Extending losses for the fourth week in a row, edible oil prices declined further in the wholesale oils and oilseeds market due to sluggish demand at existing high levels amid weak global trends.
Some oils in the non-edible section also showed weakness on reduced offtake by industrial units and other consuming industries.
Trading sentiments turned weak as palm oil slumped to the lowest level in more than eight months in global markets after a US report showed larger-than-expected soybean inventories, and as a decline in crude oil prices cut the appeal of vegetable oils as bio-fuels.
Palm oil fell 2.6% to $1,009 a metric tonne this week on the Malaysia Derivatives Exchange, a fifth weekly loss, the longest streak in almost three years. Besides, sluggish domestic demand at prevailing levels further fuelled the downtrend.
In the edible oil section, mustard expeller oil (Dadri) eased by Rs 20 to Rs 5,680 per quintal, while sesame and cottonseed mill delivery oils (Haryana) fell by Rs 30 and Rs 10 to Rs 6,150 and Rs 5,440 per quintal respectively.
Taking weak cues from overseas markets, soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils moved down by Rs 50 and Rs 60 to Rs 6,150 and Rs 5,750, while crude palm oil (kandla) lost Rs 30 to Rs 5,150 per quintal respectively.
Palmolein (rbd) and palmolein (kandla) oils too traded in negative zone with a loss of Rs 30 each to Rs 5,650 and Rs 5,350 per quintal respectively.
In the non-edible section, neem oil declined by Rs 50 to Rs 4,050-4,150 per quintal.
Grains: In thin trading, wheat and its product prices rose on the wholesale grains market during the past week, driven by fresh buying by flour mills but record procurement by the government capped the gains.
However, maize and barley showed weakness due to reduced industrial offtake against adequate stocks positions. Marketmen said the rise in wheat dara prices was mostly attributed to fresh buying by flour mills.
Adequate stocks position against reduced industrial demand helped maize and barley prices to decline. Wheat dara (for mills) which mostly consumed by flour mills moved up by Rs 15 to Rs 1,195-1,200 per quintal.
Atta chakki delivery followed suit and traded higher by the same margin to Rs 1,200-1,205 per 90 kg.
Maida also gained Rs 50 to Rs 700-730 per 50 kg in line with wheat trend. On the other hand, maize and barley prices fell by Rs 40 and Rs 20 to Rs 1,120-1,130 and Rs 1,190-1,215 per quintal, respectively.
Pulses: The wholesale pulses market depicted a mixed trend during the past week with prices of select pulses rising on demand from retailers amid restricted arrivals, while a few others remained weak due to lack of buying support.
Traders said pick up in demand from retailers against restricted arrivals mainly led to the rise in select wholesale pulses prices. Adequate stocks position against lack of buying support helped other prices to remain weak, they said.
Meanwhile, state-owned trading firm PEC invited bids for the import of 6,000 tonne of pulses for sale in the domestic market.
In the national capital, gram rose by Rs 75 to Rs 2,600-2,625 and its dal local and best quality by Rs 100 and Rs 125 to Rs 3,100-3,115 and Rs 3,225-3,350 per quintal respectively.
Rajmah chitra (Pune) and its red variety moved up by Rs 100 each to Rs 3,900-4,300 and Rs 4,200-4,300 per quintal respectively.
Peas white and green also found increased demand and traded higher by Rs 75 each to Rs 2,200-2,300 and Rs 2,350-2,550 per quintal respectively.
On the other hand, urad and its dal chilka local declined by Rs 100 and Rs 150 to Rs 3,850-4,250 and Rs 4,700-5,100, while urad dal best quality and dhoya were down by Rs 100 and Rs 200 to Rs 5,300-5,800 and Rs 5,150-5,250 per quintal respectively.
Arhar and its dal dara variety lost Rs 100 each to Rs 3,150-3,650 and Rs 4,750-5,150 per quintal, respectively.
KIRANA: In a mixed pattern of trading, select spices-- turmeric and jeera, firmed up in the national capital during the week following increased buying by stockists on rising domestic and export demand. Traders said tight stocks following holding back of stocks on hopes of better prices supported the uptrend.
