Edible oil prices dropped in the wholesale oils and oilseeds market during the past week due to due to slackness in demand at existing higher levels amid weakening global trends.
Sentiments turned bearish as palm oil tumbled to the its three-months low in the global markets on speculations that output in Malaysia, the second-largest producer, may grow this year.
Traders said adequate stocks available in the market against fall in demand from millers and local parties at existing levels also weighed on the edible oil prices.
Reduced offtake by consuming industries amid increased supplies led to the fall in select non-edible oil prices, they added. In the edible section, crude palm oil (ex-kandla) suffered the most and dropped by Rs 290 to Rs 5,360 per quintal in tandem with a weakening trend overseas.
Palmolein (rbd) and Palmolein (kandla) followed suit and tumbled by Rs 280 and Rs 230 to Rs 5,920 and Rs 5,720, respectively. Soyabean refined mill delivery (Indore) and soyabean degum (Kandla) fell by Rs 180 and Rs 150 to Rs 6,260 and Rs 5,900 per quintal, respectively.
In line with a general weakening trend, groundnut mill delivery oil (Gujarat) fell by Rs 100 to Rs 7,400 per quintal and groundnut solvent refined lost Rs 70 to Rs 1,300-1,310 per tin.
Cottonseed mill delivery oil (Haryana) lost Rs 100 to Rs 5,750 per quintal. In the non-edible section, linseed oil declined by Rs 50 to Rs 4,600 per quintal on lack paint units demand.
Castor oil also shed Rs 50 to Rs 8,700-8,800 per quintal.
Grains: Wheat and its product prices moved up in the wholesale grains market during the past week on fresh buying by flour mills, to meet the ongoing marriage season demand.
Wheat production is likely to exceed the current estimate by 2.5 million tonnes to touch 84 million tonnes. Some other bold grains also strengthened on increased demand against restricted supplies.
Traders said buying by flour mills to meet the ongoing marriage season demand mainly led to the rise in wheat and its product prices but higher production estimates restricted the gains.
In the national capital, wheat dara (for mills) rose by Rs 10 to Rs 1,340-1,345 per quintal. Atta chakki delivery followed suit and traded higher by the same margin to Rs 1,345-1,350 per 90 kg.
Maida and sooji also moved up by Rs 10 and Rs 20 to Rs 790-820 and Rs 820-840 per 50 kg, respectively, in line with the rise in wheat prices.
Bajra and maize gained Rs 30 and Rs 20 to Rs 835-845 and Rs 1,175-1,185 per quintal, respectively. Jowar yellow and white rose by Rs 25 each to Rs 875-975 and Rs 1,700-1,750, respectively, while barley inched up by Rs 10 to Rs 1,260-1,280 per quintal.
Pulses: In mixed pattern of trading, select commodities declined on the wholesale pulses market during the past week on adequate stocks, following increased arrivals against sluggish demand, while a few others showed strength on buying support from retailers driven by the ongoing marriage season.
Traders said adequate stocks against subdued demand mainly led to a fall in select wholesale pulses prices in the national capital. Expectations of higher production this year also put some pressure on the select pulses prices, they said.
Meanwhile, state-run trading company STC invited bids for the import of 12,000 tonnes of pulses for sale in the domestic market.
Masoor small and bold declined by Rs 100 each to Rs 3,200-3,300 and Rs 3,350-3,600, while dal masoor local and best quality lost Rs 200 each to Rs 3,800-3,900 and Rs 4,050-4,350 per quintal.
Malka local and best shed Rs 100 each to Rs 3,800-3,850 and Rs 3,950-4,050 and arhar and its dal dara variety were also traded lower by Rs 50 each to Rs 3,800-3,900 and Rs 5,150-5,550 per quintal.
On the other hand, urad rose to Rs 4,150-4,650 against last close of Rs 4,050-4,600 per quintal. Its dal chilka local,best quality and urad dal dhoya were down by Rs 50 each to Rs 5,050-5,450, Rs 5,600-5,900 and Rs 5,550-5,650 per quintal, respectively.
Gram and its dal local and best quality traded higher to Rs 2,575-2,600, Rs 2,900-2,915 and Rs 3,000-3,100 against last close of Rs 2,555-2,580, Rs 2,875-2,890 and Rs 2,975-3,075 per quintal.
Kabli gram small variety too traded higher by Rs 100 to Rs 4,200-5,600 per quintal.
Sugar: In an otherwise steady wholesale sugar market, millgate prices declined upto Rs 40 per quintal in the national capital, during the week under review, following ample stocks position on increased supply from mills.
Market analysts said besides adequate stocks position on increased month-end selling by mills, allotment of free sale sugar quota for March also put pressure on the millgate sugar prices.
Higher demand due to the marriage season, however, capped the losses and prevented further falling of prices, they said. Meanwhile, the government released free sale sugar quota of 1.68 million for the month of March.
