A mixed trend was noticed in the bullion market last week. While silver ruled firm, gold showed a steady trend.
Silver .999, which commenced on a firm note at Rs 7,550 a kg on Monday, eased to Rs 7,450 on Wednesday on weak overseas advices which encouraged selling pressure in the local market. However, it recovered to Rs 7,620 a kg on Thursday, and continued to advance and closed at Rs 7700 a kg on Saturday. Similarly, silver .916 also firmed up and gained Rs 125 per kg during the week. The marker undercurrent indicated a firm trend.
Standard gold commenced on a better note at Rs 4,270 per 10 grams on Monday, and weakened to Rs 4,230 on Wednesday. Then it recovered to Rs 4250 on Thursday and continued to gain before closing at Rs 4270 per 10 grams, registering a gain of Rs 40. Similarly, 22 carat gold moved in a narrow range, and was fixed at Rs 4270 per 10 grams. Gold biscuit (116.50 gms) prices gained Rs 200 per piece on improved consumer demand backed by thin supplies and firm overseas advices.
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Oils & Oilseeds: A firm-to-upward trend was witnessed in the local market last week.
Groundnut oil commenced on a slightly dull note at Rs 593 per 10 kg on Monday, and improved consistently to Rs 595 per 10 kg on Wednesday. Then it slightly eased to Rs 594 on Friday and closed at Rs 597 per 10 kg by the weekend on account of better demand.
Castor oil prices faced resistance at improved levels and declined by Rs 16 per 10 kg. Castorseeds prices continued to decline by Rs 77 a quintal in absence of buyers against brisk supply position. Cottonseed oil washed and refined qualities gained Rs 5 each to Rs 433 and Rs 435 per 10 kg, respectively. Sesame oil and ricebran oil weakened by Rs 15 and Rs 10 to Rs 435 and Rs 225 per 10 kg, respectively. Copra oil white and neem oil prices firmed up by Rs 10 and Rs 5 to Rs 500 and Rs 265 per 10 kg, respectively on better offtake against subdued supplies.
Non-ferrous metals: An easy-to-dull trend was noticed in the market last week. While scraps remained more active than virgin metals, the undertone of the market remained week.
In the scraps section, copper heavy declined by Rs 1.50 at Rs 102.50 a kg on improved supplies and dull demand. Copper utensils and brass utensils eased by 75 paise each to Rs 92 and Rs 85 a kg, respectively. Brass sheetcuttings softened by Re 1at Rs 87 a kg on better arrivals and dull industrial demand. Aluminium utensils ruled overall steady and were quoted at Rs 63.50 a kg on narrow movements.
In the virgin section, copper wirebar softened further by Re 1 at Rs 116.50 a kg on sluggish industrial offtake and better supplies. Tin slabs and nickel cathodes firmed up by Rs 8 and Rs 7 to Rs 386 and Rs 255 a kg, respectively on limited inflows of imported materials coupled with firm overseas advices.
Zinc slabs lost Re 1 at Rs 78.50 a kg during the week. Aluminium ingots and lead ingots ruled overall steady, and were nominally quoted at Rs 86 and Rs 45.50 a kg, respectively on narrow movements.
Sugar: A firm-to-upward trend was witnessed in prices at Turbhe, Navi Mumbai, last week.
The central government announced a levy sugar quota of 8.30 lakh tonne for October, the main festival season, as against 8.50 lakh tonne for September. This lower quota announcement changed the market sentiment bullish.
Small sugar commenced on a dull note at Rs 1403/1430 a quintal on Monday, and firmed up consistently to close at Rs 1440/1460 a quintal on Saturday.
Similarly, medium grade sugar opened on a weak note at Rs 1430/1490 a quintal and advanced to close at Rs 1460/1515.