Amid sluggish demand and reports of a weakening trend in global markets, edible oils remained under pressure for the second continuous week in the wholesale oils and oilseeds market and lost further grounds. A few non-edible oils too continued to show weakness on reduced offtake by consuming industries.
Analysts said trading sentiments in edible oils remained bearish as palm oil plunged in global markets, after commodities dropped the most in more than two years, on concerns that economic growth will slow down as central banks seeks to cool inflation by raising borrowing costs.
In addition, fall in demand from local parties at spot market due to rising mercury influenced the trading sentiments, they added. Meanwhile, palm oil futures fell by 2.3% this week to $1,064 a metric tonne, the lowest closing level since November 24 on the Malaysia Derivatives Exchange.
In the edible section, mustard expeller oil (Dadri) which held steady for the major part of the week, turned weak due to slackened demand and fell by Rs 50 to Rs 5,350 per quintal. Mustard pakki and kachi ghani oils followed suit and declined by Rs 10 each to Rs 750-905 and Rs 905-1,005 per tin of 15 litres, respectively.
Sesame mill delivery and cottonseed mill delivery (Haryana) oils lost Rs 20 each to Rs 6,180 and Rs 5,450 per quintal, respectively.
In tandem with a weakening global trend, soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils declined by Rs 20 each to Rs 6,080 and Rs 5,730 per quintal, respectively. Palmolein (RBD) and palmolein (Kandla) oils also drifted by Rs 20 each to Rs 5,700 and Rs 5,400, respectively, while crude palm oil (ex-kandla) traded lower by the same margin to Rs 5,180 per quintal.
Groundnut mill delivery (Gujarat) oil moved in a narrow range on restricted buying and finished at Rs 8,000 per quintal while groundnut solvent remained stable at Rs 1,350-1,360 per tin. In the non-edible section, linseed oil lost Rs 50 to Rs 4,500 per quintal on fall in demand from paint industries.
Similarly, castor oil also fell by the similar margin of Rs 50 to Rs 8,450-8,550 per quintal.
Grains: In mixed pattern of trading, wheat and rice basmati prices fell in the wholesale grains market during the past week on sluggish demand against adequate stocks position following arrival of new crop, while others moved up on increased demand.
Traders said comfortable stocks position following arrivals of new crop from producing regions mainly led to fall in wheat prices. In the national capital, wheat dara (for mills) declined by Rs 10 to Rs 1,165-1,170, while wheat deshi lost Rs 50 to Rs 1,600-1,750 per quintal, respectively.
Atta chakki delivery traded Rs 10 lower at Rs 1,180-1,185 per 90 kg. Maida fell by Rs 30 to Rs 700-730, while sooji declined by Rs 50 to Rs 750-770 per 50 kg in line with the declining wheat trend.
Likewise, maize declined by Rs 100 to Rs 1,250-1,260 per quintal.
In the rice section, rice basmati Pusa-1121 and basmati common varieties moved down by Rs 200 each to Rs 4,300-5,300 and Rs 5,400-5,500 per quintal, respectively. Permal raw, wand, sela and IR-8 were also traded lower at Rs 1,825-1,875, Rs 2,000-2,100, Rs 2,100-2,150 and Rs 1,700-1,725, respectively.
They had previously closed at Rs 1,850-1,900, Rs 2,050-2,150, Rs 2,100-2,175 and Rs 1,750-1,775 per quintal, respectively.
On the other hand, barley attracted brisk buying support on increased demand from consuming industries and jumped up by Rs 250 to Rs 1,300-1,305 per quintal. Bajra and jowar yellow gained Rs 20 each to Rs 1,010-1,020 and Rs 1,050-1,120 per quintal, respectively.
Pulses: Mixed conditions developed in the wholesale pulses market during the past week as arhar and kabli gram rose on rising demand from retailers while urad, masoor and moth remained weak on adequate supply from producing belts.
Market analysts said rising demand from retailers helped arhar and kabli gram prices move up. They said adequate stocks against lack of buying support from stockists led to the decline in other prices.
In the national capital, arhar and its dal dara variety rose by Rs 50 each to Rs 3,500-4,000 and Rs 5,050-5,450 per quintal, respectively. Kabli gram small variety was also seen in demand and moved up by Rs 100 to Rs 4,700-6,200 per quintal.
On the other hand, urad and its dal chilka local declined by Rs 50 each to Rs 3,950-4,350 and Rs 4,850-5,250, respectively. Dal best quality and dhoya traded lower by the same margin to Rs 5,350-5,850 and Rs 5,300-5,400 per quintal, respectively.
Moth fell by Rs 100 to Rs 2,000-2,300, while masoor small and bold lost Rs 50 each to Rs 3,050-3,250 and Rs 3,200-3,450 per quintal, respectively. Its dal local and best quality shed Rs 50 each to Rs 3,600-3,700 and Rs 3,900-4,200 per quintal, respectively.
Sugar: Firm to steady conditions persisted in the wholesale sugar market during the past week with select millgate prices rising on restricted supply and better offtake while sugar spot and mill delivery prices remained unchanged in thin trade.
Traders said restricted arrivals against rising seasonal demand mainly pushed up sweetener millgate prices here in the domestic market. They said sugar spot prices remained unchanged on restricted trading activity and scattered buying by retail customers.
