Weekly Market Report

KIRANA: The wholesale kirana market firmed up during the past week, as prices surged largely on fresh buying by stockists for the ongoing marriage season against restricted arrival from producing regions.

Traders said increased offtake by local parties as well as stockists and a firm trend in most spices in futures trade, mainly buoyed the trading sentiments.

Exports demand also influenced select spices' prices, they said. Black pepper prices rose by Rs 500 to Rs 22,300-22,400 per quintal.

Cardamom brown (Jhundiwali and Kanchicut) traded higher at Rs 900-950 and Rs 900-1,050 from previous closing of Rs 890-900 and Rs 850-980 and its small varieties such as chitridar, colour robin, bold and extra bold also surged up to Rs 70 to conclude at Rs 1,050-1,150, Rs 1,000-1,050, Rs 1,000--1,050 and Rs 1,150-1,160 per kg, respectively.    

Dhania and dry ginger (inferior quality) prices traded higher at Rs 3,800-9,800 and Rs 22,500-26,000 against previous closing of Rs 3,500-9,800 and Rs 21,000-26,000 per quintal respectively.  

Mace-yellow prices increased up to Rs 30 to conclude at Rs 1,450-1,500 per kg.

Red chilli and turmeric prices rose in the range of Rs 300 to Rs 500 to settle at Rs 5,300-11,000 and Rs 18,500-21,500 per quintal respectively.

Watermelon kernel went up by Rs 15 to closed at Rs 170 per kg. Jeera common and jeera best quality also rose by Rs 100 to Rs 13,300-13,500 and Rs 14,600-15,100 per quintal, respectively.

Bullion: Gold setting a record level of Rs 20,800 per ten grams was the feature of trading in the bullion market during the past week as stockists and jewellers indulged in creating positions to meet the ongoing marriage season demand, amid a firming global trend.  

However, fag-end selling pulled down the gold prices.

On the other hand, silver set a peak level of Rs 42,500 per kg but late selling placed the metal's prices a little lower than the previous week's close.

The precious metals commenced on a better note and continued to rise on day-to-day buying and touched all-time high record levels, before developing a divergent trend. 

Traders said there was heavy demand among jewellers and retail customers for the ongoing marriage season. They said shifting of funds from melting stock markets to rising bullion further supported the uptrend. 

The gold of 99.9 per cent purity settled higher by Rs 310 to Rs 20,670 per ten gram. The metal of 99.5 per cent purity added Rs 290 to Rs 20,550 per ten gram.

Sovereign also rose by Rs 200 to Rs 16,600 per piece of eight gram. On the other hand, silver falling from records in late trading pulled down the prices by Rs 470 to Rs 41,530 per kg and weekly-based delivery by Rs 675 to Rs 40,880 per kg.

Buying in silver coins kept the prices in positive zone and settled higher by Rs 800 to Rs 45,900 for buying and Rs 46,000 for selling of 100 pieces.