Edible oils extend gains on millers buying, global cues

Rising trend in select edible oils remained unabated for yet another week at the wholesale oil and oilseeds market on continued buying by vanaspati millers and retailers against restricted supplies from growing regions amid firm global cues.
Castor oil in the non-edible section, too strengthened on increased offtake by consuming industries.
Marketmen said sustained buying by vanaspati millers to meet rising demand from retailers amid restricted supplies from producing belts and firm global trend mainly kept select edible oil prices higher.
Globally, palm oil futures traded higher at 2,715 ringgit (USD 694) a metric tonne on Bursa Malaysia Derivatives. It has risen by 9.3 per cent this year so far.

In the national capital, groundnut mill delivery (Gujarat) oil remained in demand and advanced by Rs 300 to Rs 10,100 per quintal, while groundnut solvent refined moved up by Rs 50 to Rs 1,750-1,850 per tin.
Sesame mill delivery and mustard expeller (Dadri) oils rose by Rs 100 and Rs 50 to Rs 7,000 and Rs 8,150 per quintal, respectively.

Palmolein (RBD) and palmolein (Kandla) oils surged by Rs by Rs 100 and Rs 200 Rs 5,950 and Rs 6,000, while crude palm oil (ex-kandla) edged up by Rs 20 to Rs 4,300 per quintal, respectively.
Soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils too ended higher by Rs 50 each to Rs 6,800 and Rs 6,500 per quintal, respectively.

Grains: Wheat prices continued to slide for the third
straight week at the wholesale grains market on ample stocks position following persistent arrivals of new crop against reduced offtake by flour mills.
However, rice basmati and few other bold grains maintained their upward trend on increased buying by stockists against restricted supplies from producing belts.
Traders said adequate stocks position following arrivals of new crop in the market against reduced offtake by flour mills mainly kept pressure on wheat prices.
Meanwhile, in Haryana, 1,16,447 tonnes of wheat has so far arrived in the grain markets of the state during the current procurement season.

In the national capital, wheat dara (for mills) slipped to 1,600-1,605 from previous level of Rs 1,645-1,650 per quintal. Atta chakki delivery followed suit and eased to Rs 1,605-1,610 against last close of Rs 1,650-1,655 per 90 kg.
Atta flour mills and maida also weakened Rs 5 and Rs 10 at Rs 850-860 and Rs 930-940 per 50 kg, respectively.
On the other hand, rice basmati common and Pusa-1121 variety strengthened to Rs 5,600-5,700 and Rs 4,300-5,300 against last close of Rs 5,500-5,600 and Rs 4,250-5,200 per quintal, respectively.
Other bold grains, bajra and barley, too finished higher at Rs 1,615-1,620 and Rs 1,425-1,435 as compared to previous week's close of Rs 1,600-1,605 and Rs 1,330-1,340 per quintal, respectively.

Pulses: Firm conditions continued to prevail at the
wholesale market during the week as prices of arhar and other pulses advanced on persistent buying by stockists amid rising demand from retailers against restricted supplies from producing belts.
Marketmen said increased stockists buying, supported by uptick in demand from retailers amid restricted supplies from growing regions mainly kept arhar and other pulses prices higher.
Meanwhile, the Centre approved tenders for import of 7,500 tonnes of pulses -- mainly tur and urad -- in order to boost domestic supply and check price rise.
In the national capital, arhar and its dal dara variety shot up by Rs 500 to Rs 8,700 and Rs 11,800-13,500 per quintal, respectively.

Urad and its dal chilka local jumped up by Rs 300 each to Rs 9,600-11,900 and Rs 10,400-10,600 per quintal, respectively.
Its dal best quality and dhoya followed suit and traded higher by a similar margin to Rs 10,500-11,100 and Rs 10,900-11,300 per quintal, respectively.
Moong and its dal chilka local climbed to Rs 7,100-7,650 and Rs 7,500-7,900 from previous levels of Rs 6,950-7,500 and Rs 7,350-7,750 per quintal, respectively.
Its dal dhoya local and best quality followed suit and advanced to Rs 7,900-8,400 and Rs 8,400-8,600 as compared to last levels of Rs 7,750-8,250 and Rs 8,250-8,450 per quintal, respectively.

