Sentiment stayed firm in the bullion market during the last week. Both the precious metals ruled firm on better overseas advices.
Silver .999, which opened firm at Rs 8020 per kg on Monday and advanced further to end at Rs 8,070 a kg on Saturday on firm overseas advices, modest out-of-state demand and lower selling pressure locally.
Industrial offtake remained modest. Silver .916 also opened higher at Rs 7,880 a kg and firmed up further to end at Rs 7,925 a kg during the week.
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Standard gold opened with a better note at Rs 4,510 per 10 gm on Monday and firmed up further to close at Rs 4,525 on Saturday on a strong international advices. The cause of fluctuations in yellow metal prices is said to be their price movement overseas.
Gold 22-carat ruled better too and gained Rs 15 to close at Rs 4,185 per 10 gm during the week. Gold biscuits (116.50 gm a piece) prices ruled better and gained Rs 100 at Rs 52,800 per piece on modest movements during the week.
Oils & oilseeds: The local oils and oilseeds mart displayed a steady to easy tendency during the last week owing to subdued 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 stayed at moderate to weak levels during the week.
Groundnut oil commenced with an easy note at Rs 365 per 10 kg on Monday and ruled steady at the same level by Thursday and then weakened to close at Rs 362 per 10 kg during the week on weak consumer demand, coupled with easy availability of ready stock. However, demand remained dull. The arrivals from Andhra Pradesh, Karnataka and Madhya Pradesh remained brisk at about 12-15 trucks per day.
Castor oil Commercial and FSG qualities declined by Rs 14 each to Rs 300 and Rs 312 per 10 kg, respectively on dull upcountry advices coupled with moderate industrial offtake. Cottonseed oil washed and refined qualities eased by Rs 5 and Rs 2 to Rs 245 and Rs 250 per 10 kg respectively on dull industrial demand and easy arrivals of stocks from the upcountry centres.
Imported RBD palmolein and imported soya oil refined eased by Rs 2 and Rs 4 to at Rs 210 and Rs 228 per 10 kg on easy arrivals of goods and subdued industrial offtake coupled with increased selling pressure at the local level.
In oilseeds, kardiseeds, nigerseeds and castorseeds weakened by Rs 10, Rs 75 and Rs 70 to Rs 1,125, Rs 2,075 and Rs 1,350 a quintal respectively on weak industrial demand and easy arrivals. Meanwhile, all the other oilseeds ruled overall steady on narrow movements.
Non-ferrous metals: An easy to dull trend was witnessed in the local non-ferrous metals mart during the last week. Metals in both the sections ruled mostly dull to steady. The undertone of the market hinted weakness.
In virgins, nickel cathodes and tin slabs declined by Rs 15 and Rs 4 to Rs 525 and Rs 384 a kg respectively, whereas copper wirebar eased by 50 paise at Rs 151 a kg on dull industrial demand against easy inflows of imported materials during the week. Aluminium ingots and zinc slabs advanced by 50 paise a kg each to Rs 92.50 and Rs 93.50 respectively on improved industrial demand against short-supply of ready stock.
Meanwhile, lead ingots ruled overall steady at Rs 42 a kg on narrow movements during the week.
In scraps, copper heavy scraps, brass sheetcuttings and brass utensils eased by Re 1, by 50 paise and by 25 paise to Rs 127, Rs 103.50 and Rs 96.75 a kg respectively on dull offtake in the local market during the week. Bras utensils improved by Re 1 at Rs 109 a kg on better industrial demand. Meanwhile, aluminium utensils ruled overall steady at Rs 76 a kg on narrow movements.
Sugar: A weak trend was noticed in indigenous sugar prices due the announcement of withdrawal of transporters' strike during the week. The demand was subdued at Turbhe, Navi Mumbai during the last week. Both the grades ruled weak during the week.
Small-grade sugar commenced with a dull note at Rs 1,500-1,532 a quintal on Monday and declined further to end at Rs 1,460-1,500 by Saturday, on subdued consumer offtake. Medium-grade sugar opened dull at Rs 1,525-1,565 per quintal and lost further to close out the week at Rs 1,490-1,530 amid weak sentiment.