Groundnut oil ruled overall steady on modest demand against improved arrivals from the producing centres at the wholesale oils and oilseeds market, Turbhe, Navi Mumbai yesterday. Market activities have already resumed and will take a day or two to be normal. Imported palmolein eased further on reduced demand. In futures section, castorseeds June97 contract opened higher and firmed up further towards closing.
Groundnut oil stood at the previous level of Rs 358 per 10 kg. on subdued demand against improved availability of the stock.
In other oils, linseed oil firmed up by Rs 2 at Rs 290 per 10 kg on better industrial offtake against reduced availability, while cottonseed oil refined declined by Rs 2 to Rs 281 per 10 kg on reduced industrial demand. Karanji oil dipped by Rs 5 to Rs 190. Imported palmolein eased by Re 1 at Rs.284 per 10 kg on improved availability and reduced demand. Other oils ruled overall steady on narrow movements. In futres, castorseeds June97 contract opened Rs 1.50 higher at Rs 1173 and firmed to Rs.1176.50 a quintal. It went down to Rs 1170.50 before closing at Rs.1176 a quintal on shortcoverings. Castorseeds Madras and Maharashtra qualities improved by Rs 5 a quintal each to Rs 1123 and Rs 1117 a quintal respectively. All the other oilseeds ruled overall steady on narrow movements.
Sugar: A downward to weak trend was witnessed at the sugar wholesale market. Market sentiment continued to be weak on account of the improved arrivals of stock following the end of the transport strike. The undertone of the market remained weak. Sugar S-30 grade declined to Rs 1280/1320 a quintal from the previous level of Rs 1315/1365, while M-30 eased to Rs.1350/1410 a quintal from Rs 1375/1425. Sugar for check-post deliveries was quoted low at Rs 1230/1250 a quintal for S-30 grade, Rs 1270/1280 a quintal for M-30.
Non-ferrous metals: Scraps metals ruled firm while virgin metals ruled easy to steady in the local non-ferrous market yesterday. Industrial demand was firm to moderate.
Trade volume remained small. In scraps section, copper heavy scraps, copper utensils, brass utensils and brass sheetcuttings firmed up by 25 paise each to Rs 122.25, Rs 110, Rs 93 and Rs 97a kg respectively on improved demand against limited availability of ready stock. Aluminium utensils ruled overall steady at Rs 59.50 a kg. In virgin section, copper wirebars firmed up by 25 paise at Rs 135.25 a kg. Tin slabs and nickel cathodes declined by Rs 2 and Rs 3 to Rs 314 and Rs 365 a kg respectively on reduced industrial demand and improved arrivals.Aluminiumingots, zinc slabs and lead ingots ruled overall steady and were quoted at Rs 74.50, Rs 78.50, and Rs 45.50 a kg. respectively.
Bullion: A divergent trend continued in the local bullion market. Silver eased further while gold ruled firm. Overall demand remained moderate to subdued. The undertone of the market was shaky. Silver.999 and .916 eased by Rs.25 each to Rs 7000 and Rs 6900 a kg respectively on subdued industrial demand and weak overseas advices. Delhi advices also indicated weak trend. Standard gold and 22 carat gold improved by Rs 15 each to Rs 4,810 and Rs 4,450 per 10 grams respectively on improved offtake and subdued arrivals.
Overseas advices also showed an firm trend. Gold biscuits prices firmed up by Rs 200 at Rs 56,300 per piece of 10 tolas on better consumer offtake.
