Groundnut oil ruled overall steady at higher level following the stagnant situation in the market at the wholesale oils and oilseeds market, Turbhe, Navi Mumbai yesterday. All market activities like buying, selling and delivery have come to a grinding halt. At present, the market is looking to New Delhi for the end of the transport strike. Imported palmolein ruled firm on slightly improved demand. In future section, castorseeds June97 contract opened higher and firmed up further towards closing. Groundnut oil ruled overall steady at the previous level of Rs 352 per 10 kg on the standstill market activities in the market. Trading community is eagerly watching towards the news of ending the transport strike as soon as possible.
In other oils, soya oil and sunflower oil expeller firmed up by Rs 2 each to Rs 280 and Rs 270 per 10 kg respectively on improved industrial demand. Cottonseed oil washed and refined qualities firmed up by Rs 2 each to Rs 275 and Rs 280 per 10 kg respectively on improved industrial demand. Copra oil white declined by Rs 25 to Rs 525 per 10 kg on reduced industrial demand coupled with nil arrivals. Imported palmolein improved by Rs 2 at Rs 286 per 10 kg on reduced arrivals.
Meanwhile, majority of other oils ruled overall steady on narrow movements. In futures, castorseeds June97 contract opened Rs 2 higher at Rs 1,173 and firmed up to Rs 1,180.50 a quintal. It declined to Rs 1,173 before closing at Rs 1,177.50 a quintal on shortcovering. In oilseeds, castorseeds Madras and Maharashtra qualities firmed up by Rs 2 each to Rs 1,118 and Rs 1,112 a quintal respectively on better offtake. Meanwhile, all the other oilseeds ruled overall steady on narrow movements.
Sugar: Sugar prices continued to rule easy to subdued on rumours that the transport strike end any moment, at the wholesale sugar market. The market activities have become almost standstill. Sugar of both the grades, that is, small and medium ruled easy to steady yesterday. The undertone of the market was shaky.
Sugar S-30 grade ruled overall steady at the previous level of Rs 1,290/1,350 a quintal on narrow movements. The demand remained slack. Sugar M-30 grade weakened to Rs 1,340/1,380 from the previous level of 1,340/1,400 a quintal on better offtake. Meanwhile, sugar for the check post deliveries were not quoted as the trucks remained off the road since April 1.
Non-ferrous metals: An overall steady trend was noticed in the local non-ferrous market yesterday. Industrial demand remained subdued to moderate. The trade volume remained small. The undertone of the market remained firm. Prices of all the metals remained unchanged.
In virgin section, all the prices ruled steady without any variations in prices. Prices quoted nominally were as under: copper wirebars, Rs 135.50, aluminium ingots, Rs 74.50, zinc slabs, Rs 78.50, lead ingots, Rs 45.50, tin slabs, Rs 316 and nickel cathodes, Rs 368 a kg respectively on subdued industrial demand.
Prices quoted in the scraps section were: copper heavy scraps, Rs 122.50, copper utensils, Rs 110, brass utensils, Rs 93, brass sheetcuttings, Rs 97 and aluminium utensils, Rs 59.50 a kg respectively on modest industrial offtake and restricted arrivals.
Bullion: A divergent trend was noticed In the local bullion market yesterday. Both the precious metals ruled in opposite directions. The demand overall remained weak and subdued.
