. Gold biscuits prices improved further by Rs 100 to Rs 59,950 per piece of 10 tolas on better demand yesterday. The undertone remained firm.

Copper scraps eased further while brass utensils looked up in the local non-ferrous metals market yesterday. Most other metals ruled steady.

Industrial demand remained dull and the trade volume continued to be restricted.

In the scraps section, copper heavy scraps eased further by 50 paise to Rs 12 per kg on dull demand backed by easy arrivals.

Brass utensils recovered at a reduced level by 75 paise to Rs 85.50 a kg on better industrial demand. Meanwhile, all the other metals ruled overall steady on narrow movements without any fluctuations in prices yeasteday.

In the virgin section, all metals ruled overall steady on narrow movements and prices remained unchanged. Prices quoted were Rs 18 per kg for copper heavy scraps, Rs 63.25 per kg for aluminium ingots, Rs 50 per kg for lead ingots, Rs 357 per kg for tin slabs and Rs 386 per kg for nickel cathodes.

The wholesale sugar market remained officially closed at Turbhe, Vashi, Navi Mumbai yesterday because of Ann Patil's Punyatithi.