Groundnut oil suffered a setback at the wholesale oils and oilseeds market, Turbhe, Navi Mumbai yesterday. All market activities like buying, selling and delivery were at a standstill due to the transport strike. Imported palmolein ruled steady on subdued demand. In futures section, castorseeds June97 contract opened lower and eased further towards closing. Groundnut oil declined by Rs 3 at Rs 352 per 10 kg due to reduced buying-selling activities in the market.
Soya oil and sunflower oil expeller declined by Rs 2 each to Rs 278 and Rs 268 per 10 kg respectively on reduced industrial demand. Ricebran oil declined by Rs 2 to Rs 155 per 10 kg on dull industrial demand. Copra oil white recovered by Rs 25 to Rs 525 per 10 kg on improved industrial demand. Imported palmolein ruled steady on the whole at Rs 284 per 10 kg on narrow movements. A majority of the other oils ruled steady due to narrow movements. In futures, castorseeds June97 contract opened Rs 2 lower at Rs 1176 and firmed up to Rs 1177 a quintal. It declined to Rs 1168.50 before closing at Rs 1171 a quintal on shortcovering.
In oilseeds, castorseeds Madras and Maharashtra qualities firmed up by Rs 2 each to Rs 1116 and Rs 1110 a quintal respectively on easy offtake. Nigerseeds improved by Rs 15 at Rs 1275 a quintal on improved demand and limited availability of stocks. All the other oilseeds ruled steady on the whole due to narrow movements.
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Sugar: Sugar prices ruled easy to subdued on rumours that the transport strike which began on Monday night may end at any time. Sugar of both the grades - small and medium - ruled easy to steady yesterday. The undertone of the market was shaky. Sugar S-30 grade eased to Rs 1290/1350 a quintal as against the previous level of Rs 1290/1360 a quintal on reduced demand and moderate arrivals. Sugar M-30 grade weakened to Rs 1340/1400 from the previous level of 1350/1450 a quintal on better offtake. Sugar for the check post deliveries was not quoted as the truck operators remained on strike.
Non-ferrous metals: A firm to steady trend was noticed in the local non-ferrous market yesterday. Industrial demand remained firm but the trade volume remained small.
The undertone of the market was firm. In virgins section, zinc slabs improved by 50 paise at Rs 78.50 a kg, while copper wirebars and aluminium ingots firmed up by 25 paise each to Rs 135.50 and Rs 74.50 a kg respectively on improved industrial demand coupled with reduced inflows. All the other metals ruled steady due to narrow movements and were quoted as follows: Lead ingots - Rs 45.50, tin slabs - Rs 316 and nickel cathodes - Rs 370 a kg respectively on subdued industrial demand and narrow movements.
In scraps section; copper utensils, brass utensils, brass sheetcuttings and aluminium utensils firmed by 25 paise each to Rs 110, Rs 93, Rs 97 and Rs 59.50 a kg respectively on better industrial offtake and restricted arrivals. Copper heavy scrap ruled steady due to narrow movements and was quoted at Rs 122.50 a kg on narrow movements.
Bullion: Both the precious metals ruled easy on dull demand coupled with modest arrivals in the local bullion market. Demand remained weak. The undertone of the market was unsteady. In white metals, silver.999 and .916 eased by Rs 15 and Rs 10 to Rs 7330 and Rs 7230 per kg respectively on reduced industrial offtake and improved arrivals.
In yellow metals, standard gold and 22-carat gold weakened by Rs 5 each to Rs 4720 and Rs 4365 per 10 grammes respectively on dull offtake. Gold biscuits also declined by Rs 100 to Rs 55,200 per piece of 10 tolas on easy consumer demand.