An easy trend continued in groundnut oil whereas other industrial oils ruled easy-to-subdued at the wholesale oils and oilseeds market, yesterday. Imported palmolein ruled steady on subdued demand as against modest arrivals. In the future section, castorseeds September contract opened higher and ruled steady towards closing.
Groundnut oil eased further by Rs 2 at Rs 348 per 10 kg on modest arrivals on account of rainfall in groundnut producing regions of Gujarat. Arrivals were put at around 90 tonnes a day.
In other oils, linseed oil improved by Rs 7 to Rs 285 per 10 kg Neem oil declined by Rs 5 to Rs 175 per 10 kg on dull demand from the industrial sectors coupled with better availability. Karnji oil firmed up by Rs 5 at Rs 150 per 10 kg on improved industrial offtake while sunflower oil declined by Rs 2 to Rs 270 per 10 kg on reduced industrial offtake. Most other oils ruled overall steady.
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In futures section, castorseeds September contract opened Rs 3.50 higher at Rs 1130 and firmed up to Rs 1131.50 a quintal. It declined to Rs 1128 before closing at Rs 1130 on speculative shortcoverings. In oilseeds, castorseeds Madras and Maharashtra qualities improved by Rs 5 each to Rs 1099 and Rs 1093 per quintal respectively on improved industrial demand. All the oilseeds ruled overall steady.
Sugar: A firm-to-upward trend was maintained at the wholesale sugar market. The declaration of small sugar quota for the current quarter fueled the fire. Both the grades of sugar ruled firm. The undertone of the market was firm.
Sugar S-30 grade improved to Rs 1472/1500 as against of the previous level of Rs 1458/1490 a quintal on better demand coupled with limited availability. Sugar M-30 firmed up to Rs 1490/1525 as against the previous level of Rs 1475/1515 a quintal. Sugar for the check post deliveries were quoted low at Rs 1450/1465 a quintal for S-30 grade and Rs 1470/1500 for the M-30 grade.
Non-ferrous metals: Nickel and tin prices continued to ease on improved arrivals against reduced demand whereas all the other metals ruled overall steady.
In virgin section, nickel cathodes and tin slabs eased further by Rs 2 each to Rs 345 and Rs 298 per kg respectively on dull industrial demand coupled with brisk arrivals from the upcountry centres. All other metals ruled overall steady and were nominally quoted as under: copper wirebars Rs 138.50, aluminium ingots Rs 77, zinc slabs Rs 81.50 and lead ingots Rs 41, a kg respectively.
In scraps section, steady conditions were noticed. The were nominally quoted as under: copper heavy scraps Rs 128.50, copper utensils Rs 115.75, brass utensils Rs 97.50, brass sheetcuttings Rs 102 and aluminium utensils Rs 60 a kg respectively.
Bullion: A weak-to-downward trend was noticed in the local market yesterday. Both the precious metals weakened on weak overseas advices coupled with sluggish demand coupled with improved arrivals. The undertone of the market was hesitant.
Standard gold and 22 carat gold declined by Rs 50 and Rs 45 to Rs 4480 and Rs 4,145 per 10 grammes respectively. Gold biscuits prices also weakened by Rs 600 at Rs 52,400 per piece of 10 tolas on dull movements.
Silver.999 and .916 declined by Rs 50 each to Rs 6650 and Rs 6550 a kg respectively.