Sugar Prices Slide

There was little retail inquiry. Sugar S-30 grade declined from the previous Rs 1,375/1,400 level to Rs 1,370/1,396 per quintal and that of M-30 grade eased from Rs 1,395/1,440 to Rs 1,390/1,446 yesterday.

Sugar prices at check-post delivery were quoted at Rs 1,345/1,336 a quintal for small grade and Rs 1,360/1,395 for medium grade. Sugar for mill delivery were quoted at Rs 1,310/1,320 a quintal for small grade and Rs 1,325/1,335 for medium grade yesterday. Overall sentiment remained subdued at the close on low physical offtake.

The wholesale oils & oilseed market at Turbhe, Navi Mumbai, yesterday saw groundnut oil steadying at reduced level while industrial oils eased. Imported palmolein made firmed up posting further gains.

 

In futures section, castorseed September contract opened lower but recouped to become overall steady at the same level throughout the season. December contract opened higher but eased towards closing.

Groundnut oil ruled at Rs 430 per 10 kg on subdued demand and the supplies from the upcountry centres were put at around 85 truck-loads.

In other oils, copra oil white lost Rs 7 to fix at Rs 453 per 10 kg on reduced demand and brisk supplies from the producing centres. Neem oil, ricebran oil and karanji oil declined by Rs 3 per 10 kg each to Rs 170, Rs 205 and Rs 205 per 10 kg respectively on lack of industrial demand. Mowra oil recovered by Rs 5 to Rs 275 per 10 kg on as demand improved. Imported palmolein firmed up by Re 1 to Rs 285 per 10 kg on restricted arrivals. Kardi oil, soyabean oil refined and rapeseed oil refined etc, were steady on narrow movements.

In futures section, castorseed September contract opened Rs 12 lower at Rs 1,088 a quintal and then remained steady. December contract opened Rs 1.50 up at Rs 1,126 and remained steady at the same level. It declined to Rs 16 on subdued buying interest before closing at Rs 117 yesterday.

Castorseed Madras and Maharashtra qualities gaintal for small grade and Rs 1,360/1,395 for medium grade. Sugar for mill delivery were quoted at Rs 1,310/1,320 a quintal for small grade and Rs 1,325/1,335 for medium grade yesterday.

The local bullion market was closed yesterday for the Parsi New Year.

Nickel recovered while copper wirebars suffered a setback. Scrap metals ruled steady at the non-ferrous metals market yesterday but the overall demand was low and the trade volume small.

In virgin section, copper wirebars declined by Rs 2 to Rs 127 per kg on reduced offtake at improved level and weak overseas advices.

Nickel cathodes improved by Rs 2 to Rs 375 per kg on better industrial demand. All other metals were steady on narrow movements.

In scraps section, Copper heavy traded at Rs 128, copper utensils at Rs 108, brass utensils Rs 89.50, brass sheetcuttings Rs 95.00 and aluminium utensils Rs 58.0 per kg respectively.

In virgin section, copper wirebars fixed at Rs 127, aluminium ingots at Rs 74.50, zinc slabs Rs 63, lead ingots Rs 48.50, tin slabs Rs 363 and nickel cathodes Rs 375 per kg respectively.