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Groundnut Oil Slips Further, Bullion Remains Steady

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BSCAL
Last Updated : Feb 20 1997 | 12:00 AM IST

Reduced demand and better arrivals from producing centres yesterday pushed groundnut oil price down further by Rs 2 to Rs 341 per 10 kg at the wholesale oils and oilseeds market at Turbhe, Navi Mumbai. Arrivals are put about 100-110 tonnes a day.

Other industrial oils, including imported palmolein, however, ruled steady because of subdued arrivals. In futures section, there were no deals in March 1997 contract. June 1997 contract opened lower but improved towards closing.

In other oils, cottonseed oil washed and refined qualities lost by Rs 3 each to Rs 275 and Rs 279 per 10 kg on improved inflow. Ricebran oil dipped by Rs 5 to Rs 165 per 10 kg on reduced offtake and better supply. Imported palmolein ruled overall steady at Rs 282 per 10 kg on subdued demand. Majority of other oils ruled overall steady on narrow movements.

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In futures, June 1997 contract opened Rs 17 lower at Rs 1,190 a quintal and firmed up to Rs 1,194.50. It declined to Rs 1,187 before closing at Rs 1,194.50 a quintal on better short coverings.

In oilseeds, castor seeds Madras and Maharashtra declined by Rs 3 each to Rs 1,099 and Rs 1,093 per quintal respectively on dull demand and better inflow. Nigerseeds also eased by Rs 15 to Rs 1,310 a quintal on dull industrial demand. All the other oilseeds ruled overall steady on narrow movements.

Sugar: Sugar prices continued to rule easy to subdued at the wholesale sugar market at Turbhe, Navi Mumbai yesterday. Both S-30 and M-30 grades of sugar eased on the weak demand and better inflow. The market undertone remained weak.

Sugar S-30 grade declined to Rs 1,250-1,275 a quintal from the previous level of Rs 1,250-1,280 on slack demand and better arrivals. While sugar M-30 grade dipped to Rs 1,280-1,360 from the previous level of Rs 1,285-1,365 a quintal on reduced offtake. Sugar for the check post deliveries were quoted easy at Rs 1,230-1,240 a quintal for S-30 grade and Rs 1,248-1,312 for the M-30 grade.

Non-ferrous metals: An easy to subdued trend was noticed in the local non-ferrous market yesterday. Scrap metals ruled steady while virgin metals ruled easy on narrow movements. Trade volume continued to remain dull owing to a dull industrial demand.

In virgin section, copper wire bars and nickel cathodes declined by 50 paise and Re 1 to Rs 129 and Rs 371 per kg respectively on reduced industrial offtake. Zinc slabs firmed up by 50 paise at Rs 71 a kg on better demand while all the other metals remained steady.

The nominal prices quoted per kg at the market were: Aluminium ingots Rs 72.50, lead ingots Rs 45.50, and tin slabs Rs 341.

In scraps section, all the metals ruled overall steady on narrow movements. The prices quoted per kg at the market were: Copper heavy scraps Rs 117, copper utensils Rs 105.50, brass utensils Rs 89.50, brass sheet cuttings Rs 91.50 and aluminium utensils Rs 58. The industrial demand was dull and the arrival were subdued.

Bullion: An easy to steady trend was noticed in the local bullion market yesterday. In the precious metals, silver firmed up while gold ruled overall steady. The market sentiment remained weak. In white metals, silver .999 and .916 improved by Rs 15 each to Rs 7,440 and Rs 7,340 a kg on firm overseas advices.

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First Published: Feb 20 1997 | 12:00 AM IST

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