Prices of select edible oils continued their upward trend this week at the wholesale oils and oilseeds market here on increased buying by vanaspati millers and retailers. A few oils in the non-edible section, also showed some strength on the back of pick up in industrial demand.
Sentiments remained strong in edible oils as vanaspati millers continued their buying activity to meet ongoing marriage season demand. Reports of rising trend at producing regions and firm trend in Malaysian palm oil too had a positive impact, traders said.
Palm oil futures ended the week with gains in Malaysia as crude oil surged after investors speculated that higher exports during last month may have cut the stockpiles.
Palm oil futures for the August-delivery contract strengthened to $755 a metric tonne on the Malaysia Derivatives Exchange.
In the National Capital, mustard expeller oil, which remained steady for the major part of week, found fresh local support at the fag-end and ended Rs 30 higher at Rs 4,700 per quintal. Crude palm oil (ex-kandla) and palmolein (rbd) oils also moved up by Rs 20 and Rs 10 to Rs 3,770 and Rs 4,250 per quintal on higher overseas advices.
However, soyabean refined mill delivery(Indore) and soyabean degum (Delhi) lacked necessary buying support and declined by Rs 50 and Rs 40 to Rs 4,500 and Rs 4,360 per quintal. Meanwhile, groundnut mill delivery (Gujarat) and cottonseed mill delivery (Haryana) remained steady at Rs 7,100 and Rs 4,100 per quintal in restricted buying activity.
In the non-edible section, castor oil gained Rs 50 to Rs 6,850-6,950 per quintal on pick up industrial demand. Neem oil also traded higher by Rs 50 to Rs 3,650-3,750 per quintal on fresh enquiries from soap industries.
More From This Section
GRAINS: Wheat prices rose smartly on the wholesale market here during the week on increased buying from flour mills against slow down in arrivals from producing belts. Reports of a fall in procurement of wheat by government agencies partly supported the uptrend in prices.
Barley and maize also gained on pick up in demand from consuming industries such as beer and cattle-feed producers.
Marketmen said increased buying of wheat by flour mills in view of ongoing marriage season and a decline in procurement by the government this season so far, mainly influenced the trading sentiment.
Wheat procurement has dropped nearly six per cent to 22.41 million tonnes so far in the current marketing year that commenced on April 1, despite record production, according to the government data.
Wheat dara for floor mills remained in demand and shot by further by Rs 35 to Rs 1,240-1,245 while wheat deshi held steady at Rs 1750-1850 per quintal.
Atta chakki delivery followed suit and strengthened by Rs 40 to Rs 1250-1255 per 90 kg, while atta flour mills rose by Rs 35 to Rs 650-670 per 50 kg. Wheat products such as maida and sooji jumped up by Rs 50 each to Rs 740-770 and Rs 780-800 per 50 kg.
Other grains like, barley spurted by Rs 40 to Rs 1,000-1,020 per quintal on pick up in demand from beer makers. Maize too traded higher by Rs 10 to Rs 970-980 per quintal.
PULSES: Prices of select commodities fell further at the wholesale market here this week on increased supplies from producing region against sluggish demand at existing higher levels.
Marketmen said adequate stocks position following increased arrivals from the producing regions against fall in demand at existing higher levels mainly pulled down the select wholesale pulses prices. They said expectations of higher production and increased imports of the commodity too put pressure on the prices.
Reports of state-owned trading agency PEC inviting bids for 900 tonnes of pulses for sale in open markets, caused fears of adequate stock position, they added. Urad and its dal chilka local fell by Rs 50 and Rs 100 to Rs 5,200-5,750 and Rs 6,400-6,800, while moong dal chilka local lost Rs 50 to Rs 7,100-7,500 per quintal.
Arhar and dal dara variety followed suit and traded lower by Rs 100 each to Rs 4,700-4,800 and Rs 5,650-6,050 per quintal. In line with a general weakening trend, gram shed Rs 25 to Rs 2,125-2,200, while rajmah chitra (Pune) and (China) lost Rs 100 each to Rs 3,400-4,000 and Rs 3,500-4,000 per quintal.
SUGAR: Prices of sugar declined nearly Rs 130 per quintal in the National Capital during the week following ample supply amid reduced offtake by bulk consumers and retail customers. Releasing of higher then expected sugar quota for the current month by the government mainly weighed on prices.
Lower outside advices triggered by reduced offtake by bulk consumers such as soft-drink and ice-cream makers too dampened the trading sentiments, they added.
Sugar ready medium and second grade price slipped from the last week's close of Rs 2,950-3,050 and Rs 2,940-3,040 to settle at Rs 2,875-2,960 and Rs 2,865-2,950, persisting a net loss of Rs 90 per quintal. Mill delivery medium and second grade price also declined from Rs 2,780-3,000 and Rs 2,770-2,990 to finish at Rs 2,750 -2,870 and Rs 2,740-2,860, showing a net loss of Rs 130 per quintal.
Among millgate section, sugar Titabi, Mawana and Dorala plummeted up to Rs 120 to Rs 2,870, Rs 2,850 and Rs 2,845 per quintal respectively. Kinnoni and Asmoli also went down over Rs 100 to Rs 2,920 and Rs 2,910 per quintal respectively.
DRY FRUITS: Prices of almond and pistachio rose at the wholesale market here this week on the back of fresh buying by stockists to meet marriage season demand. Low arrivals from producing regions and holding back of stocks by speculators on hopes of rise in prices pushed up select dry fruits prices.
Almond (California) rose by Rs 150 to Rs 11,000 per 40 kg. Its kernel too strengthened by Rs 5 to Rs 375-380 from previous week's close of Rs 370-375 per kg.
Cashew kernel No 180, No 210, No 240 and No 320 rose by Rs 5 each to conclude at Rs 495-505, Rs 465-470 Rs 385-390 and Rs 355-365 per kg respectively. Copra prices rose to Rs 5,600-6,400 from previous closing of Rs 5,500-6,300 per quintal.
Pistachio (Irani, hairati and peshawari) also surged up to Rs 80 to settle at Rs 860-920, Rs 1,550-1,600 and Rs 1,700-1,750 per kg respectively.
KIRANA: Select spices led by cardamom, traded higher in the National Capital during the week on the back of increased demand from stockist and retailers amid tight stocks position. Fall in supplies from producing regions also influenced select spice prices.
Traders said increased offtake by local parties as well as stockists and firming trend in most of the spices in futures trading, also buoyed the trading sentiments.
Cardamom brown (Jhundiwali and Kanchicut) traded higher at Rs 850-900 and Rs 1,000-1,050 against previous week's closing of Rs 600-605 and Rs 645-690 per kg, cardamom small varieties such as chitrdiar, colour robin, bold and extra bold too strengthened up to Rs 350 to conclude at Rs 1,250-1,350, Rs 1,450-1,140, Rs 1,450-1,570 and Rs 1,550-1,700 per kg on tight supply and firm local and upcountry demand.
Dry mango (superior quality) rose by Rs 500 to finish at Rs 6,000-8,000 from last close of Rs 6,000-7,500 per quintal. Kalaunji gained Rs 300 to settle at Rs 8,600-9,700 per quintal.
Mace-red and yellow shot up in the range of Rs 10-40 to Rs 890-1010 and Rs 1,090-1,160 per kg. Turmeric prices traded higher at Rs 16,800-18,500 as compared with Rs 16,000-16,500 per quintal. On the other hand, black pepper prices declined by Rs 300 to conclude at Rs 16,300-15,400 per quintal.
Jeera common and jeera best quality also declined by Rs 200 to settle at Rs 12,100-12,400 and Rs 13,500-14,100 per quintal respectively.