Ready silver (.999 fineness) resumed firm at Rs 8,000, but later, declined to Rs 7,930 on poor industrial demand. Later, due to higher overseas advises and restricted supply, prices recovered smartly and closed at Rs 8,020, showing a good rise of Rs 45 over the last close of Rs 7,975.
Raw silver (.916 fineness) also started better at Rs 7,875 and after dropping to Rs 7810, rose to end at Rs 7,890, revealing a rise of Rs 30 over the previous week's close of Rs 7,860. Tenderable silver rose to Rs 8,005 from Rs 7,980.
Standard gold, after a better start at Rs 4,560, fell steeply to Rs 4,500 on weak overseas advises coupled with poor local demand. Later, it recovered on revival of buying at low level and ended at Rs 4,530, still displaying a loss of Rs 10 over the last close of Rs 4,540.
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22-carat gold was nominally quoted weak at Rs 4,190 from the previous week's level of Rs 4,200. Ten-tola gold bar (.999 purity) opened firm at Rs 53,350 and after moving in a wide range, closed at Rs 52,900, showing a sharp fall of Rs 300 over the last close of Rs 53,200.
Oil and Oilseeds: Prices dropped steeply on the oils and oilseeds market during the week under review due to good arrival of seeds from producing centres. However, demand was below expectations.
The major fall was seen in groundnut oil, castor oil, castorseed, castor oil international contract and castorseed futures.
On the other hand, imported palm oil improved marginally, while linseed oil held steady.
In the edible section, groundnut oil resumed marginally weak at Rs 394, but thereafter, started its steep fall and ended at Rs 380, showing a sharp setback of Rs 15 over the last close of Rs 395. Similar trend was seen in the upcountry markets also. Imported palm oil started weak at Rs 209 and after moving in a range of Rs 214 and Rs 212, closed at Rs 213, showing a small gain of Rs 2 over the previous close of Rs 211.
Turning to the non-edible section, castor oil commercial also resumed weak at Rs 330 and continued to fall sharply on poor industrial demand in the face of good supply and ended at Rs 323, revealing a big loss of Rs 13 over the last week's close of Rs 336. Castorseed bold Madras nosedived to Rs 1,465 from last week's level of Rs 1,530 on poor stocksits' offtake due to poor export orders. However, linseed oil held steady at Rs 300.
In the futures market, castorseed September contract was quoted Rs 49 lower at Rs 1,448 on Friday and there was no trading on Saturday.
December contract opened sharply weak at Rs 1,312 and declined further steeply to Rs 1,296. Later, on revival of buying, it looked up to close at Rs 1,325, however, revealing a steep fall of Rs 29 over the previous close of Rs 1,354.
In castor oil international contract, prices of October delivery opened weak at Rs 340 and fell sharply on poor support from overseas buyers and ended at Rs 334, revealing a sharp fall of Rs 12 over the previous close of Rs 346.
In the newly started RBD palmolein futures market, prices of December contract was quoted at Rs 225, while there was no trading in October and November contracts.
Non-ferrous metals: A firm to steady trend was witnessed in the local non-ferrous metals mart. Metals in both the sections ruled mostly steady. The undertone of the market hinted weak.
In virgins, copper wirebar and nickel cathodes advanced by 50 paise and Rs 7 to Rs 143.50 and Rs 525 a kg, respectively, on improved industrial demand against short-supply of ready stock. Meanwhile, all the other metals ruled overall steady and were nominally quoted as under: aluminium ingots Rs 92, zinc slabs Rs 90, lead ingots Rs 36 and tin slabs Rs 370 a kg.
In scraps, all the metals ruled steady and were nominally quoted as under: Copper heavy scraps Rs 123.50, copper utensils Rs 104.50, brass utensils Rs 92, brass sheetcuttings Rs 102 and aluminium utensils Rs 75 a kg.
Sugar: A mixed trend was noticed in indigenous sugar prices on better demand and reduced arrivals at Turbhe, Navi Mumbai. Both the grades ruled easy to subdued during the week. Though, the market undertone remained hesitant.
Small-grade sugar commenced on a better note at Rs 1,535-1555 a quintal on Monday and advanced further to close at Rs 1,535-1,560 a quintal on Saturday on firm advises coupled with better offtake against normal availability. Medium-grade sugar opened firm at Rs 1,555-1,580 per quintal but moderately eased to close out the week at Rs 1,550-1,580 amid modest sentiment.