After the start of trading, things came to a standstill on the Mumbai grains market last week.
Prices were steady at the beginning of the week and no trading took place throughout the week as traders protested against the increase in the quantum of cess from 10 paise per hundred to thirty paise.
At the same time Navi Mumbai Municipality asked traders to register with the Municipality and pay higher cess, in lieu of the octroi duty.
When the markets were shifted from Masjid Bunder, traders were assured that no taxes would be levied, while now gradually the rate of taxes had been increased.
It was for the first time that all fourteen trade organisations situated at Navi, Mumbai observed complete bandh.
Sources said the issue will be thrashed out at higher levels. In case of a settlement trading will commence on the Mumbai grains market at the start of the week. If the strike continues further, it would have very serious implications on the supplies to the consumers on the occasion of 'nav ratri' festivities.
Even traders doing business in imported pluses at the Masjid Bunder also refrained from doing business in sympathy with Navi Mumbai traders.
Oilseeds weekly:Castorseed futures and spot prices ruled easy on the Mumbai oilseeds market last week.
Prices recovered in edible oil with both groundnut oil and palmolein demand higher.
The trading was more of a speculative nature and lacked hedging facilities available to producers or exporters.
Trading interest in Castorseed futures was at a low ebb as Ahmedabad advices were discouraging.
Ahmedabad Castorseed contract ruled weak in view of increased inflow of castorseed in Gujarat to the extent of 7,000 bags a day.
Crop prospects are very bright. At the same time, with the start of the supplies of Brazilian castor oil on world market, the demand for Indian castor oil had slowed down considerably.
Castroseed December commenced at Rs 1,161.50, a rupee lower than the previous close and was unable to break the Rs 1,162.50 level from which it had dropped to the low of Rs 1,153.50 to end the week at Rs 1156.50 per quintal.
Ready castorseed Madras small declined from Rs 1,190 to Rs 1,181 per quintal. Castor oil commercial declined from Rs 268 to Rs 266 per 10 kg.
In edible oils, groundnut oil, on higher Rajkot advices coupled with the beginning of the month demand, rose from the low of Rs 332 to Rs 342 per 10 kg.
Rajkot tin moved up from Rs. 522 to Rs 528 Palmoleine firmed up from Rs 266 to Rs 270 on higher Malaysian palm oil advices. At the same time, the State Trading Corporation bought about 12,000 tonnes of oils there.
Bullion weekly:-A buoyant condition marked trading on the Mumbai bullion market last week.
Mid-week saw an upsurge with gold touching a high of Rs 4,610, gainingRs 200 from the prvious Saturday level but the gains attracted offerings and values receded to close large on balance gains. Silver too touched a high of Rs 7,325 but the absence of fresh demand at higher levels coupled with the reactionary fall overseas caused a modest at the higher levels.Despite the shradha paksha values flared up on firmness in the precious metal prices abroad.
The seasonal demand would help values to be maintained at higher levels till the end of the marriage season in June next, provided the overseas advices are bearish in the coming days, as feared by the supply of the Central Banks in Europe.
After a pretty long resistance in foreign markets when gold prices attracted support below Pound 320 per ounce level, heavy short selling and limited selling pressure from mines at lower levels, ultimately turned into a steep flare up in prices and gold crossed technical resistance level of
