Edible oils strengthen on millers buying, tight supply

Prices of edible oils rose at the wholesale oils and oilseeds market during the week on persistent demand from vanaspati millers and retailers against tight stocks on restricted supplies from producing belts.
A few oils in the non-edible section, also finished in positive zone on rising demand from consuming industries.
Marketmen said increased buying by vanaspati millers to meet rising demand from retailers amid paucity of stocks on fall in supplies from producing regions mainly kept edible oil prices higher.
In the national capital, groundnut mill delivery (Gujarat) oil climbed by Rs 400 to Rs 12,200 per quintal, while groundnut solvent refined edged up by Rs 10 to Rs 1,910-1,960 per tin.

Mustard expeller (Dadri) and cottonseed mill delivery (Haryana) oils rose by Rs 100 and Rs 200 to Rs 8,300 and Rs 6,400 per quintal, respectively.
In line with overall trend, palmolein (RBD) and palmolein (Kandla) oils edged up by Rs 50 each to Rs 5,800 and Rs 5,850, while crude palm oil (ex-kandla) traded higher by a similar margin to Rs 4,400 per quintal, respectively.

Soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils too edged up by a similar margin to Rs 6,750 and Rs 6,450 per quintal, respectively.
Among non-edible oils, linseed found scattered buying support from paint industries and ended higher by Rs 50 to Rs 9,750 per quintal.

Grains: Prices of select grains, led by maize firmed up at
the wholesale grains market during the week due to increased offtake by consuming industries against restricted supplies from producing belts.
However, wheat softened on adequate stocks against reduced offtake by flour mills.
Traders said besides increased offtake by consuming industries, restricted supplies from producing regions mainly attributed the rise in maize and a few other grains prices.
Meanwhile, wheat procurement has taken a hit as it has declined 18 per cent to 22.9 million tonnes so far this year following lower arrival of grains in the market despite forecast of a higher output.

In the current 2016-17 marketing year, wheat procurement has touched 22.9 million tonnes and the purchase process has almost ended.
In the national capital, maize climbed to Rs 1,625-1,635 from previous week's close of Rs 1,565-1,575 per quintal.
Jowar (yellow) traded higher by Rs 50 to Rs 1,900-2,000, per quintal, while bajra enquired higher at Rs 1,660-1,670 as compared to last close of Rs 1,640-1,645 per quintal.
Barley too edged up by Rs 10 to Rs 1,680-16,85 per quintal.
On the other hand, wheat dara (for mills) declined by Rs 5 to Rs 1,795-1,800 per quintal. Atta chakki delivery traded lower by Rs 10 to Rs 1,800-1,805 per quintal.

Pulses: Select pulses, led by urad and arhar, fell at the
wholesale market during the week largely on adequate stocks after government took steps to improve supplies and curb rising prices.
Besides, a fall in demand at prevailing higher levels too weighed on select pulses.
Marketmen said ample stocks on the back of increased supplies in the market following government's measures to check rising prices, attributed decline in urad, arhar and other pulses prices.
Besides, easing demand from retailers at existing levels fuelled the downtrend, they said.
Meanwhile, to tame spiralling prices of pulses, government sent a high-level delegation to Mozambique to explore short and long-term measures to import the commodities on a government-to-government basis.

Retail pulses prices have shot up as high as Rs 200 per kg owing to a seven million tonnes shortfall in the domestic output following two consecutive drought years.
In the national capital, urad and its dal chilka local dropped by Rs 400 each to Rs 10,400-11,900 and Rs 10,700-10,800 per quintal respectively. Its dal best quality and dhoya followed suit and traded lower by a similar margin to to Rs 10,800-11,300 and Rs 11,200-11,500 per quintal respectively.
Arhar and its dal dara variety slipped to Rs 8,900 and Rs 11,700-13,400 against last close of Rs 9,200 and Rs 12,100-13,800 per quintal, respectively.

Moong and its dal chilka local also declined by Rs 100 each to Rs 6,100-6,700 and Rs 6,650-7,050 per quintal respectively. Its dal dhoya local and best quality enquired lower by a similar margin to Rs 7,050-7,550 and Rs 7,550-7,750 per quintal respectively.
Gram too weakened to Rs 6,900-7,400 from previous week's level of Rs 7,000-7,500 per quintal.
Sugar: Amid reduced offtake by bulk consumers as well as
stockists and increased supplies from mills, sugar prices fell by up to Rs 60 per quintal at the wholesale market in the national capital during the week under review.
Marketmen said the fall in sweetner prices was mostly attributed to slackened demand from bulk consumers such as soft-drink and ice-cream makers coupled with persistent supplies from mills.

Further, government last week had imposed 20 per cent custom duty on sugar exports to boost domestic supply and check prices, too weighed on prices, they added.
Sugar mill delivery M-30 and S-30 declined by Rs 60 each to Rs 3,470-3,540 and Rs 3,460-3,530 as compared to previous week's close of Rs 3,530-3,600 and Rs 3,520-3,590 per quintal.
In tune with overall trend, sugar ready M-30 and S-30 eased by Rs 40 each to finish at Rs 3,800-3,860 and Rs 3,790-3,850 per quintal respectively.
In the millgate section, sugar Kinnoni and Asmoli dipped by Rs 60 each to end the week at Rs 3,540 and Rs 3,500 per quintal.

