Wide fluctuations marked trading on the Mumbai bullion market last week. Silver rebounded but gold did not due to the recent heavy inflow.
About 170 tonne of gold has been imported after the import policy liberalisation. The demand has been limited.
Imported silver supplies have been very limited and the market had to resort to supplies of old coins and silver wares etc. Consequently, values recovered on moderate marriage season demand. Overseas advice was encouraging with gold rising to $294 per ounce and silver to $5.90 per ounce. Standard mint gold commenced last week at Rs 4,040, against the previous close of Rs 4,030 but was unable to maintain the rate, declining to the low of Rs 3,945 on Friday to close up at Rs 4,090 per 10 gms. Gold 22 carat fluctuated between Rs 3,740 and Rs 3,650 on Friday. Gold official biscuits dropped from Rs 47,300 to Rs 46,200. Ready silver .999 fineness commenced last week at Rs 8,276, against the previous close of Rs 8,315 and on quiet overseas advices drifted to the low of Rs 8,120.
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Encouraging overseas advices and poor imported supplies lifted the values to a high of Rs 8,305 to end the week at Rs 8,175 per kg. Silver .916 fineness fluctuated between Rs 8,216 and Rs 8,020 per quintal. Tenderable silver was quoted Rs 5 higher than ready silver .999 fineness.
Grains: A further drop of Rs 50 in wheat and Rs 100 in gram provided the main feature of trading on the Mumbai grains market last week. Reports from upcountry centres were discouraging and prices were on the decline due to cash crunch.
Wheat prices fell by Rs 50 over the last week due to rise in new crop supplies from Gujarat. Reports say, new crop inferior wheat in Gujarat were Rs 675-725 and superior at Rs 750-800 per quintal. Punjab inferior varieties dropped to Rs 675-700 and Gujarat new at Rs 725-825. Maharashtra wheat found buyers at Rs 675-775. M P Y-1 ruled quiet at Rs 750-850 and Shihori Pissi at Rs 800-1,000. The demand was at a low ebb. Rice ruled quietly steady with Andhra Pradesh SLO lower at Rs 925-975. Gujarat-17 fetched Rs 1,150-1,650 and Kolam Rs 1,350-2,100.
Basmati was offered between Rs 4,000 and Rs 5,500. Activity in coarse grains was at a low ebb and prices ruled steady. Jowar Sholapur was traded at Rs 600-900, H-5 at Rs 400-500 and H-9 at Rs 525-550. Bajra Maharashtra was offered steady at Rs 500-800 and Gujarat small at Rs 550-750 and bold at Rs 800-900. Maize ruled steady at Rs 475-600.
In pulses, a fall of about Rs 100 was seen in gram with deshi gram at Rs 1,600-1,700 and kabli at Rs 1,550-1,650. Gram dal declined to Rs 1,900-2,100. Prices ruled steady for moong at Rs 1,750-2,400 and moong dal at Rs 2,400-2,600.
Masoor and its dal lost ground at Rs 1,700-1,750 and Rs 1,900-2,000 respectively. Urad ruled steady at Rs 1,225-1,250 and urad dal at Rs 1,900-2,000. Peas green was steady at Rs 1,275 and white at Rs 1,075 per quintal.
Tur recededon crop arrivals. New crop tur fetched Rs 1,425 and old at Rs 1,300-1,350. Tur dal was steady at Rs 2,500-2,800 per quintal. The demand was low.
Oilseeds: Resuming on an optimistic note in the absence of follow up support, castorseed futures ruled easy on the Mumbai oilseeds market last week. In the spot section, prices ruled quiet due to Gujarat inflow.
In edible oils, groundnut oil ruled steady to better but the rising trend was arrested due to limited demand.
Palmolein was firm on higher Malaysian advice. Castorseed March commenced at Rs 1,182.50 against the last close of Rs 1,180.50.
On Monday it touched a high of Rs 1,184. It later declined to end the week at Rs 1,175 per quintal.
Ready castorseed Madras small fetched Rs 1,214 per quintal. Castor oil commercial ruled at Rs 273 on Friday.
Groundnut oil was at Rs 366, but eased to Rs 363 on Friday. Palmolein was traded on Friday at Rs 305 per 10 kg.
Cottonseed refined oil ruled on Friday at Rs 314 from the Monday high of Rs 316 per 10 kg. In view of the rise in cotton prices. Cottonseed oil, too, hardened.