Bullion Dips, Gnut Oil Nose-Dives, Pepper Softens

Prices of both the precious metals, silver and gold, declined on the bullion market during last week on poor demand along with weak overseas advices.

Ready silver of .999 fineness, after a better start at Rs 8,940, declined sharply to terminate at Rs 8,780, showing a loss of Rs 70 over the last week's level of Rs 8,850.

Raw silver of .916 fineness and tenderable silver also opened firm at Rs 8,840 and Rs 8,945, respectively, and later lost support and fell steeply to close at Rs 8,670 and Rs 8,785, revealing a loss of Rs 75 and Rs 70 from the last week's close of Rs 8,745 and Rs 8,855, respectively.

Standard gold opened steady at Rs 4,250 and held that level till the midweek.Thereafter, on fresh arrivals amidst poor seasonal demand, it fell to end at Rs 4,205, disclosing a fresh loss of Rs 45 over the last week's close of Rs 4,250.

The 22-carat gold, in a similar way, opened steady at Rs 3,930 and finished weak at Rs 3,890, showing a fall of Rs 40 over the last close of Rs 3,930.

Ten-told gold bar of .999 purity lost Rs 500 and closed at Rs 49,300 as against the previous week's level of rs 49,800.

Oils and oilseeds: Groundnut oil prices nose-dived on the oilseeds market during the week ended April 18 due to a steep fall in Gujarat prices coupled with heavy arrivals. Imported palmoil rose smartly on poor arrivals.

Elsewhere, castoroil and castorseed June contract also lost substantial ground on poor industrial and exporters' buying respectively.

In the edible section, groundnut oil started steady at Rs 437 and held that position till Wednesday. Later, it declined steeply to close at Rs 422, showing a sharp setback of Rs 15 over the previous week's Rs 437.

However, groundnut bold gained Rs 10 at Rs 1,990 from Rs 1,980 on some buying.

Palm oil, after a better start at Rs 375 rose further to Rs 385. Later, it declined to close at Rs 379, still showing a gain of Rs 8 over the previous week's Rs 371.

In the industrial section, castor oil commercial started weak at Rs 285 and fell gradually to end at Rs 278, revealing a fall of Rs 9 over the last close of Rs 287. Castorseed Madras too declined sharply from Rs 1,282 to Rs 1,238. Linseed oil at Rs 395 and linseed bold at Rs 1,400 showed no change from the previous week's level.

In the futures section, castorseed June contract opened weak at Rs 1,299.50 and declined to Rs 1,291.50.

Later on some low level support, it recovered to close at Rs 1297, still showing a fall of Rs 6 over the last close of Rs 1,303.

Pepper: Black pepper prices softened a bit on the international commodity exchange in Kochi last week on reduced demand for futures and sufficient stocks, dealers said.

Exporters had covered their positions and demand from domestic buyers was slack, they said.

During the week, July contracts closed at Rs 22,700 a quintal against Rs 23,375 last week, while June contracts ended up at Rs 22,450 against Rs 23,000.

May contracts finished lower at Rs 22,200 against Rs 22,775. In spot trading, garbled pepper prices were quoted lower at Rs 21,100 against Rs 21,700 and un-garbled ones closed at Rs 19,400/ 20,400 against 20,000/21,100.

Rubber: Natural rubber prices declined on the primary market in Kottayam last week on low-key procurement by state-owned agencies amidst increased arrivals, dealers said.

With the Centre deciding not to procure more than the ten thousand tonnes which were procured already, procurement by agencies like Rubco and Rubbermark was slack, traders said.

During the week, Rss four grade prices declined to Rs 2,600 a quintal from Rs 2,725 last week.

At Kochi, the other major trading centre, the prices closed at the same level but from Rs 2,700.

Lot rubber prices also declined in line with the trend to Rs 2,450 a quintal from Rs 2,525.

Prices closed at the same level at Kochi from Rs 2,500. International prices witnessed a mixed trend this week.

Prices of Rss three, the one comparable with Indias Rss four, ended up at Rs 2,996 a quintal after opening at Rs 2,978 in Kuala Lumpur.