A downward trend was noticed in the bullion market last week. Both the precious metals ruled weak. The undercurrent, too, was dull.
Silver.999m which commenced on a weak note at Rs 7,835 a kg on Monday, lost further ground and slid to Rs 7,775 a kg on Wednesday on weak overseas advices which induced selling pressure in the local market. It recovered to Rs 7,825 a kg on firm overseas advices for a day but weakened to close at Rs 7,430 a kg on Saturday on dull overseas advices.
The festive as well as industrial demand remained modest. Similarly, silver .916 ruled sluggish and lost Rs 410 a kg during the week. Standard gold, which was traded weak at Rs 4,350 per 10 grams on Monday, firmed up to Rs 4,380 per 10 grams on Friday, gaining Rs 30 within four days on better overseas advices. The yellow metal receded to close at Rs 4,340 on Saturday, registering a loss of Rs 40 on the week-end and Rs 10 within a week.
Also Read
Similarly, the 22-carat gold also dipped by Rs 10 and were fixed at Rs 4,015 per 10 grams during the week. Gold biscuits (116.50 grams) lost Rs 400 per piece on reduced consumer demand backed by easy supplies and dull overseas advices.
Oils and oilseeds: A firm-to-upward trend was witnessed in the local oils and oilseeds market during the week. Groundnut oil commenced on a steady note at Rs 615 per 10 kg on Monday and eased to Rs 608 on Tuesday on sluggish industrial and consumer demand coupled with better arrivals.
It improved consistently to close at Rs 622 per 10 kg on Saturday. Linseed oil and copra oil white prices recorded gains at reduced levels and showed a gain of Rs 10 per 10 kg each during the week on acute shortage of ready stock against better industrial offtake. Neem oil and sunflower oil expeller prices improved by Rs 20 and Rs 10 a quintal, respectively, on better buying-interest. Cottonseed oil washed and refined qualities hardened by Rs 11 and Rs 15 to Rs 443 and Rs 450 per 10 kg, respectively.Castor oil commercial and BSS qualities weakened by Rs 20 each to Rs 425 and Rs 437 per 10 kg, respectively, on weak upcountry advices coupled with sluggish industrial offtake. Imported palmolein prices gained Rs 3 to Rs 385 per 10 kg.
Non-ferrous metals: A weak trend continued in the local non-ferrous metal segment during the past week. Scrap metals witnessed more gains than virgin ones. Copper heavy scraps declined by Rs 3 at Rs 98 a kg on brisk supplies against dull demand. Copper utensils, brass utensils and brass sheet-cuttings eased by Rs 1.25 each to Rs 90.25, Rs 83.25 and Rs 85.00 a kg, respectively.
In virgin metals, copper wirebar weakened further by Rs 2 at Rs 113.50 a kg during the week on sluggish industrial offtake against better supplies. Zinc slabs eased by 50 paise at Rs 77.50 a kg on weak industrial demand against easy supplies during the week, while tin slabs and nickel cathodes lost Rs 2 and Rs 4 to Rs 384 and Rs 251 a kg, respectively.
Sugar: A firm-to-upward trend was witnessed in indigenous sugar prices at the local sugar mart during the last week. Festive demand remained better against thin supplies of imported stuff.
Small sugar eased to Rs 1,455-1,480 a quintal on Monday and firmed up consistently to close at Rs 1,465-1,500 a quintal on Saturday, the week-end.Similarly, medium grade sugar opened on a better note at Rs 1,475/1,545 a quintal and advanced to close at Rs 1,470/1,550 a quintal at the end of the week. The sentiment overall remained firm.