Groundnut oil ruled overall steady on subdued demand coupled with modest arrivals from producing centres. Other industrial oils ruled easy-to-steady at the wholesale oils and oilseeds market, Turbhe, Navi Mumbai yesterday. Imported palmolein ruled firm on limited arrivals.
In futures section, castorseeds December '97 contract remained untraded while March '98 opened up and firmed up further towards closing.
Groundnut oil ruled steady and was quoted at Rs 33 80 per 10 kg on subdued industrial as well consumer demand. Arrivals remained modest from the producing centres at around 90 tonne a day. In other oils, linseed oil and ricebarn oil improved by Rs 3 each to Rs 285 and Rs 170 per 10 kg on improved industrial demand coupled with limited inflows. Soya oil refined eased by Rs 2 at Rs 270 per 10 kg on reduced industrial demand while sunflower oil expeller advanced by Rs 4 to Rs 302 per 10 kg on better industrial demand coupled with limited arrivals. Imported palmolein firmed up by Re 1 at Rs 277 per 10 kg.on better industrial demand. In futures section, castorseeds March '98 contract opened Rs 2.50 up at Rs 1161.50, and firmed up to Rs 1166 a quintal. It declined to Rs 1161.50 before closing at Rs 1163.50 on speculative dealings.
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In oilseeds, kardi seeds declined by Rs 5 to Rs 1145 a quintal on reduced industrial offtake. Sugar: Sugar ruled firm following the shortage prevailing on account of the three-day bandh at the wholesale sugar market yesterday. Both the grades of sugar ruled firm. The undertone of the market remained moderate. Sugar S-30 grade firmed up to Rs 1541/1591 from the previous level of Rs 1520/1531 a quintal on better consumer demand coupled with normal arrivals. Sugar M-30 improved to Rs 1575/1640 against the previous level of Rs 1560/1571 a quintal on modest offtake and subdued arrivals. Meanwhile, sugar for the check post deliveries were quoted low at Rs 1475/1510 a quintal for S-30 grade and Rs 1510/1525 for the M-30 grade.
Bullion: A weak trend prevailed on improved arrivals of both the precious metals in the local bullion market yesterday. The undertone of the market remained weak.
In white metals, silver .999 and .916 declined by Rs 70 and Rs 75 to Rs 7375 and Rs 7275 a kg respectively on dull industrial demand, improved arrivals and weak overseas advices. Delhi advices also indicated a weak trend.
In yellow metals, standard gold and 22 carat gold receded by Rs 25 each to Rs 3,980 and Rs 3,680 per 10 grammes on dull overseas advices and weak local demand. Gold biscuit prices also dropped by Rs 300 to Rs.46,600 per piece.
Non-ferrous metals: :The Bombay Metal Exchange remained officially closed in protest against the service tax imposed by the central government.