Edible oil prices continued to rise for the third week in a row in the wholesale oils and oilseeds market, supported by rising demand from millers as well as retailers, driven by the festive and marriage season.
Firming trends in palm oil, which touched its peak since July 31, 2008 in global markets as higher soyabean oil prices boosted demand for the substitute, also buoyed the trading sentiments on the domestic markets here.
In the non-edible oils section Neem and castor oil found some support from consuming industries.
Traders said sentiments in edible oils remained strong on the back of ongoing festive and marriage season demand along with a firm trend overseas.
They said, higher import of vegetable oil, which soared by 6 per cent to 9.6 lakh tonnes in September to bridge the demand-supply gap, also failed to put a brake on the rising edible oil prices.
Meanwhile, palm oil for the January-delivery contract zoomed by 2.6 per cent to $966 a metric tonne on the Malaysia Derivatives Exchange, nearly highest since July 31, 2008. It has gained 18 per cent during the eight-week rally.
In the national capital, groundnut mill delivery (Gujarat) after remaining almost flat for the better part of the week, found buying support from local parties at the fag-end and rose by Rs 30 to Rs 8,780 per quintal.
Groundnut solvent followed suit and traded higher by Rs 10 to Rs 1,460-1,470 per tin of 15 litres.
Pulses: Prices of select pulses declined further on the wholesale market during the week, following reduced offtake by stockists due to fall in demand at prevailing prices.
Comfortable stocks, following increased arrivals in the market and higher imports of pulses by the government, also weighed on the prices. However, imported rajmah found some support and strengthened.
Traders said reduced offtake by stockists, following slackened demand from retailers and supply pressure, helped select pulses prices to decline.
Meanwhile, the government announced a hike in the minimum support price of masoor and gram dal by up to Rs 380 a quintal to encourage farmers to grow more.
In the national capital, urad, urad chilka (local) and best quality traded lower at Rs 4,000-4,550, Rs 4,800-5,200 and Rs 5,400-5,700 per quintal, respectively, as against previous level of Rs 4,200-4,750, Rs 5,000-5,400 and Rs 5,600-5,900.
Masoor small and masoor bold were also under pressure and fell by Rs 200 each to Rs 3,000-3,200 and Rs 3,200-3,450 per quintal, respectively.
Arhar and dal arhar, in tandem with the weak trend, also fell by Rs 200 each to Rs 3,600-3,700 and Rs 4,400-4,800 per quintal, respectively.
On the other hand, gram and its dal evoked increased buying support from retailers and traded sharply higher at Rs 2,420-2,445 and Rs 2,695-2,720 per quintal, as against previous week's level of Rs 2,300-2,325 and Rs 2,550-2,575 per quintal.
Imported rajmah shot up by Rs 200 to Rs 4,700-5,100 per quintal on the back of increased offtake by stockists.
Dry Fruits: The wholesale dry fruit prices surged in the national capital during the past week on the back of heavy buying by stockists and retailers for the festival and marriage season.
Tight stock positions on restricted arrivals from producing regions and overseas also influenced the prices. Trading sentiment were bullish mostly on increased offtake by stockists and retailers for the festivals led by Diwali.
Almond gurbandi prices rose by Rs 200 to settle at Rs 4,800-4,900 per 40 kg.
Cashew kernel No 180, No 210, No 240 and No 320 rose up to Rs 35 to conclude at Rs 620-650, Rs 580-600, Rs 520-540 and Rs 440-475 and its broken four pieces also surged by Rs 40 to finish at Rs 360-400 per kg, respectively.
Copra prices increased by Rs 100 to finish at Rs 5,700- 5,800 per quintal.
Kishmish Indian yellow and green prices surged by Rs 200 each to finish at Rs 4,200-4,800 and Rs 6,200-7,700 per 40 kg bag. Pistachio, Irani, hairati and peshwari rose up to Rs 50 to settle at Rs 800-850, Rs 1,050-1,200 and Rs 1,250-1,400 per kg, respectively.
Walnut prices also traded higher at Rs 120-180, compared to Rs 110-170 per kg.
Kirana: Weak conditions developed in the Capital during the week under review, as prices declined on adequate stocks position against restricted buying.
Marketmen said reduced offtake by retailers as well as exporters at existing higher levels against increased offerings by stockists mainly dragged down the prices. They said paucity of funds and lower outside advices were other dampening factors.
Black pepper prices fell by Rs 200 to settle at Rs 19,300 -19,400 from last week's close of Rs 19,500-19,600 per quintal on poor export demand. Cardamom brown Jhundiwali and Kanchicut dropped by Rs 25 -35 to Rs 690-715 and Rs 790-900 per kg, respectively.
Cardamom small varieties such as chitridar, colour robin, bold and extra bold also traded lower at Rs 800-900, Rs 930- 940, Rs 950-960 and Rs 1,050-1,060 against previous closing of Rs 915-1,030, Rs 1,020-1,030, Rs 1,040-1,050 and Rs 1,170- 1,190 per kg, respectively.
Poppyseed (Turkey, MP-RAJ and Kashmiri) prices fell by Rs 5 each to settle at Rs 225, Rs 225-275 and Rs 205 per kg, respectively. Watermelon kernel declined by Rs 5 to close at Rs 165 per kg on weak advices from Jodhpur.
Turmeric prices fell by Rs 200 to settle at Rs 15,700-18,600 per quintal. However, red chilli prices rose by Rs 100 to conclude at Rs 4,900-9,600 per quintal.
Jeera common and jeera best quality also traded higher at Rs 12,500-12,700, and Rs 13,900-14,400 against the previous closing of Rs 12,400-12,600 and Rs 13,800-14,300 per quintal, respectively.
Bullion: A weakening trend developed on the bullion market during the past week under reveiw, as both the precious metals, silver and gold, fell sharply on reduced offtake by retailers at exising higher levels.
However, a fag-end buying minimised the losses, while sovereign ended in a positive zone on local buying for the upcoming festival of Diwali.
Marketmen said gold and silver remained under pressure on reduced offtake by stockists and industrial units at existing higher levels. They said a weak trend in international markets, which normally set prices on the domestic front, also influenced trading sentiment to a large extent.
In New York, the gold plunged to $1,324.60 an ounce from last week's level of $1,361.60.
On the domestic front, the gold of 99.9 and 99.5 per cent purity commenced lower at Rs 19,950 and Rs 19,850 per ten gram, respectively. It had rose to near record level of Rs 20,100 per ten gram last Saturday.
In day-to-day trading, the metal declined to close at Rs 19,955 and Rs 19,455 per ten gram, showing a loss of Rs 545 each. On the other hand, sovereign prices rose by Rs 100 to Rs 15,850 per piece of eight gram on retail buying.
In line with the general weakening trend, silver ready dropped by Rs 1,250 to Rs 35,650 per kg and weekly-based delivery by Rs 1,060 to Rs 35,190 per kg. Silver coins fell by Rs 100 to Rs 36,000 for buying and Rs 36,100 for selling of 100 pieces.