Masoor small and bold gained Rs 150 each to Rs 5,350-5,750 and Rs 5,500-5,800 per quintal. Its dal local and best quality traded higher by the same margin to Rs 6,150-6,650 and Rs 6,250-6,750 per quintal, respectively.
Gram, gram dal local and best quality settled higher at Rs 5,050-5,600, Rs 5,320-5,620 and Rs 5,740-5,850 from previous levels of Rs 4,750-5,250, Rs 4,970-5,270 and Rs 5,300-5,500 per quintal, respectively.
Besan Shaktibhog and Rajdhani quoted higher by Rs 2,270 instead of Rs 2,200 per 35 kg bag, respectively.
In line with overall trend, kabli gram small variety ended higher at Rs 6,800-8,700 from last level of Rs 6,200-8,000 per quintal. Moth rose by Rs 200 to Rs 5700-6100 per quintal.

Sugar: Snapping its three-week rising streak, sugar
prices drifted at the wholesale market in the national capital during the week, dragged down by ample stocks following increased supplies from mills amid fall in demand form stockists and bulk consumers at prevailing levels.
Marketmen attributed the fall in sweetener prices to adequate stocks in the market due to increased supplies from millers and slowdown in buying by stockists at current levels as well as bulk consumers.
Sugar spot M-30 and S-30 dropped to Rs 3,680-3,780 and Rs 3,670-3,870 per quintal from previous week's close of Rs 3,800-3,900 and Rs 3,790-3,890. Thus, showing a fall of Rs 120 per quintal.

Likewise, mill delivery M-30 and S-30 prices dipped to end at Rs 3,400-3,500 and Rs 3,390-3,490 as compared to last week's close of Rs 3,500-3,600 and Rs 3,490-3,590, showing a fall of Rs 100 per quintal.
In the millgate section, sugar Simbholi and Dhampur fell by Rs 110 to end at Rs 3,480 and Rs 3,420, followed by Mawana, Kinnoni, Budhana, Thanabhavan, Khatuli and Malakpur by Rs 100 each at Rs 3,450, Rs 3,500, Rs 3,440, Rs 3,430, Rs 3,480 and Rs 3,430 per quintal, respectively.
Sugar Asmoli, Dorala, Dhanora and Chandpur lost Rs 90 each at Rs 3,470, Rs 3,460, Rs 3,430 and Rs 3,410 per quintal.

Jaggery: A steady to weak trend developed at the
wholesale gur (jaggery) market in the national capital during the week with gur chakku prices falling by Rs 100 per quintal due to weak demand.
Muzaffarnagar gur markets also displayed a subdued trend during the week owing to sluggish demand, and prices fell by up to Rs 200 per quintal.
On the other hand, Muradnagar gur market showed a better trend with prices of gur pedi and dhayya rising by Rs 50 per quintal on speculative buying by stockists.
Market players said fall in demand from stockists and bulk consumers due to rise in mercury, mainly pulled down the prices in Delhi and Muzaffarnagar markets.

Paucity of stocks also attributed rise in gur prices at Muradnagar markets, they quoted.
In Delhi, gur Chakku prices dropped by Rs 100 to end the week at Rs 3,000-3,100 per quintal.
Meanwhile, gur Pedi, Dhayya and Shakkar prices ruled flat at Rs 3,200-3,300, Rs 3,300-3,400, Rs 3,400-3,500 per quintal.
At Muzaffarnagar, gur Chakku and Laddoo prices dropped from previous week's closing levels of Rs 2,750-2,950 and Rs 2,950-3,050 to Rs 2,550-2,850 and Rs 2,800-2,850, showing a fall upto Rs 200 each per quintal.
Also, gur Khurpa prices dropped by Rs 100 at Rs 2,600-2,650 per quintal.
Prices of gur Raskat maintained at last week's level of Rs 2,500-2,550 per quintal on scattered demand from beer makers.

Dry Fruits: Supported by ongoing 'Navratras' demand,
prices of select dry fruits surged at the wholesale market in the national capital during the week.
Marketmen said apart from paucity of stocks, increased buying by stockists and retailers to meet ongoing navratras' demand mainly attributed the rise in select dry fruit prices.
Almond (California) prices rose by Rs 200 to Rs 14,400-14,600 per 40 kg, while its kernel spurted to Rs 550-560 from previous closing of Rs 520-530 per kg.
Almond gurbandi and girdhi prices were up by Rs 100 each to conclude at Rs 10,200-10,400 and Rs 5,900-6,200 per 40 kg.

