Groundnut oil ruled easy-to-steady on reduced demand at the wholesale oils and oilseeds market, Turbhe, Navi Mumbai, yesterday. The stock position, however, remains tight on account of the prolonged transport strike in Maharashtra.
Trading activities have been at almost-static levels. The market is looking forward to the end of the truckers stir. Imported palmolein ruled easy on little demand.
In the futures section, castorseeds June 1997 contract opened slightly higher but declined towards the close of the day. Groundnut oil eased by Re 1 at Rs 359 per 10 kg on subdued demand against limited availability of ready stock.
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Linseed oil and copra oil white declined by Rs 8 and Rs 5 to Rs 290 and Rs 575 per 10 kg, respectively, on easier industrial demand.
Rice-bran oil and soya oil refined firmed up by Re 1 each to Rs 157 and Rs 284, respectively, on firmer industrial queries.
Imported palmolein eased by Rs 2 at Rs 290 per 10 kg on pared orders. In futures, castorseeds June 1997 contract opened Re 1 higher at Rs 1,176 and firmed to Rs 1,176.50 a quintal. It declined to Rs 1,168.50 before closing at Rs 1,169.50 a quintal on shortcoverings. All the oilseeds ruled overall steady on narrow movements. Prices have remained unchanged.
Sugar: Trading activities in the sugar wholesale market at Turbhe, Navi Mumbai, have come to a grinding halt on account of the prolonged transport stir in Maharashtra.
Traders have refrained from making deals as no arrivals or despatches of sugar are taking place. Hence no official sugar quotations were available from the Sugar Merchants Association yesterday.
Non-ferrous metals: An overall steady trend was noticed in the local non-ferrous market yesterday. Industrial demand remained at subdued-to-moderate levels. Traded volumes were reported to be small. In the scraps section, copper heavy scraps ruled at Rs 122, copper utensils at Rs 109.75, brass utensils at Rs 92 75, brass sheetcuttings at Rs 96.75 and aluminium utensils Rs 59.50 a kg, respectively, on subdued industrial offtake and narrow movements.
In virgin section, copper wirebars Rs 135, aluminium ingots Rs 74.50, zinc slabs Rs 78.50, lead ingots Rs 45.50, tin slabs Rs 316 and nickel cathodes Rs 368 a kg, respectively, on subdued industrial demand.
Bullion: A divergent trend was noticed in the local bullion market yesterday. Silver firmed up while gold ruled easy in the local precious metals market yesterday. The demand overall remained moderate to subdued. The undertone of the market was shaky.
In white metals, silver.999 and .916 firmed up by Rs 10 each to Rs 7,030 and Rs 6,930 a kg, respectively, on improved industrial demand coupled with firm overseas advices. Delhi advices also indicated firm trend.
In yellow metals, standard gold and 22-carat gold eased by Rs 15 each to Rs 4,795 and Rs 4,435 per 10 grams, respectively, on reduced offtake.
Overseas advices for gold also showed an easy trend.
Gold biscuits prices, too, ruled weak and declined by Rs 200 at Rs 56,100 per piece of 10 tolas on reduced consumer offtake.