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Groundnut Oil Declines, Silver Gains, Gold Steady

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BSCAL

Groundnut oil dropped further on the oilseeds market yesterday due to poor demand amidst fresh arrivals from producing centres.

Weak Gujarat advices also dampened the sentiment. However, palm oil, edged up on restricted arrivals.

In the industrial section, castor oil commercial finished weak on poor support from soap manufacturers.

Castorseed ready Madras also declined due to adequate stocks.

In futures, castorseed September contract started weak at Rs 1129 on overnight offerings but later recovered on shortcovering to close at Rs 1133, showing a gain of Rs 3 from the last close of Rs 1130.

Groundnut oil, in the edible section, declined further and closed at Rs 354 from Rs 355, while groundnut bold, held steady at Rs 1880 on scattered dealings. Palm oil, however, looked up to finish at Rs 268 from the previous day's Rs 267.

 

In the industrial section, castor oil commercial fell to Rs 247 against the last close of Rs 248 and castorseed Madras lost Rs 4 and closed at Rs 1090 compared to Rs 1094 on the previous trading day.

Sugar: A steady to upward trend was noted at the wholesale sugar market at Turbhe, Navi Mumbai yesterday.

Both the grades of sugar gained marginally.

Sugar S-30 grade ruled at Rs.1450/1480 as against of the previous level of Rs.1450/1470 a quintal.

Sugar M-30 firmed up to Rs. 1475/1508 as against of the previous level of Rs.1475/1505 quintal.

Non-ferrous metals: Tin and nickel prices bounced back on Tuesday but other base metals were steady, dealers said. Sentiment was firm on increased physical enquiries, Sharad Parikh, president of the Bombay Metal Exchange, said.

Tin prices rose Rs 200 to Rs 30,400 per quintal after losing Rs 700 last week while nickel rose Rs 200 to Rs 35,600 per quintal after losing Rs 800 last week.

"Fresh physical buying as well as a rally in the world market helped local prices bounce back," Parikh said.

Copper was steady at Rs 13,875 per quintal after losing Rs 50 on Monday while zinc was quiet at Rs 8,100, dealers said.

Lead and aluminium were unchanged at Rs 4,100 and Rs 7,700 per quintal respectively, they said.

Overall market sentiment was firm at close of the session on increased physical enquiries and reports of an uptrend in the world market.

Bullion: Silver prices recovered on the bullion market yesterday on fresh industrial support, while gold held steady on scattered buying.

Silver ready .999 fineness recovered by Rs.15 and ended at Rs.6750 from Rs.6735.

Raw silver .916 fineness hardened and closed at Rs.6650 against the last close of Rs.6635, while tenderable silver rose by Rs.15 and settled at Rs.6755 compared to the previous day's close of Rs.6740.

However, standard gold at Rs.4600, showed no change from its previous close. 22-carat gold was also nominally quoted steady at Rs.4255, while ten tola gold bar .999 purity remained unaltered at Rs.53,800.

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First Published: Jun 25 1997 | 12:00 AM IST

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