Edible oils continued to slide for the third straight week on the wholesale oils and oilseeds market on subdued demand from vanaspati millers and retailers amid weak global cues. However, groundnut mill delivery oil (Gujarat) found selective buying support from retailers and moved up.
A few oils in the non-edible segment, remained under pressure largely owing to reduced offtake by consuming industries amid increased stocks position.
Trading sentiments in edible oils remained weak as palm oil dropped in global markets after a plunge in crude oil prices reduced the appeal of vegetable oils as biofuel feedstock and on speculation that Malaysian production will continue to grow.
The palm oil fell 2.5% at $1,024 per metric tonne on the Malaysia Derivatives Exchange this week, the worst losing run since January 2010. Also, sluggish demand from millers as well as local parties too weighed on the edible oil prices here, traders said.
Meanwhile, state-owned trading firm MMTC invited bids for import of 16,200 tonnes of RBD palmolein for sale in the domestic market. In the edible section, mustard expeller oil (Dadri) remained under pressure and declined by Rs 30 to Rs 5,700 per quintal.
Mustard pakki and kachi ghani oils followed suit and shed Rs 5 each to Rs 750-905 and Rs 905-1,005 per tin of 15 litres, respectively.
Sesame mill delivery and cottonseed mill delivery (Haryana) oils fell by Rs 20 and Rs 50 to Rs 6,180 and Rs 5,450 per quintal, respectively. Taking cues from overseas markets, soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils drifted by Rs 20 and Rs 10 to Rs 6,200 and Rs 5,810 per quintal.
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Crude palm oil (ex-kandla) shed Rs 20 to Rs 5,180, while palmolein (rbd) and palmolein (Kandla) oils traded lower by the same margin to Rs 5,680 and Rs 5,380 per quintal, respectively.
On the other hand, groundnut mill delivery oil (Gujrat) moved up by Rs 200 to Rs 8,200 per quintal. In the non-edible section, castor oil declined by Rs 20 to Rs 8,480-8,580 per quintal on reduced industrial offtake.
Neem oil also weakened by Rs 20 to Rs 4,080-Rs 4,180 per quintal on sluggish demand from soap units.
Grains: Weak conditions developed on the wholesale grains market during the week under review as wheat and other grains prices moved down on sluggish demand against adequate stocks. However, bajra showed somewhat firmness on scattered demand from consuming industries.
Traders attributed fall in wheat prices to adequate stocks position following increased arrivals amid record procurement of grain by the government on the back of record output this season. Besides, reduced offtake by flour mills also put some pressure on the wheat prices, they said.
In the national capital, wheat dara (for mills) declined by Rs 20 to Rs to Rs 1,180-1,185 while wheat deshi remained steady at Rs 1,600-1,750 per quintal. Atta chakki delivery followed suit and traded lower by the same margin to Rs 1,185-1,190 per 90 kg.
Atta flour mills and sooji also weakned by Rs 5 and Rs 10 to Rs 635-655 and Rs 730-755 per 50 kg respectively.
In line with a general weakening trend, maize and barley fell by Rs 50 each to Rs 1,160-1,170 and Rs 1,210-1,235, while jowar yellow shed Rs 20 to Rs 980-1,050 per quintal. On the other hand, bajra moved up by Rs 30 to Rs 1,070- Rs 1,080 per quintal on scattered demand from consuming industries.
PULSES: Select pulses, led by rajmah chitra and kabli gram, strengthened on the wholesale pulses market during the week under review on increased buying by stockists and retailers against slow down in arrivals from producing belts.
However, urad and its dal chilka local declined on lack of follow up support at prevailing levels. Traders said increased buying by stockists, supported by a rise in retailers' demand against slow down in arrivals mainly pushed up select wholesale pulses prices.
Meanwhile, state-owned trading firm MMTC invited bids for the sale of 2,000 tonne of pulses in the domestic market.
In the national capital, rajma chitra (Pune), (China) and red varieties attracted fresh buying support from retailers and higher higher at Rs 3,800-4,200, Rs 4,000-4,200 and Rs 4,100-4,200 against last close of Rs 3,550-3,950, Rs 3,900-4,150 and Rs 3,850-3,950 per quintal respectively.
Kabli gram small variety also seen in good demand and advanced by Rs 150 to Rs 5,400-6,900 per quintal.
Gram and its dal local and best quality, after remaining steady for the major part of week, rose to Rs 2,525-2,550, Rs 3,000-3,015 and Rs 3,100-3,225 as compared to previous close of Rs 2,500-2,525, Rs 2,950-2,965 and Rs 3,050-3,175 per quintal respectively.
On the other hand, urad and its dal chilka local declined by Rs 50 each to Rs 3,950-4,350 and Rs 4,850-5,250 per quintal.
SUGAR: The wholesale sugar market depicted a firm trend at national capital during the past week as prices rose following fresh buying by stokists and bulk consumers against restricted supply, and ended higher up to Rs 40 per quintal.
Marketmen said that pick up in summer season demand from stockists and bulk consumers such as softdrink and ice-cream makers against reduced arrivals from mills, mainly pushed up sugar prices. The government allowing export of additional five lakh tonnes of sugar, also boosted the market sentment, they said.
Sugar ready medium and second grade prices improved from Rs 2,880-2,960 and Rs 2,850-2,960 to Rs 2,910-3,000 and Rs 2,880-2,985 per quintal, showing gains up to Rs 40 a quintal.
