Bullion And Oil Moderate While Sugar Dull

Bullion: Sentiment stayed mixed in the local bullion market during last week. Silver ruled weak while gold stayed firm on the overseas market.

Silver.999 which opened firm at Rs 7,425 per kg on Monday but weakened to close at Rs 7,345 on Saturday, the weekend on weak international advices, modest out-of-state demand and normal selling pressure locally. Industrial offtake also remained dull. Silver.916 opened firm at Rs 7,250 a kg and lost Rs 25 to end at Rs 7,225 a kg during the week.

Standard gold opened with a firm note at Rs 4,340 per 10 gram on Monday and looked up further to close at Rs 4,370 on Saturday on firm international advices coupled with firm consumer demand. The cacuse of fluctuations in yellow metal prices is said to be there price movements overseas.

Gold 22 carat ruled firm and improved by Rs 25 to close at Rs 4,040 per 10 gramms during the week. Gold biscuits (116.50 gm piece) prices ruled better too and gained Rs 350 at Rs 51,150 per piece on modest movements during the week.

Oils and Oilseeds: The local oils and oilseeds market displayed an easy to dull tendency during the last week owing to weak offtake coupled with modest arrivals from the upcountry centres. The demand for most of the edible oil varities remained moderate to dull during the week under review.

Groundnut oil commenced with a dull note at Rs 355 per 10 kg on Monday and it eased further to close at Rs 350 per 10 kg on Saturday, the week-end on reduced consumer offtake against easy arrivals. The arrivals from AP, Karnataka and MP remained limited at about 12-15 trucks per day.

Cottonseed oil washed and copra oil white improved by Rs 3 and Rs 10 to Rs 283 and Rs 345 per 10 kg respectively on better industrial demand coupled with firm overseas advices.

Castor oil commercial and FSG qualities eased by Rs 3 each to Rs 239 and Rs 251 per 10 kg respectively on dull industrial demand coupled with easy availability of ready stock. Imported RBD palmolein and imported soya oil refined weakened by Rs 11and Rs 8 to Rs 230 and Rs 252 per 10 kg respectively on dull enquires.

In oilseeds, nigerseeds and castorseeds weakened by Rs 25 and Rs 15 to Rs 1650 and Rs 1,045 per quintal respectively on weak industrial demand against brisk inflows of ready stock from the upcountry centres. Kardiseeds firmed up by Rs 5 at Rs 1,115 a quintal on moderate movements during the week.

Non-Ferrous Metals: A mixed trend was witnessed in the local non-ferrous metals mart during the last week. Virgin metals ruled easy to steady while scraps metals ruled overall steady. The undertone of the market hinted weakness.

In virgins, nickel cathodes and tin slabs improved by Rs 26 and Rs 2 to Rs 458 and Rs 376 per kg respectively on improved demand and reduced arrivals from upcountry centres.

Zinc slabs and aluminium ingots eased by 70 paise and Re 1 to Rs 80.00 and Rs 96.00 a kg respectively on dull industrial demand. Copper wirebar looked up by Re 1 at Rs 133.50 a kg on better industrial enquires during the week. Meanwhile, lead ingots held overall steady at Rs 38.50 a kg on narrow movements during the week.

In scraps, copper heavy scraps, brass utensils and brass sheetcuttings weakened by Rs 1.50 each to Rs 120.00, Rs 95.00 and Rs 99.50 a kg respectively on weak overseas advices coupled with subdued industrial demand. Copper utensils and aluminium utensils declined by Re 1 each to Rs 107.50 and Rs 75.50 a kg respectively on dull movements during the week.

Sugar: A weak trend was noticed in the indigenous sugar prices at the Turbhe wholesale sugar market at Navi Mumbai during the last week. The demand was almost mixed against easy arrivals.

Both the grades ruled dull. Small grade sugar commenced with a better note at Rs 1,480/1,510 a quintal on Monday and weakened to close at Rs 1,460/1,480 on Saturday at the week-end on dull demand against easy availability of ready stock.

Medium grade commenced with a firm note at Rs 1525/1555 a quintal on Monday but weakened to end at Rs 1498/1540 on Saturday, on weak local as well upcountry offtake.