Among millgate excluding duty section, sugar kinnoni, mawana and titabi prices rose by Rs 20 each to Rs 2,910, Rs 2,860 and Rs 2,850 per quintal, respectively. Sugar thanabhavan and budhana also moved up by Rs 10 each to end at Rs 2,760 and Rs 2,750 per quintal, respectively.
However, sugar ready medium and second grade prices maintained last week's closing levels at Rs 2,950-3,050 and Rs 2,925-3,040 per quintal, respectively, on some support. Mill delivery medium and second grade price also stuck to their last week's closing levels of Rs 2,750-2,925 and Rs 2,725-2,925 per quintal, respectively, on little buying.
Jaggery: The wholesale jaggery (gur) prices witnessed a firm trend during the week under review on paucity of stocks amid pick-up in demand and registered gains of up to Rs 200 per quintal. Muzzafarnagar gur market also ended on a firm note on brisk buying support, depicting a net gain of up to Rs 350 per quintal.
Market analysts said steep fall in production due to rise in merury and poor availability of sugar-cane created a tight stocks position and helped the prices to shoot up. Higher upcountry advices also influenced the trading sentiment to some extent, they added.
In Delhi, gur pedi and dhayya prices shot up by Rs 200 each to settle at Rs 3,000-31,00 and Rs 31,00-32,00, respectively. Last week, they closed at Rs 2,800-2,900 and Rs 2,900-3,000 per quintal, respectively.
Gur chakku and Shakkar prices rose by Rs 100 each to close at Rs 2,800-2,900 and Rs 3,100-3,200 from last week's close of Rs 2,700-2,800 and Rs 3,000-3,100 per quintal, respectively.
In Muzzafarnagar, strong demand from cattle-feed and beer making industries pushed up gur raskat prices to Rs 2,350-2,450 against the last close of Rs 2,250-2,375 per quintal, persisting a net gain of Rs 100 per quintal.
Gur Chakku and Khurpa climbed up from Rs 2,450-2,550 and Rs 2,450-2,500 to settle at Rs 2,500-2,700 and Rs 2,550-2,600 per quintal, respectively. In Muradnagar, gur dhayya jumped up by Rs 350 to settle at Rs 2,900-3,000 per quintal, while gur pedi traded higher at Rs 2,650-2,750 compared with last week's close of Rs 2,550-2,625 per quintal.
Dry fruits: Almond and walnut prices declined in the wholesale dry fruits market during the week under review, mostly due to reduced offtake by local traders and stockists.
Fresh arrivals from producing belts also put pressure on the prices. Sentiments turned bearish following fall in demand from stockists and retailer due to off-season and rise in the mercury.
Almond California prices fell by Rs 100 to finish at Rs 9,500 per 40 kg while its kernel traded lower by Rs 5 lower at Rs 325-335 per kg.
Almond girdhi and gurbandi prices declined by Rs 100 each to conclude at Rs 2,600-2,800 and Rs 4,900-5,200 per 40 kg, respectively. Cashew kernel (No 180, 210, 240 and 230) prices fell by Rs 10 each to settle at Rs 615-625, Rs 570-575, Rs 505-510 and Rs 435-455 per kg, respectively.
Copra prices eased by Rs 100 to close at Rs 7,500-7,600 per quintal on adequate stocks. Chilgoza-roasted traded lower at Rs 1,400-1,500 per kg.
Pistachio hairati and peshawari fell by Rs 5 each to finish at Rs 1,000-1,050 and Rs 1,225-1,275 per kg, respectively. Walnut kernel prices also declined by Rs 50 to finish at Rs 450-750 per kg.
Kirana: Select spices depicted a weak trend in the national capital during the week under review on stockists selling against slow down in buying activity at prevailing higher levels and closed with widespread losses. Sentiments turned weak on adequate stocks position following increased arrivals.
Besides, subdued trend in the producing belts also put pressure on the select spice prices, traders said. Black pepper prices declined by Rs 700 to conclude at Rs 27,500-27,800 per quintal on reduce offtake.
Cardamom brown-jhundiwali and kanchicut prices declined by Rs 20 each to conclude at Rs 980-1,000 and Rs 1,100-1,250 per quintal, respectively. Cardamom small varieties such as chitridar, colour robin, bold and extra bold prices also shed up to Rs 20 to settle at Rs 830-880, Rs 890-910, Rs 900-910 and Rs 1,050-1,080 per kg, respectively.
Cloves prices eased by Rs 20 to settled at Rs 480-530 per kg. Nutmeg traded lower at Rs 720-750 against previous closing of Rs 730-775 per kg.
Poppyseed (Turkey, MP-RAJ and Kashmiri) prices fell up to Rs 10 to conclude at Rs 150, Rs 160-215 and Rs 165 per kg, respectively. Red chilli and turmeric prices traded lower at Rs 9,700-14,200 and Rs 10,200-15,200 against previous close of Rs 10,000-14,500 and Rs 11,500-16,500 per quintal, respectively.
Jeera common and best quality prices also fell sharply by Rs 400 each to finish at Rs 14,600-14,700 and Rs 16,600-16,700 per quintal, respectively.
