Groundnut oil reacted at higher level yesterday but later eased on easy arrivals from the producing centres. The demand was better at reduced level, whereas other industrial oils ruled easy to steady at the wholesale oils and oilseeds market, Turbhe, Navi Mumbai yesterday.
However, some edible oil prices are likely to surge as buyers have turned to soft oil imports from Argentina and Brazil instead of palmolein imports from Malaysia, trade officials said yesterday. "People have started importing soft oils like sunflower and soybean oil from Argentina and other countries," O P Goenka, adviser to the Central Organisation for Oil Industry and Trade (COOIT), said.
In futures section, castorseeds June contract opened lower, but firmed up towards closing. September contract opened lower and ruled steady towards closing. Groundnut oil eased by Rs 4 at Rs 432 per 10 kg.
Sesame oil and sunflower oil expeller declined by Rs 5 each to Rs 400 and Rs 415 per 10 kg. Ricebran oil and karanji oil declined by Rs 3 and Rs 4 to Rs 195 and Rs 176 per 10 kg. Imported palmolein weakened by Rs 5 at Rs 397 per 10 kg.
Sugar: An easy-to-dull trend was noticed in sugar prices at the wholesale sugar market,here yesterday. S-30 ruled subdued at Rs 1,521/1,537 against the previous level of Rs 1,520/1,533 a quintal.
M-30 eased to Rs 1,533/1,575 as against the previous level of Rs 1,525/1,590 a quintal. Meanwhile, sugar for the check-post deliveries was quoted lower at Rs 1,500/1,510 a quintal for S-30 grade and Rs 1,520/1,540 a quintal for the M-30.
Non-ferrous metals: Nickel weakened further, while all other metals ruled overall steady in the local non-ferrous metals market yesterday. The demand remained subdued and the undertone hesitant.
Nickel cathodes declined further by Rs 3 at Rs 298 a kg. Meanwhile, all the other metals ruled overall steady and were quoted as under: copper wirebar Rs 127.50, aluminium ingots Rs 82, zinc slabs Rs 75, lead ingots Rs 42 and tin slabs Rs 345 a kg. In scraps section, all the metals ruled overall steady and were nominally quoted as under: copper heavy scraps Rs 112, copper utensils Rs 98.25, brass utensils Rs 87.50 and brass sheetcuttings Rs 91 a kg.
Bullion: A downward trend continued in the local bullion market yesterday. Both the precious metals ruled weak. The undertone was hesitant.
Silver .999 and .916 weakened further by Rs 260 and Rs 265 to Rs 7,930 and Rs 7,820 a kg. The industrial demand remained dull. Delhi advices also indicated a weak trend. Both - standard gold and 22 carat gold - eased further by Rs 20 each to Rs 4,060 and Rs 3,755 per 10 gms. Gold biscuit prices also weakened by Rs 300 at Rs 47,600 per piece of gold bar.
