A quiet trend in wheat and certain other pulses provided the main feature of trading on the Mumbai grains market last week. With new crop arrivals in Gujarat, both wheat and gram prices receded further.
Prices ruled steady for rice and coarse grains. The sentiment was calm on good imported supplies of pulses and an acute shortage of funds. In wheat, the sentiment changed as prices were on the decline and supplies of a new crop from Gujarat would start after a fortnight.
The Centre, worried about the recent price rise, had been thinking of starting free sale of wheat in the market on the condition that a similar quantity would be imported against the same to keep sufficient stocks with the Food Corporation of India. Wheat Punjab meant for flour mills ruled at Rs 775-800. M P-147 was priced at Rs 825-900, Maharashtra was quoted at Rs 800-875 and Shihori pissi at Rs 900-1,200 per quintal.
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Activity in rice was at a very low ebb. Andhra SLO was steady at Rs 965-1,100. Gujarat-17 new ruled at Rs 1,150-1,350 and old at Rs 1,300-1,650. Kolam was offered between Rs 1,700-2,100. Basmati was traded at rates between Rs 4,000-5,500 per quintal.
In coarse grains, jowar was steady with Sholapur offered at Rs 700-1,000, H-5 at Rs 450-500 and H-9 at Rs 525-550. Bajra Maharashtra was done at Rs 700-1,000 and Gujarat at Rs 650-750. U P Bajra was out of parity in view of the deterioration in colour. Maize was steady at Rs 475-625. Gram deshi ruled quiet at Rs 1,700-1,725 and kabuli at Rs 1,650-1,800. Gram dal fetched Rs 2,050-2,300. Moong ruled steady between Rs .1,750-2,500 and moong dal at Rs 2,400-2,600. Urad and its dal ruled at Rs 1,325-1,400 and Rs 1,900-2,000 respectively. Peas green was offered at Rs 1,275-1,400. Tur and masoor dal were unchanged at Rs 2,500-2,800 and Rs 2,000-2,3200 respectively.
Oilseeds weekly: A firm tendency was noticed in castorseed futures trading on the Mumbai oilseeds market last week. Castorseed spot prices, after an early decline recovered partially. In edible oils, prices moved narrowly around the current levels with demand in groundnut oil at a low ebb. Castorseed Madras small was offered on Friday at Rs 1,210 per quintal and castor oil commercial at Rs 273 per 10 kg. In edible oils, groundnut oil moved narrowly to be offered on Friday at Rs 358 per 10 kg.
Bullion weekly: Hectic trade was the norm this week at the bullion market, Silver, at one time crossed Rs 8,400 mark but later dropped to Rs 8,200 while gold ruled over the Rs 4,000 mark. The price pattern mirrored the trend in the overseas markets.
Gold prices abroad had been now fluctuating between $280-285 per ounce level.
However, silver suffered a loss with a sudden drop in sentiment. It is expected to touch the level of $280 per ounce. Once this level is punctured, the prices would drop further.
Standard mint gold commenced last week at Rs 4,000, against the previous close of Rs 3,980 and on Monday firmed up to the high of Rs 4,065 on encouraging overseas advices coupled with moderate buying support.
With the drop in overseas gold prices, values drifted to the low of Rs 3,985 but again recovered to end the week at Rs4055 per 10 gms. Gold 22 carat fluctuated between Rs 3,760 and Rs 3,685 to close at Rs 3715 . Official gold biscuits after 47,600 and Rs 46,600.
Ready silver .999 fineness after commencing the week at Rs 8,160, against the previous close of Rs 8,150 flare up on higher overseas advices to touch the high of Rs 8,400 to end the week at Rs 8,240 per kg.
Silver .916 fineness fluctuated between Rs 8.060 and Rs 8,300. Tenderable silver was demanded Rs 5 higher than the ..999 fineness.