The millgate sugar excluding duty section, Kinnoni and Asmoli varieties dropped by Rs 40 each to Rs 2,850 and Rs 2,830 per quintal, respectively.
Budhana and Dorala sugar dipped by Rs 25 each to Rs 2,750 and Rs 2,800 per quintal, respectively. Mawana sugar lost by Rs 30 to Rs 2,810, while Thanabhavan sugar prices declined by Rs 20 to Rs 2,760 per quintal.
Prices of other sweetener remained steady in limited deals, analysts added. Sugar ready medium and second grade ruled flat through the week on some support at Rs 2,940-3,065 and Rs 2,915-2,940 per quintal, respectively.
Mill delivery medium and second grade prices also maintained last week's closing levels of Rs 2,700-2,850 and Rs 2,685-2,825 per quintal, respectively.
Jaggery: Barring a fall in gur pedi and shakkar on mounting of stocks, gur varieties ruled quiet in the wholesale gur (jaggery) market during the week under review on limited buying support.
Muzaffarnagar and Muradnagar gur market also ended on a flat note on thin trade. Market analysts said easy supply of sugarcane, mainly pulled down the prices of gur pedi and shakkar.
Lower demand from neighbouring states also dampened the trading sentiments, they added.
In Delhi, gur pedi and shakkar prices dropped by Rs 50 each to Rs 2,200-2,250 and Rs 2,400-2,450 per quintal, respectively. However, gur chakku and dhayya prices maintained previous week's closing levels of Rs 2,200-2,250 and Rs 2,250-2,300 per quintal, respectively.
At Muzaffarnagar, gur chakku and khurpa ruled steady at Rs 2,000-2,200 and Rs 1,950-2,000 per quintal, respectively. Gur raskat prices also ended quiet at Rs 1,750-1,850 due to sporadic buying by beer making industries.
In Muradnagar, gur pedi and dhayya prices remained unchanged at Rs 2,000-2,050 each per quintal on some support.
Dry Fruits: Wholesale dry fruit prices surged in the national capital during the week largely on the back of increased buying by stockists and retailers for the marriage season amid restricted arrivals.
Traders said tight stock positions following restricted arrivals from producing region and overseas market influenced the prices. They said trading sentiments also remained firm mostly on increased offtake by stockists and retailers to meet the ongoing marriage season demand.
Almond (California) prices rose by Rs 200 to Rs 10,000 per 40 kg, while its kernel moved up to Rs 350-360 from previous closing of Rs 345-350 per kg. Almond (Girdhi) increased by Rs 150 to conclude at Rs 2,850-2,950 per 40 kg.
Chilgoza (roasted) rose by Rs 100 to finish at Rs 1,500-1,600 per kg. Cashew kernel No 180, No 210, No 240 and No 320 rose by Rs 5 to settle at Rs 645-655 Rs 600-610, Rs 535-545 and Rs 450-470 per kg, respectively.
Copra prices traded higher at Rs 7,950-8,050, against previous closing of Rs 7,900-8,000 per quintal. Kishmish kandhari special increased by Rs 500 to settled at Rs 13,000-20,500 per 40 kg.
Walnut and its kernel prices also traded higher at Rs 250-300 and Rs 500-775, against previous closing at Rs 200-265 and Rs 490-740 per kg, respectively.
Kirana: Select spices led by pepper and cardamom, traded higher in the national capital during the week under review on firm local and export demand against tight stock positions due to fall in supplies from producing belts.
Market analysts said apart from fall in supplies from producing regions, firming trend in the futures markets and pick-up in demand also influenced the trading in the wholesale kirana market.
Black pepper prices rose by Rs 100 to settled at Rs 23,700-23,900 per quintal on fresh buying by local stockists and exporters. Cardamom brown jhundiwali and kanchicut prices traded higher at Rs 1,040-1,050 and Rs 1,150-1,300 against previous closing of Rs 1,020-1,030 and Rs 1,100-1,250 per kg, respectively.
Cardamom small varieties such as chitridar, colour robin, bold and extra bold also increased up to Rs 50 to settled at Rs 1,030-1,050, Rs 1,000-1,100, Rs 1,020-1,070 and Rs 1,160-1,250 per kg, respectively.
Dhania prices rose by Rs 300 to conclude at Rs 5,500-10,000 per quintal. Kalaunji prices increased by Rs 500 to conclude at Rs 11,000-12,000 per quintal. Red chilli and turmeric surged up to Rs 500 to Rs 7,200-13,000 and Rs 13,500-16,800 per quintal, respectively on short supply against heavy demand from retailers and exporters.
Jeera common and jeera best quality also traded higher at Rs 16,000-16,200 and Rs 17,500-18,500 against last closing of Rs 14,800-15,000 and Rs 15,900-17,200 per quintal on reports of damage of crops and short supply from Unjha mandis in (Gujarat) due to unseasional rains.
