A downward trend in groundnut oil was arrested and it later firmed up on reduced arrivals yesterday. Demand was subdued at higher levels, whereas other industrial oils ruled better-to-steady at the local wholesale oils and oilseeds market. Imported palmolein ruled firm.
In futures section, castorseeds June contract remained untraded while the September contract opened higher and firmed up further towards closing.
Groundnut oil recovered by Rs 3 at Rs 426 per 10 kg on restricted arrivals from upcountry centres.
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Linseed oil and sesame oil rose by Rs 3 and Rs 5 to Rs 385 and Rs 420 per 10 kg respectively on reduced arrivals. Copra oil-white and neem oil advanced by Rs 19 and Rs 8 to Rs 440 and Rs 220 per 10 kg respectively on better industrial offtake. Cottonseed oil-washed and refined qualities eased by Rs 4 and Rs 3 to Rs 390 and Rs 393 per 10 kg respectively on lower industrial demand. Imported palmolein looked up by Re 1 at Rs 375 per 10 kg.
In the futures market, castorseeds September contract opened Rs 7.50 up at Rs 1380 a quintal and firmed up to Rs 1383.50. It declined to Rs 1380 before closing at Rs 1383.50 a quintal on speculative movements.
Sugar: An easy-to-steady trend witnessed in sugar prices at the wholesale sugar market here yesterday. Sugar M-30 eased further to Rs 1455/1505 as against the previous level of Rs 1460/1505 a quintal on dull buying interest. The S-30 grade ruled overall steady and were quoted at Rs 1440/1475 a quintal.Sugar for the check-post deliveries were quoted lower at Rs 1420/1430 a quintal for S-30 and Rs 1440/1460 a quintal for the M-30 grade.
Non-ferrous metals: An upward-to-steady trend was noticed in the local non-ferrous metals market. Demand remained better for scrap metals against normal arrivals.
In the scraps section, copper heavy scraps, copper utensils, and brass utensils improved by 50 paise each to Rs 115, Rs 99 and Rs 88.50 a kg respectively. Brass sheetcuttings firmed up by 25 paise at Rs 92.00 a kg. Aluminium utensils ruled overall steady and were quoted at Rs 63.00 a kg. on narrow movements.
In virgin section, tin slabs recovered and firmed up by Re 1 at Rs 352 a kg on restricted inflow of stock against moderate industrial demand. Copper wirebar and zinc slabs hardened by 50 paise and 75 paise to Rs 130.00 and Rs 77.00 a kg respectively on reduced arrivals in the local market. All the other metals ruled overall steady and were quoted as under: aluminium ingots Rs 82, lead ingots Rs 42 and nickel cathodes Rs 295 a kg respectively.
Bullion: A divergent trend was noticed in the local bullion market yesterday. Silver ruled weak while gold firmed up further. The market undertone was moderate.
In white metals, silver .999 and .916 declined by Rs 75 and Rs 85 to Rs 7,445 and Rs 7,305 a kg respectively on weak overseas advices. Delhi advices also indicated a moderate trend. In yellow metals, both- standard gold and 22 carat gold strengthened further by Rs 25 and Rs 20 to Rs 4,185 and Rs 3,870 per 10 grams. The consumer demand remained moderate at improved level. Gold bisucit prices also improved further by Rs 300 at Rs 49,100 per piece of gold bar on better movements.