A firm to upward trend was observed on the Mumbai bullion market last week. The market remained closed on Tuesday and on Saturday on account of Gauri and Ganesh immersions.
Silver.999 which commenced with a firm note at Rs 7,275 a kg on Monday firmed up to Rs 7,470 a kg by Friday, showing an increase of Rs 195 a kg during the week. Similarly, silver .916 improved in sympathy and gained Rs 180 per kg. The firm overseas advices weakened offerings and the market sentiment. The industrial demand was better while arrivals from upcountry markets remained restricted. Standard gold commenced on Monday on a better note at Rs 4,070 per 10 grams and improved to Rs 4,160 per 10 grams, registering a gain of Rs 90 during the week. The main reason for the firmness in yellow metals prices was the firm overseas advices coupled with better festival demand. The market undercurrents remained weak over fears that Russia may sell gold from its reserves in the global market to meet its financial crisis.
Gold biscuits (116.50 gms) prices gained Rs 1,200 per piece on improved consumer demand backed by thin supplies and firm overseas advices.
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Oils & oilseeds: The weak trend was maintained in groundnut oil last week but castor oil saw good rise in prices during the week on the Mumbai oil and oilseeds market. Incidents of several deaths in Bihar, UP, Delhi and other northern states on account of adulteration in rapeseed oil have created havoc in the markets. Sale of loose rapeseed oil has already been banned. The central government's stern actions against oil producers have also affected the market sentiment. Also, consistent rise in edible oil prices has hit the consumers hard. Meanwhile the government has placed orders for the import of palmolein. Groundnut oil commenced on a weak note at Rs 598 per 10 kg on Monday. It declined to Rs 565 per 10 kg on Thursday, but recovered at Rs 570 on Friday before closing at Rs 580 on encouraging advices from producing centres.
However, the festive demand was facing resistance on account of high prices. Castor oil prices witnessed a spectacular gain of Rs 50 per 10 kg and castorseeds prices shot up by Rs 240 a quintal on acute shortage of ready stock against hectic industrial demand. Copra oil white and sunflower oil expeller prices moved up by Rs 15 each to Rs 475 and Rs 425 per 10 kg during the week on improved offtake against restricted supplies.
Non-ferrous metals: A mixed trend was noticed in the local non-ferrous metals during last week. Scrap metals saw active trading. There was no trading on Saturday on account of Ganesh Immersion. Copper heavy scrap and copper utensils firmed up by 50 and 75 paise at Rs 106.50 and Rs 93.50 a kg respectively, on limited arrivals against better industrial demand. Brass utensils and sheetcuttings jacked up by Rs 2.50 and Rs 1.75 to Rs 86.50 and Rs 88.75 a kg on shortage of ready stock coupled with better industrial enquires. Aluminium utensils also ruled firm and looked up by 50 paise at Rs 63.50 a kg by the week-end. In the virgin section, copper wirebar and zinc slabs suffered paltry setbacks losing Re 1 each at Rs 119.50 and Rs 78 a kg on heavy inflows of imported materials coupled with weak overseas advices. Nickel cathodes also eased by Re 1 at Rs 248.00 a kg on weak industrial turnover. Other metals indicated an overall steady trend.
Sugar: An easy to subdued trend was witnessed in indigenous sugar prices at Turbhe, Navi Mumbai during the last week. The trading remained closed on Saturday. The festival demand remained moderate. Sugar small commenced with a dull note at Rs 1,415/1,460 a quintal on Monday. It eased to close at Rs 1,400/1,450 a quintal on Friday. Similarly, medium grade sugar opened weak at Rs 1,445/1,490 and weakened further to close at Rs 1,435/1,505 by the end of the week. The market sentiment overall remained weak.