Mill delivery medium and second grade prices also advanced from Rs 2,680-2,850 and Rs 2,650-2,825 to finish at Rs 2,700-2,890 and Rs 2,680-2,865 per quintal respectively. Among millgate excluding duty section, sugar kinnoni hardened by Rs 30 to Rs 2,860 per quintal and Asmoli spurted by Rs 40 at Rs 2,850 per quintal.
Mawana sugar prices strengthened by Rs 15 to Rs 2,775 per quitnal
JAGGERY: In an otherwise steady jaggery market, gur chakku prices rose by Rs 50 per quintal during the week under review at the national capital on less arrivals from manufacturing areas amid local buying.
On the other hand, gur raskat prices declined by Rs 50 per quintal in Muzaffarnagar gur markets on reduced offtake by alcohol making industries.
Marketmen said ample supply of sugar-cane and slackness in demand mainly pulled down gur raskat prices in Muzaffarnagar, while gur chaku rose in Delhi on fresh demand.
In Delhi, gur chaku moved up by Rs 50 to Rs 2,750-2,850 per quintal on better offtake.
While, gur pedi, dhayya and shakkar prices ruled flat throughout the week on some support at Rs 2,900-3,000 and rest both at Rs 3,100-3,200 per quitnal. In Muzaffarnagar, gur raskat fell from Rs 2,200-2,300 to end at Rs 2,200-2,250 per quintal on reduced offtake by cattle-feed and beer making industries.
Meanwhile, prices of gur chakku maintained last week's closing levels of Rs 2,325-2,500 per quintal. At Muradnagar, gur pedi ended flat on some support at Rs 2,650-2,700 per quintal, while there was no trading in gur dhayya due to unavailability of ready stocks.
DRY FRUITS: Mixed conditions prevailed on the wholesale dry fruits market during the week under review, with prices of almond and cashew rising on pick-up in demand, while that of copra and pistachio weakened.
Stocks being held by speculators amidst negligible arrivals from production centres, led to the rise in select dry fruits prices. Almond (california) prices strengthened by Rs 100 to Rs 10,800 per 40 kg, while its kernel moved up to Rs 380-390 from previous close of Rs 375-385 per kg, respectively.
Cashew kernel No 180, No 210, No 240 and No 320 rose by Rs 5 each to Rs 655-675, Rs 605-630, Rs 555-580 and Rs 505--550 and it ended at at Rs 410-490, Rs 400-460 and Rs 350-415 per kg, respectively.
On the other hand, copra prices declined by Rs 100 to finish at Rs 7,500-7,700 per quintal. Pistachio hairati and peshawari prices also drifted by Rs 30 to closed at Rs 875-900 and Rs 1,080-1,130.
Kirana: Prices of black pepper and jeera shot up in the wholesale market of the national capital during the week under review on emergence of brisk buying by stockists amid pick up in exports demand.
A firm trend at the growing regions also supported the upside in the prices. Traders said buying activity picked up largely on account of marriage season.
Black pepper prices shot up to Rs 27,900-28,100 from previous week's close of Rs 27,800-27,900 per quintal on brisk buying by stockists and exporters. Cardamom brown (Jhundiwali and Kanchicut) surged upto Rs 60 to Rs 900-930 and Rs 1,050-1,200 per kg.
Cardamom small varieties such as chitridar, colour robin, bold and extra bold rose up to Rs 50 to settle at Rs 1620-650, Rs 630-670, Rs 650-700 and Rs 900-930 per kg, respectively. Cloves prices traded higher at Rs 670-740, against the previous closing of Rs 650-710 per kg on thin arrivals.
Red chilli and turmeric prices rose by Rs 100 each to settled at Rs 9,000-13,000 and Rs 8,100-14,100 per quintal respectively. Jeera common and jeera best quality also surged up to Rs 300 to conclude at Rs 14,100-14,300 and Rs 16,300-16,400 per quintal on buying support.
BULLION: A major slump in precious metals was the feature of trading on the bullion market during the past week on heavy sell-off by stockists and speculators, triggered by a sharp fall in their prices in global markets.
Selling pressure gathered momentum after gold fell in global markets as a pledge by European Union leaders to stabilise the region’s economy slashed demand for the metals as a haven.
Gold in global markets, which normally set price trend on the domestic front, fell $19.60 to $1,500.90 an ounce, its lowest settlement since May 19 and silver by 36 cents to $34.07 an ounce. Besides, sluggish demand from stockists and jewellers at prevailing higher levels further dampened the trading sentiment.
On the domestic front, gold of 99.9 and 99.5% purity commenced higher at Rs 22,845 and Rs 22,725 per ten gram respectively. Towards the fag-end, it met heavy selling in tandem with weakening global trend and slipped to settle at Rs 22,370 and Rs 22,250 per gram, recorded a sharp fall of Rs 375 against last week's close.
Sovereign, which remained steady major part of week, shed Rs 50 to Rs 18,650 per piece of eight gram on late selling by stockists.
Silver ready commenced higher at Rs 54,800 but fell down on heavy selling in line with weakening global trend and settled lower by Rs 1,600 to Rs 52,550 per kg. Similarly, the silver weekly-based delivery lost Rs 1,965 to Rs 51,845 per kg.
Silver coins also dipped by Rs 4,000 to Rs 58,000 for buying and Rs 59,000 for selling of 100 pieces.