Groundnut oil recovered on improved offtake, while other industrial oils indicated a steady-to-subdued trend at the wholesale oils and oilseeds market, Turbhe, Navi Mumbai, yesterday. Imported palmolein saw prices recover on improved demand. In the futures section, March '97 contract opened lower and eased further towards the close.
Groundnut oil recovered by Rs 4 at Rs 349 per 10 kg on improved demand, coupled with modest arrivals. The arrivals were put at about 80/100 tonnes a day.
In other oils, coconut oil white moved up further by 7 Rs 10 at Rs 700 per 10 kg on reduced industrial offtake, coupled with improved arrivals. Neem oil improved by Rs 5 at Rs 175 per 10 kg on better demand. Soya oil refined and karanji oil firmed up by Rs 2 each to Rs 280 and Rs 188 per 10 kg, respectively, on better demand coupled with modest arrivals from the producing centres. Imported palmolein recovered but other oils ruled overall steady on narrow movements.
More From This Section
In the future section, the March '97 contract opened Rs 3.50 lower at Rs 1,179.00, but declined to Rs 1,171 before closing at Rs 1,172 on speculative shortcoverings.
In oilseeds, castorseeds Madras and Maharashtra qualities went down by Rs 7 each to Rs 1,097 and Rs 1,091 a quintal respectively on dull industrial offtake. Meanwhile, all the oilseeds ruled overall steady on narrow movements yesterday. Sugar of both the grades ruled firm on improved demand at the wholesale sugar market at Turbhe yesterday. The demand remained better-to-modest against restricted inflows. The undertone of the market remained weak. Sugar M-30 grade improved further to Rs 1,333/1,410 as against the previous level of Rs 1320/1375 a quintal on better offtake, while sugar S-30 grade moved up to Rs 1,280/1,340 a quintal from the previous level of Rs 1,280/1,318.
Sugar for check post deliveries were quoted easy at Rs 1,236/1,300 a quintal for S-30 grade and Rs 1,260/1,320 for the M-30 grade.
The bullion market, meanwhile, witnessed a downward trend yesterday. Both the yellow and white metals weakened on slugish demand against brisk arrivals, coupled with weak overseas advices. The market sentiment remained weak.
Gold standard and 22 carat gold declined on weak overseas advices by Rs 30 and Rs 25 to Rs 4,880 and Rs 4,515 per 10 grams, respectively. Gold biscuit slipped further to Rs 57,050 from the previous level of Rs 57,400 per piece of 10 tolas.
In white metals, silver.999 and .916 weakened on subdued industrial demand by Rs 10 each to Rs 6,800 and Rs 6,700 per kg, respectively. Delhi advices also indicated better trend yesterday.
An upward-to-firm trend was seen in the local non-ferrous market yesterday. Industrial demand remained modest, while trade volume continued to remained negligible.In virgin section, nickel cathodes improved by Rs 3 at Rs 365 per kg on better industrial offtake and reduced inflows
Tin slabs moved up by Re 1 at Rs 344 a kg on better demand. Copper wirebar and zinc slabs firmed up by 50 paise each to Rs 124.50 and Rs 65 a kg, respectively.