Groundnut oil ruled firm on better consumer demand at the wholesale oils and oilseeds market in Turbhe, Navi Mumbai yesterday.
However, buying, selling and delivery within the market have come to a grinding halt owing to the transport strike. Players are looking towards New Delhi for a solution in this regard.
Imported palmolein ruled steady on subdued demand. In the futures section, Castorseeds June 97 contract opened higher and but eased towards closing.
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Groundnut oil firmed up by Rs 2 at Rs 354 per 10 kg on improved demand against limited availability. Linseed and rapeseed oil refined firmed up by Rs 3 and Rs 2 to Rs 295 and Rs 275 per 10 kg, respectively.
Imported palmolein ruled steady at Rs 286 per 10 kg on subdued arrivals. Meanwhile, a majority of other oils ruled overall steady on narrow movements. In futures, castorseeds June 97 contract opened Rs 6 higher at Rs 1,183.50 and improved to Rs 1,184 a quintal. It declined to Rs 1,175.50 before closing at Rs 1,176 a quintal on shortcovering. In oilseeds, castorseeds Madras and Maharashtra qualities firmed up further by Rs 5 each to Rs 1,123 and Rs 1,117 a quintal, respectively on better offtake. Other oilseeds ruled overall firm on narrow movements.
Sugar: A steady-to-subdued trend continued at the wholesale sugar market at Turbhe, Navi Mumbai yesterday. Sugar of both grades small and medium were almost unchanged yesterday. The undertone of the market was shaky. Sugar S-30 grade was at the previous level of Rs 1,290/1,350 a quintal on narrow movements and the demand remained slack. Sugar M-30 also ruled in the previous slot of Rs 1,340/1,380 quintal on subdued offtake.
Meanwhile, sugar for the check-post deliveries were not quoted as the trucks have remained off the roads since April 1.
Non-ferrous metals: An overall steady trend was noticed in the local non-ferrous market yesterday. Industrial demand ranged between subdued and moderate. Trade volumes were small and the undertone firm. In the virgin section, all prices ruled steady. The prices quoted nominally were: copper wirebars Rs 135.50, 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. In scraps section, copper heavy scraps were quoted at Rs 122.50, copper utensils at Rs 110, and aluminium utensils at Rs 59.50 a kg, respectively, on modest industrial offtake and restricted arrivals.
Bullion: A divergent trend continued in the local bullion market yesterday, with the precious metals ruling in opposite directions. The demand overall remained weak-to-subdued, while the undertone was not firm.
In white metals, silver.999 and .916 declined further by Rs 145 each to Rs 7,130 and Rs 7,030 per kg, respectively, on weak overseas advices and reduced industrial offtake coupled with improved arrivals.
In yellow metals, standard gold and 22-carat gold firmed up further by Rs 20 each to Rs 4,750 and Rs 4,395 per 10 grammes, respectively, on better offtake.
Gold biscuits also improved further by Rs 250 to Rs 55,550 per piece of 10 tolas on better festival demand.