Bullion Mixed, Wheat Steady, Groundnut Oil Edges Up

A mixed tendency was witnessed on the local bullion market last week.

Gold was better, crossing the Rs 4,800-mark, while silver ruled quiet at around Rs 7,000 mark. The price pattern followed fluctuations overseas where silver ruled easy but gold edged up.

In the overseas market, mounting selling pressure saw gold rule around $350 per ounce. The inflow of gold had been limited due to recovery in prices abroad, which touched $349.50, before easing later.

Sellers were keen to unload at over $350 per ounce level.

In the domestic market, Standard mint gold commenced last week at Rs 4,780, against the previous close of Rs 4,775.

And, in the absence of offerings, the prices slowly went up to touch a high of Rs 4,810 and closed at the same level.

Gold .22 carat fluctuated between Rs 4,420 and Rs 4,450, while official gold biscuits were placed Rs 400 higher at Rs 59,300.

Silver .999 fineness opened last week at Rs 7,045, against the previous close of Rs 7,040. However, with the selling pressure receding, it closed at Rs 7000 per kg.

On the other hand, silver .916 fineness moved between Rs 6,945 and Rs 6,940.

Tenderable silver shed Rs 40 at Rs 7005 per kg.

Grains: Activity on the local grains market picked up at the fag end of last week following the end of the transport strike.

Traders said that due the paucity of supplies for more than a week, the demand would increase this week.

Prices ruled more or less steady in various cereals and pulses, depending on the supply-demand position.

Imported pulses were available in large quantities and upcountry traders were keen to buy the same.

Wheat ruled steady in the absence of fresh supplies and traders were seen quoting prices depending on their supplies.

In Navi Mumbai, the demand was nil as no transport facilities were available.

Delhi reported good arrivals of new crop.

However, the new crop still contained moisture to the extent of 5 to 15 per cent.

Therefore, prices for five per cent were quoted at Rs 670 and fifteen per cent below Rs 500 per quintal.

Gujarat wheat ruled around Rs 800-900 per quintal.

In pulses, gram deshi was offered at Rs 1,175-1,250 and kabli at Rs 1,650-1,700 per quintal. Gram dal was offered at Rs 1,450-1,700.

Moong fetched Rs 1,750-2,000 and urad Rs 1,325-1,400 per quintal.

Prices of tur, peas and masoor were steady.

Oilseeds: Castorseed futures receded from the recent high levels on the Mumbai oilseeds market last week.

In edible oils, despite dearth of supplies from Saurashtra and other producing centres, prices of groundnut oil rose to a very small extent following drop in demand.

Palmoleine, however, attracted hectic price movements before and after the end of the strike.

Dealers said that more than 6,000 tonnes of palmoleine would now be available as imported supplies are set to be cleared soon.

Castorseed June commenced last week at Rs 1,180, a rupee lower than the previous close. However, on Monday, it touched a high of Rs 1,080.50.

In the absence of fresh follow -up support the sentiment turned bearish.

Sellers were active as overseas advices were discouraging for castor oil exports

Ready castorseed Madras small was on offer at Rs 561.50 per 50 kg. Oil commercial eased from Rs 255 to Rs. 254 per 10 kg.

In edible oils, supplies are likely to be normal in a week.

Groundnut oil rose to Rs 360 per 10 kg at the beginning of the last week and ended at Rs 358. Palmoleine went up to Rs 292 to end at Rs 284 per 10 kg, while sunflower imported was offered at Rs 253.