Bullion: Sentiment stayed weak in the bullion market during the last week. Both the precious metals ruled weak on dull overseas advices.
Silver .999, which opened firm at Rs 8010 per kg on Monday but declined to end at Rs 7,940 a kg on Saturday on weak overseas advices, modest out-of-state demand and normal selling pressure locally. Industrial offtake remained dull. Silver .916 also opened lower at Rs 7,900 a kg.and weakened further and lost Rs 65 to end at Rs 7835 a kg during the week.
Standard gold opened with an easy note at Rs 4,500 per 10 gram on Monday and eased further to close at Rs 4,470 on Saturday on weak festival demand along with dull international advices.
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The cause of fluctuations in yellow metal prices is said to be their price movement overseas. Gold 22-carat ruled weak too and lost Rs 25 to close at Rs 4,135 per 10 gramms during the week. Gold biscuits (116.50 gm a piece) prices ruled dull and lost Rs 300 to end at Rs 52,300 per piece on subdued movements during the week.
Oils & oilseeds: The local oils and oilseeds mart displayed a weak tendency during the last week owing to reduced offtake against easy arrivals of the imported oils. The import of edible oils continued to dominate the market. The demand for most of the edible varieties remained weak during the week under review.
Groundnut oil commenced with a weak note at Rs 365 per 10 kg on Monday and declined further to close at Rs 350 per 10 kg. on Saturday during the week on dull consumer demand coupled with easy availability of ready stock. Demand remained subdued.
The arrivals from Andhra Pradesh, Karnataka and Madhya Pradesh remained brisk at about 14-17 trucks per day.
Castor oil Commercial and FSG qualities eased by Re 1 each to Rs 291 and Rs 303 per 10 kg, respectively on dull upcountry advices coupled with moderate industrial offtake.
Mowra oil and neem oil declined by Rs 10 and Rs 8 to Rs 190 and Rs 200 per 10 kg respectively on weak industrial demand and easy arrivals of stock from the upcountry centres. Imported RBD palmolein looked up by Rs 4 to Rs 208 per 10 kg on limited arrivals of goods and better industrial offtake coupled with reduced selling pressure at the local level.
In oilseeds,kardiseeds and nigerseeds eased by Rs 25 and Rs 15 to Rs 1100 and Rs 1985 a quintal respectively on dull industrial offtake. while castoreeds eased by Rs 5 to Rs 1305 a quintal on dull industrial offtake.
Non-ferrous metals: A dull trend was witnessed in the local non-ferrous metals mart during the last week. Metals in both the sections ruled mostly weak. The undertone of the market hinted weakness.
In virgins, zinc slabs and copper wirebar eased by Re 1 and 50 paise to Rs 87.00 and Rs 155 a kg respectively on dull industrial demand while nickel cathodes and tin slabs firmed up by Rs 5 and Rs 4 to Rs 505 and Rs 372 a kg respectively on reduced arrivals of imported materials against better industrial demand.
Meanwhile, aluminium ingots and lead ingots ruled overall steady at Rs 90.00 and Rs 40.50 a kg respectively during the week.
In scraps, copper heavy scraps and copper utensils eased by 75 paise each to Rs 124.50 and Rs 105.50 a kg respectively while brass utensils and brass sheetcuttings declined by Re 1 each to Rs 91.00 and Rs 99.00 a kg respectively on reduced industrial demand against easy availability of ready stock.
Sugar: An easy to dull trend was noticed in indigenous sugar prices due to sluggish consumer demand and improved arrivals during the week.
The demand was dull at Turbhe,Navi Mumbai during the last week. Both the grades ruled weak. Small-grade sugar commenced with an easy note at Rs 1,475-1505 a quintal on Monday and eased to end at Rs 1460-1490 on Saturday on subdued consumer offtake. Medium-grade sugar opened dull at Rs 1,491-1541 per quintal and lost further to close out the week at Rs 1,485-1515 amid weak sentiment.