A firm trend in groundnut oil continued on better offtake and modest arrivals yesterday whereas other industrial oils ruled easy-to-steady at the wholesale oils and oilseeds market at Navi Mumbai yesterday.
Imported palmolein ruled easy on improved arrivals. In the futures, March97 contract opened higher and firmed up further towards closing, while June97 contract opened higher but eased towards closing.
Groundnut oil firmed up further by Re 1 at Rs 344 per 10 kg on improved demand coupled with modest arrivals. Arrivals are put about 100/120 tonnes a day.
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Linseed oil and copra oil white declined by Rs 5 and Rs 10 to Rs 305 and Rs 690 per 10 kg respectively on reduced demand. Sesame oil firmed up by Rs 5 at Rs 305 per 10 kg on improved demand. declined and closed at Rs 1218.
In oilseeds, castorseeds Madras bold and Maharashtra bold firmed up by Rs 2 each to Rs 1094 and Rs 1088 a quintal respectively on modest demand. Meanwhile, other oilseeds oil ruled overall steady on narrow movements without any variation in prices.
Sugar: A slightly firm trend was witnessed at the wholesale sugar market yesterday. Sugar of both grades moved upward on moderate demand and subdued inflows. The undertone of the market remained weak.
Sugar S-30 grade firmed to Rs 1235/1275 a quintal from the previous level of Rs 1225/1260 on improved demand and modest arrivals. While sugar M-30 grade moved up to Rs 1275/1360 from the previous level of Rs 1275/1350 a quintal on better offtake.
Non-ferrous Metals: An overall firm trend was noticed in the local non-ferrous market yesterday. Scraps metals as well as virgin metals prices improved on firm overseas advices. Industrial demand remained better. The trade volume continued to remained small.
In virgin section, copper wire bar and nickel cathodes improved by Re1 each to Rs 129.50 and Rs 368 a kg respectively on improved demand coupled with restricted arrivals and firm overseas advices. Zinc slabs firmed up by 50 paise at Rs 69 a kg on better offtake.
Meanwhile, all the other metals like aluminium ingots, lead ingots and tin slabs ruled overall steady and were nominally quoted at Rs 72.50, Rs 45.50 and Rs 344 a kg respectively.
Bullion: A downward trend was noticed in the local bullion market yesterday. Both the precious metals suffered a setback. The market sentiment remained weak.
In yellow metals, standard gold and 22 carat gold weakened by Rs 15 and Rs 10 to Rs 4830 and Rs 4470 per 10 grams respectively on dull consumer demand coupled with weak overseas advices and modest arrivals from upcountry centres. The demand remained moderate. Gold biscuits prices also declined by Rs 300 at Rs 56,500 per piece of 10 tolas on subdued consumer demand yesterday. In white metals, silver .999 and .916 firmed up eased by Rs 10 and Rs 5 to Rs 7070 and Rs 6970 a kg respectively on dull industrial offtake as against moderate arrivals. Delhi advices also witnessed a weak trend.