However, cardamom and pepper turned weak on lack of buying interest and lost some ground. Turmeric prices traded higher at Rs 8,500-14,500 against previous week's mark of Rs 8,200-14,000 per 100 kg.
Red chilli (inferior quality) rose by Rs 500 to settle at Rs 9,500-13,000 per quintal. Jeera common and jeera best quality spurted by Rs 600 at Rs 14,700-14,900 and Rs 19,900-17,000 per quintal respectively.
Watermelon kernel also went up by Rs 10 to finish at Rs 125 per kg. However, black pepper prices declined by Rs 400 to settle at Rs 27,500-27,700 per 100 kg.
Cardamom small varieties such as chitridar, colour robin, bold and extra bold prices fell by Rs 10 each to close at Rs 610-640, Rs 620-660, Rs 640-690 and Rs 890-920 per kg respectively. Kalaunji prices also traded lower at Rs 8,800-9,300 against previous week's mark of Rs 9,000-9,500 per 100 kg.
SUGAR/JAGGERY: Sugar prices revealed a firm tendency in the wholesale sugar market at the national capital during the past week on announcement of lower than expected free-sale sugar quota amid pick up in demand from stockist and bulk consumers, recording a net gains of Rs.50 per quintal.
Traders said the announcement of free-sale sugar quota for by government was less than market expectations which pushed up the sugar prices.
Fresh buying by retail customers in the beginning of a new month amid rising demand from bulk consumers such as ice-cream and soft drink makers against restricted supply too supported the uptrend. Sugar ready medium and second grade prices rose by Rs 50 each to Rs 2,950-3,050 and Rs.2,925-3,000 per quintal.
The mill delivery M-30 and S-30 sugar prices also gained by a similar margin to Rs 2,750-2,940 and Rs 2,725-2,915 a quintal.
Among millgate (excluding duty) section, sugar Kinnoni and Dorala went up by Rs 50 each to Rs 2,910 and Rs 2,825 per quintal. Thanabhavan and Mawana rose by Rs.50 and Rs.45 to Rs.2,725 and Rs.2,825 per quintal respectively.
However, the wholesale jaggery market remained quiet during the week as prices moved in a narrow range before ending at last levels in thin trade. Muzaffarnagar and Muradnagar gur market also closed without any changes on some support.
Gur chakku, pedi and dhayya and shakkar quoted at last week level of Rs 2,750-2,850, Rs 2,900-3,000, Rs 3,100-3,200 and Rs 3,100-3,200 per quintal respectively. In Muzaffarnagar, gur raskat, chakku held at Rs 2,200-2,250 and Rs 2,325-2,500 per quinta respectively.
In Muradnagar, gur pedi was unchanged at Rs 2,650-2,700 a quintal.
BULLION: Gold prices dipped below Rs 22,000 mark after 10 weeks was the features of trading in the national capital today on continued off-loading by stockists in tandem with weakening global trend. Silver also remained under selling pressure and yielded further noteable ground on lack of support from industrial units and jewellers.
Selling pressure in the precious metals, gathered momentum as gold tumbled to six-week low in global markets on easing sovereign crisis in Greece, curbing demand for the metal as an alternative investment.
Retailers and jewellery manufacturers refrained from buying at existing higher levels further fuelled the downtrend in the precious metals.
On the domestic front, gold of 99.9 and 99.5% purity, after a weak start on lack of buying support continued to decline and traded below Rs 22,000 level to Rs 21,820 and Rs 21,700 per 10 grams respectively, the levels last seen on April 19. However, sovereign remained static at Rs 18,650 per piece of eight grams.
Similarly, silver ready and commenced lower and continued to decline in day-to-day trading to end lower by Rs 1,050 at Rs 51,500 per kg. Silver weekly-based delivery followed suit and lost Rs 345 to Rs 51,500 per kg.
Silver coins plunged by Rs 2,000 to Rs 56,000 for buying and Rs 57,000 for selling of 100 pieces on reduced offtake at existing higher levels.
