Inspite of good festive demand against limited availability of ready stock groundnut oil suffered a setback on market resistance at improved levels. Most of the edible oils ruled easy to subdued. Groundnut oil declined by Rs 7 at Rs 598 per 10 kg on consumer demand against subdued arrivals.
Castor oil commercial and BSS qualities firmed up by Rs 5 each to Rs 495 and Rs 507 per 10 kg, respectively on acute shortage of ready materials against better industrial demand. Kardi oil and soyaoil refined looked up by Rs 5 and Rs 3 to Rs 630 and Rs 390 per 10 kg, respectively. Copra oil white and sunflower oil expeller declined by Rs 10 and Rs 5 to Rs 460 and Rs 410 per 10 kg on reduced industrial demand. Imported palmolein firmed by Rs 3 at Rs 375 per 10 kg.
In futures market, September'98 contract remained untraded yesterday, while December'98 opened Rs 15 higher at Rs 1,845 a quintal and closed to Rs 1860.
Castorseeds Madras and Maharashtra qualities advanced further by Rs 24 each to Rs 2,280 and Rs 2,274 a quintal, respectively. Sugar : An easy-to-quiet trend was noticed in sugar prices. Both the grades of sugar ruled subdued to steady. Sugar S-30 declined to Rs 1,415/1,460 a quintal from the previous level of Rs 1,425/1,460. Arrivals from the upcountry were normal to easy. Sugar M-30 also weakened to Rs 1,445/1490 a quintal against previous level of Rs 1445/1515 on sluggish offtake. Sugar for the check-post deliveries were quoted lower at Rs 1,401/1,410 a quintal for S-30 and Rs 1,422/1,435 a quintal for M-30 grade.
Non-ferrous metals : Mixed conditions prevailed in the local non-ferrous metals market. Most metals ruled easy to steady. In scraps section, brass utensils and brass sheetcuttings firmed up by Rs 2 and Re 1 to Rs 84.00 and Rs 87.00 a kg, respectively on thin supplies against better industrial demand. Copper heavy scraps eased by 50 paise at Rs 106.00 a kg. Copper utensils was quoted at Rs 92.75 and aluminium utensils at Rs 63.00 a kg. Virgin metals were nominally quoted as under : copper wirebar Rs 120.50, aluminium ingots Rs 85.50, zinc slabs Rs 79.00, lead ingots Rs 45.00, tin slabs Rs 373 and nickel cathodes Rs 249 kg, respectively. Bullion : A slightly better trend was noticed in the local bullion market yesterday. Both the precious metals ruled firm. The undertone of the market remained weak.
Silver .999 and .916 improved by Rs 115 and Rs 130 to Rs 7,275 and Rs 7,170 kg, respectively on firm overseas advices. The demand was better at much reduced level. Both standard gold and 22 carat gold recovered from much reduced levels and firmed up by Rs 20 each to Rs 4,070 and Rs 3,765 per 10 grams, respectively on firm overseas advices.
