Silver Recoups Losses

In futures, September contract remained untraded yesterday and December contract opened steady at the previous level but rose towards closing. Groundnut oil gained Rs 2 to Rs 442 per 10 kg on improved demand and restricted arrivals from the producing centres which were limited to about 70/80 trucks.

Kardi and kopra oil white looked up by Rs 2 and Rs 5 per 10 kg to Rs 387 and Rs 480 per 10 kg respectively on limited stocks and improved industrial demand. Rapeseed oil refined and soybean oil refined rose by Rs 2 and Rs 3 to Rs 320 and Rs 318 per 10 kg respectively on better offtake.

 

Castor oil commercial and BSS varieties firmed up by Rs 1.50 per 10 kg each to Rs 249 and Rs 261 respectively on moderate offtake.

Imported palmolein gained Rs 2 to fix at Rs 279 per 10 kg on limited supply and healthy offtake.

Majority of other oils ruled overall steady on narrow movements. In futures, December contract opened steady at the previous level of Rs 149.50 and improved to Rs 157 per quintal on better speculative buying pressure. It declined to Rs 1,149 before closing at Rs 1,152 on speedy short-coverings.

In oilseeds, castorseed Madras and Kanpur advanced by Rs 7 per quintal each to Rs 1,099 and Rs 1,093 respectively.

A weak trend amid slack demand and improved supplies was witnessed at the wholesale sugar markets at Turbhe, Vashi, Navi Mumbai, yesterday.

Sugar S-30 grade declined to Rs 1,335/1,370 from the previous level of Rs 1,340/1,376 per quintal, while M-30 grade eased to Rs 1,370/1,430 from Rs 1,370/1,432 on dull demand.Sugar prices for checkpost deliveries were also quoted low at Rs 1,300/1,315 a quintal for small grade and Rs 1,330/1,370 for medium grade.

The trend at the local bullion market too was weak and sluggish. (Silver prices recovered yesterday from recent losses, dealers said, reports Reuter. Overall, the bullion market is technically oversold at current levels and may attract some upward correction, one dealer said. Silver fell by Rs 90 per kg in the past two days. Seasonal silver buying was low but industrial consumers returned to the market today, one broker said.)

Silver.999 declined from Rs 7,180 to Rs 7,170 per kg on improved imports and slack industrial demand. Silver.916 eased from Rs 7,080 to Rs 7,070 a kg. Delhi advices continued to indicate a weak trend.

Standard gold dipped further from Rs 5,150 to Rs 5,140 per 10 grams on weak overseas advices backed by easy demand and 22 carat gold eased from Rs 4,765 to Rs 4,755 per 10 grams on subdued demand. Prices of gold biscuits also weakened by Rs 100 to Rs 60,200 per (10 tolas) piece on reduced demand.

Steady to easy trend continued at the local non-ferrous metals market. Industrial demand was low and trade volume thin. Nickel cathodes looked up moderately by Rs 2 at Rs 394 a kg on slightly reduced arrivals from the upcountry centres.

Other metals ruled steady on narrow movements. In scraps section, copper heavy scraps fixed at Rs 114.50, copper utensils at Rs 102.50, brass utensils at Rs 85.50, brass sheetcuttings Rs 91.0 a kg and aluminium utensils Rs 58.0.

In virgin section, copper wirebars fixed at Rs 120, aluminium ingots closed at Rs 74.50, zinc slabs at Rs 63.25, lead ingots at Rs 49.50 and tin slabs at Rs 360 per kg respectively.