Silver Falls, Gold Remains Easy, Groundnut Oil Gains

Silver prices declined modestly while gold remained easy on the Mumbai bullion market during the week ended March 7 due to poor supply coupled with lack of local demand.

Ready silver of .999 fineness started firm at Rs 8,900 on higher overseas advices. Later, on increased inflow of fresh stocks prices fell steeply to close at Rs 8,640, showing a loss of Rs 50 over the previous weeks close of Rs 8,690.

Raw silver of .916 fineness, after a weak start at Rs 8,750, declined further to close at Rs 8,530 as against the last weeks level of Rs 8,570. Similarly, tenderable silver opened firm but closed at Rs 8,645, revealing a loss of Rs 50 over the last weeks close of Rs 8,695.

Standard gold opened better at Rs 4,050 and later, eased to close at Rs 3,980, showing a moderate loss of Rs 10 from the previous weeks close of Rs 3,990. The 22-carat gold was nominally quoted Rs 10 lower at Rs 3,680 from Rs 3,690. However, 10-tola gold bar of .999 purity held steady at Rs 47,800.

In thin trading, select base metal prices moved down at the metal market on Saturday owing to slackness in demand. Elsewhere, prices of tin ingot, lead and aluminium continued to rule steady on some support.

Copper wire bar, copper rod and copper wire shed 50 paise each to close lower at Rs 114, Rs 117.50 and Rs 21.50 per kilo respectively.

Zinc slab also moved down to Rs 70 per kilo from Rs 70.50 on lower outside advices.

Lead ingot 36, lead imported 41, aluminium (22 gauge)95-98, aluminium (30 gauge) 104-105.50, aluminium (36 gauge) 109-112, aluminium rod 87, aluminium cg ingot 83.50, aluminium wire scrap 76 and aluminium utensils scrap 66-67.

Oilseeds: Groundnut oil prices rose sharply on the oils and oilseeds market on heavy local buying coupled with higher outside advices and poor supply.

Elsewhere, prices of castorseed June contract and castorseed Madras fell steeply on poor exporters offtake.

In the edible section, groundnut oil resumed better at Rs 365 and recovered to Rs 378 by midweek. Later, on lack of buying, fell to close at Rs 376, still revealing a sharp gain of Rs 15 over the last weeks close of Rs 361.

However, groundnut bold held steady at Rs 1,960. Imported palm oil, after a firm start at Rs 321 rose further to settle at Rs 323, revealing a good gain of Rs 5 over the previous close of Rs 318 due to poor arrivals.

In the non-edible section, castor oil commercial opened weak at Rs 268 and eased further to close at Rs 267, showing a fall of Rs 5 over the last weeks close of Rs 272. Castorseed Madras also started weak at Rs 1,190 and declined steeply to end at Rs 1,186, disclosing a sharp fall of Rs 24 over the last weeks close of Rs 1210.

However, in restricted activity, linseed oil and linseed bold held steady at Rs 325 and Rs 1,300 respectively.

In the futures section, Castorseed June contract opened sharply weak at Rs 1237, but recovered smartly to touch Rs 1,243 on Wednesday. Later, on profitselling, it nosedived to end at Rs 1,231, showing a sharp setback of Rs 16.50 over the last weeks mark of Rs 1,247.50.