Sugar Dorala, Budhana, Thanabhavan, Dhanora, Simbholi, Khatuli, Dhampur, Chandpur and Sakoti slipped by Rs 40 each to settle at Rs 3,510, Rs 3,490, Rs 3,480, Rs 3,490, Rs 3,540, Rs 3,530, Rs 3,490, Rs 3,480 and Rs 3,490 per quintal respectively.
Jaggery: The wholesale gur (jaggery) market displayed a
firm trend in the national capital during the week under review with prices rising on speuclative buying by stockists, triggered by paucity of stocks, and registered gains up to Rs 200 per quintal.
On the other hand, Muzaffarnagar and Muradnagar gur markets remained steady through out the week in the absence of worthwhile activity.

Marketmen said speculative buying by stockists driven by scarcity of stocks following tight supplies from manufacturing belts due to fall in production, mainly brought the upmark in gur prices.
In Delhi, gur Dhayya prices rose sharply by Rs 200 per quintal at Rs 4,100-4,200 per quintal.
Gur pedi and Shakkar also spurted by Rs 100 each to settle the week at Rs 3,900-4,000 and Rs 4,100-4,200 per quintal.
Meanwhile, gur chakku prices remained unaltered at Rs 3,600-3,700 per quintal on little doing.
At Muzaffarnagar, prices of gur chakku and raskat settled the week flat at Rs 3,300-3,400 and Rs 2,800-2,850 per quintal respectively.
At Muradnagar, gur pedi ended steady at Rs 3,500-3,550 per quintal on scattered deals.
Dryfruits: Firm conditions emerged at the wholesale market
in the national capital during the week as dry fruit prices rose on the back of increased buying by stockists and retailers, supported by rising domestic and export demand.
Tight stocks following restricted arrivals from producing regions and overseas markets too influenced prices.
Sentiment remained firm mostly on increased offtake by stockists and retailers, triggered by domestic and export demand, market participants said.
Almond gurbandi and girdhi prices were higher by Rs 100 each to conclude at Rs 10,600-10,700 and Rs 5,300-5,600 per 40 kg, respectively.
Cashew kernel No 180, No 210, No 240 and No 320 rose by Rs 5 each to conclude at Rs 900-930, Rs 840-850, Rs 750-760 and Rs 675-700 per kg, respectively.
Its broken pieces (2, 4 and 8 pieces) also gained Rs 5 each at Rs 575-655, Rs 545-645 and Rs 535-615 per kg, respectively.
Copra prices increased by Rs 100 to conclude at Rs 9,200-11,500 per quintal.
Coconut powder traded higher at Rs 2,600-2,700 against previous closing of Rs 2,550-2,650 per 25 kg.
Kishmish Indian yellow and green rose by Rs 100 each to finish at Rs 2,800-4,500 and Rs 5,000-9,000 per 40 kg.
Kirana: An upward trend in prices of black pepper and
jeera continued unabated for yet another week on increased buying by retailers and stockists amid thin supplies.
Traders said persistent buying by local parties and stockists along with a firm trend in most spices in futures trading also buoyed the trading sentiments.
Besides, pick up in export demand influenced select spice prices, they said.
Black pepper prices rose by Rs 10 to conclude at Rs 730-870 per kg on pick up in exports demand.
Cardamom small varieties such as chitridar, colour robin, bold and extra bold increased up to Rs 40 to close at Rs 600-770, Rs 610-620, Rs 640-650 and Rs 630-750 per kg, respectively.
Cloves prices increased by Rs 5 to conclude at Rs 565-680 per kg.
Coriander rose by Rs 100 to conclude at Rs 7,700-14,200 per quintal.
Poppyseed (Turkey, China and MP-RAJ) inched up by Rs 10 each to finish at Rs 300-310, Rs 290-310 and Rs 335-360 per kg, respectively.
Red chilli and turmeric prices traded higher at Rs 10,100-19,100 and Rs 9,000-12,800 against previous close of Rs 10,000-19,000 and Rs 8,900-12,700 per quintal, respectively.
Bullion: Gold maintained its upward journey for the
second straight week and prices soared to hit a 26-month high of Rs 30,885 per ten gram at the bullion market, tracking a firm trend overseas as Britain voted to exit the European Union leading to bloodbath in equity and currency markets, raising demand for the safe-haven investment.
Besides, depreciation in rupee, which plunged to a four-month low of 67.96 after breaching the 68-mark to 68.21 making importers of dollar-quoted gold expensive, supported the upside in the precious metal prices.
Silver followed suit and recaptured the crucial Rs 42,000 per kg level.
Sentiment remained bullish on the back of strong global cues where gold surged the most since 2008 after the UK voted to exit the European Union, causing turmoil across markets and boosting haven demand.
Globally, gold ended the week higher at USD 1,317.94 an ounce, after touching USD 1,358.54, the highest since March 2014 while silver surged to USD 17.73 an ounce in New York.
Buying by jewellers at the domestic markets and diversion of funds from melting equity market, too influence gold prices,
they added.
In the national capital, gold of 99.9 and 99.5 per cent purity commenced the week lower at Rs 29,650 and Rs 29,500 per ten grams respectively on lack of buying support.
Later, it glittered largely in tandem with positive global cues and rallied to a 26-month high of Rs 30,885 and Rs 30,735 per ten grams, a level last seen on April 28, 2014.
However, at the fag-end it met with resistance at prevailing levels and slipped to close at Rs 30,400 and Rs 30,250 per ten grams, still showing a significant rise of of Rs 600 each.
Sovereign, also ended higher by Rs 100 at Rs 23,300 per piece of eight gram.
Tracking gold, silver ready ended the week higher by Rs 1,030 to Rs 42,390 per kg, while silver weekly-based delivery gathered Rs 900 to Rs 42,150 per kg.
In line with silver, its coins spurted by Rs 2,000 to Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.