Cashew kernel No 180, No 210, No 240 and No 320 rose by Rs 5 each to settle at Rs 765-770, Rs 670-675, Rs 645-650 and Rs 605-610 per kg, respectively.
Its broken pieces (2, 4 and 8) edged up by Rs 5 each at Rs 530-595, Rs 530-600 and Rs 485-550 per kg, respectively.
Copra prices traded higher at Rs 11,000-14,000 as against previous closing of Rs 10,700-13,700 per quintal.
Kishmish Indian yellow and green prices rose by Rs 400 each to finish at Rs 3,500-4,500 and Rs 5,000-9,500 per 40 kg bag, respectively.
Pistachio hairati and peshwari prices rose by Rs 5 each to conclude at Rs 1,235-1,335 and Rs 1,385-1,410 per kg, respectively.

Kirana: Black pepper and jeera registered rise in their
prices at wholesale kirana market during the week on increased buying by retailers and stockists against restricted arrivals from producing regions.
Traders said increased offtake by local parties and stockists amid a firm trend in most spices in futures trading buoyed the sentiments.
Pick-up in exports demand also influenced select prices of spices, they added.
Black pepper prices rose by Rs 10 to conclude at Rs 720-860 per kg on brisk buying by exporters amid tight supplies from Karnataka.
Cardamom small varieties such as chitridar, colour robin, bold and extra bold surged up to Rs 25 to conclude at Rs 525-650, Rs 535-540, Rs 555-565 and Rs 640-650 per kg, respectively.

Prices of cloves (superior quality) spurted by Rs 20 to close at Rs 720-650 per kg in view of tight supply amid higher demand.
Chirounji prices higher by Rs 10 to finish at Rs 590-695 per kg.
Coriander prices rose Rs 200 to conclude at Rs 7,200-14,000 per quintal.
Dry ginger and kalaunji traded higher at Rs 16,500-22,000 and Rs 21,500-22,500 against previous mark of Rs 15,000-22,000 and Rs 20,000-20,500 per quintal, respectively.
Mace -- red and yellow -- rose by Rs 10 each to end at Rs 750-1,060 and Rs 1,060-1,070 per kg, respectively.
Red chilli and turmeric prices increased by Rs 200 each to close at Rs 10,000-19,000 and Rs 10,000-13,700 per quintal, respectively.

Bullion: Trading pattern remained unaltered at the bullion market during the week as silver continued its upward journey and ended higher by Rs 740 to Rs 46,300 per kg, tracking a firming trend overseas amid persistent demand from industrial units and coin makers.
Gold too maintained its glitter and took gains forward.
Traders said fears of Brexit impact resurfaced which led to a firming global trend in precious metals as investors, worried about the global economic outlook, sought refuge in the precious metals.
Besides, pick up in demand from jewellers and consuming industries including silver coin makers, too supported the upmove in the precious metal prices, they said.

Globally, silver climbed to settle the week higher at USD 20.25 an ounce in New York.
In the national capital, silver ready commenced the week at 28-month high of Rs 47,715 per kg but met with resistance at higher levels and slipped to Rs 45,500 per kg before ending at Rs 46,300 per kg, still showing a rise of Rs 740.
Similarly, silver weekly-based delivery ended the week higher by Rs 2,285 to Rs 47,485 per kg as speculators indulged in widening positions on hopes of further rise in prices.
However, in volatile movements silver coins ended lower by Rs 1,000 to Rs 73,000 for buying and Rs 74,000 for selling of 100 pieces, after spurting to Rs 77,000 for buying and Rs 78,000 for selling of 100 pieces on Thursday.

Gold of 99.9 and 99.5 per cent purity resumed higher and strengthened to regain the crucial Rs 31,000-mark to trade at 28-month high of Rs 31,050 and Rs 30,900 per 10 gram, a level last seen on March 12, 2014 on higher global cues.
However, it met with resistance at higher levels and fell in demand and slipped partially to close at Rs 30,700 and Rs 30,550 per 10 gram respectively, still showing a rise of Rs 150 each.
Sovereign, after moving between and losses on alternate bouts of buying and selling, finally settled steady at Rs 23,400 per piece of eight gram, after touching a high of Rs 23,500 on Thursday.