Groundnut oil firmed up further on improved offtake and modest arrivals, while other industrial oils also indicated better trend at the wholesale oils and oilseeds market at Navi Mumbai yesterday.
Imported palmolein recovered on better demand. In the futures section, March '97 contract opened higher and advanced further towards closing.
Groundnut oil firmed up further by Re 1 at Rs 344 per 10 kg on better demand coupled with modest arrivals. Arrivals are put about 100 tonnes a day.
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Coconut oil white and sesame oil jumped by Rs 20 and Rs 5 to Rs 710 and Rs 310 per 10 kg respectively on better demand from industries coupled with restricted arrivals.
Ricebran oil and mowra oil firmed up by Rs 5 and Rs 3 to Rs 160 and Rs 260 per 10 kg respectively on improved demand coupled with modest arrivals from the producing centres. Imported palmolein recovered by Rs 2 at Rs 282 per 10 kg on subdued demand. Meanwhile, the majority of other oils ruled steady overall on narrow movements. In the futures section, March 97 contract opened Rs 4 higher at Rs 1181 and moved up to Rs 1191 a quintal on speculative buying. It declined to Rs 1180 before closing at Rs 1190 on speculative shortcoverings.
In oilseeds, castorseeds Madras and Maharashtra qualities firmed up by Rs 5 each to Rs 1104 and Rs 1098 a quintal respectively on better industrial offtake. Meanwhile, all the oilseeds ruled overll steady on narrow movements yesterday.
An easy to steady trend prevailed at the wholesale sugar market at Navi Mumbai yesterday. Sugar of both the grades ruled steady on reduced demand and moderate inflows. The undertone of the market remained weak.
Sugar S-30 grade was quoted at Rs 1278/1320 as against the previous level of Rs 280/1320 a quintal on subdued demand and better arrivals.
While sugar M-30 grade traded steady and was quoted at Rs1310/1368 as against Thursday's level of Rs 1305/1365 a quintal on dull offtake. Meanwhile, sugar for the check post deliveries were quoted easy at Rs 1248/1270 a quintal for S-30 grade and Rs 1265/1332 for the M-30 grade.
The downward in the local bullion market continued yesterday. The demand overall remained dull. The market sentiment was weak.
In yellow metals, gold standard and 22 carat gold declined by Rs 20 each to Rs 5000 and Rs 4625 per 10 grams respectively on weak overseas advices, reduced demand and brisk arrivals. Gold biscuits also declined to Rs 58,500 from the previous level of Rs 58,700 per piece of 10 tolas.
In white metals, silver.999 and .916 declined by Rs 60 each to Rs 6825 and Rs.6725 per kg respectively on dull industrial demand. Delhi advices also indicated a weak trend yesterday.
Copper prices witnessed a firm trend in the local non-ferrous market yesterday. Industrial demand remained modest. The trade volume continued to remained limited.
Copper wire bar firmed up by 50 paise at Rs 124 a kg on improved industrial demand and reduced arrivals.