Weekly Market Report

Dry Fruits: Continuing its upward journey, the wholesale dry fruit prices closed sharply higher in the national capital during the past week on the back of increased buying by stockists and retailers due to seasonal demand.     

Tight stocks following restricted arrivals from overseas markets also influenced sentiments. 

Market analysts said increased demand from retailers and stockists due to seasonal demand, holding back of stocks by speculators also attributed rise in select dry fruit prices.     

Almond (California) rose by Rs 100 to Rs 10,000 per 40 kg. Its kernel, too strengthened by Rs 5 to Rs 360-365 from previous week's close of Rs 355-360 per kg. Almond-gurbandi prices traded higher at Rs 4,900-5,100 against previous mark of Rs 4,800-4,900 per 40 kg.

Cashew kernel No 180, No 210, No 240 and No 320 rose up to Rs 10 to conclude at at Rs 645-655, Rs 585-595, Rs 530-535 and Rs 430-450 per kg, respectively.

Copra closed higher by Rs 100 to Rs 7,900-8,000 per quintal. Dry dates-red (inferior quality) rose by Rs 300 to finish at Rs 3,700-9,000 per quintal.

Pistachio Irani, hairati and peshwari also surged upto Rs 25 to Rs 850-900, Rs 1,100-1,225 and Rs 1,350-1,400 per kg, respectively.

KIRANA: Weak conditions were seen on the wholesale kirana market during the week under review as prices of cardamom and chilli declined on adequate stocks against restricted buying.

Market analysts said reduced offtake by retailers as well as exporters at existing higher levels against increased offerings by stockists dragged down the prices.

They said slackened buying at prevailing levels and lower outside advices were other dampening factors.

Cardamom brown Jhundiwali and Kanchicut traded lower at Rs 1,100-1,110 and Rs 1,200-1,350 against previous closing of Rs 1,300-1,500 and Rs 1,400-1,600 per kg, respectively.    

Cardamom small varieties such as chitridar, colour robin, bold and extra bold prices fell up to Rs 300 to conclude at Rs 1,300-1,350, Rs 1,370-1,380, Rs 1,390-1,400 and Rs 1,490-1,500 per kg, respectively.    

Dry ginger prices dropped up to Rs 2,000 to Rs 20,000-25,000 per quintal. Poppyseed (Turkey, MP-RAJ and Kashmiri) prices fell by Rs 10 each to settle at Rs 220, Rs 220-270 and Rs 205 per kg, respectively.   

Red chilli and turmeric traded lower at Rs 6,000-11,000 and Rs 18,000-20,000 against previous closing of Rs 6,600- 11,800 and Rs 18,000-20,900 per quintal, respectively.   

Jeera common prices also fell by Rs 100 to settle at Rs 13,600-13,800 per quintal. However, black pepper prices surged by Rs 800 to conclude at Rs 23,600-23,700 per quintal.   

Mace-red and yellow prices also traded higher at Rs 1,800-1,950 each from last closing of Rs 1,650-1,900 and Rs 1,750-1,900 per kg respectively.

WEEKLY MARKET REVIEW 3

Bullion: Both the precious metals, gold and silver lost ground at the bullion market on the first week of the year due to intense unwinding by speculators during the week under review.

The white metal, silver which scaled to a new high could not hold its relentless record breaking milestone and shed its entire gains on speculative sell-off and heavy profit-taking sparked by the global volatility.

Gold also faced heavy bouts of selling pressure as stockists and traders opted to take profits on bearish overseas feedback. 

On the global front, precious metals withered away all its gains on signs of a confident US economy recovery amidst strengthening dollar as well as fresh concerns over global economic recovery, including tightening of key interest rates in China, forced the investors to sideline the precious metal as its safe-haven tag.  

In New York, gold for delivery in February tumbled by $52.50 at $1,368.90 an ounce from last weekend's level of $1,421.40 an ounce

Silver for March delivery also lost by $2.27 at $28.67, as against $30.94 previously.

WEEKLY MARKET REVIEW 4

Turning to domestic market, silver ready (.999 fineness) resumed higher at Rs 47,315 and moved in range of Rs 47,560 and Rs 45,175 before finishing at Rs 45,400 from preceding weekend's level of Rs 47,210, showing a hefty fall of Rs 1,810 or 3.83 per cent per kilo.

Standard gold (99.5 purity) opened higher at Rs 20,665 and shuttled the between Rs 20,680 and Rs 20,150 before concluding at Rs 20,280 from last weekend's level of Rs 20,645, disclosing a steep loss Rs 365 or 1.7 per cent per ten grams.

Pure gold (99.9 purity) resumed higher at Rs 20,765 and moved in a range of Rs 20,780 and Rs 20,250 before closing at Rs 20,375 from previous weekend's level of Rs 20,745, showing a sharp loss of Rs 370 or 1.78 per cent per 10 grams.