After commencing last week on a weaker note, values recovered on the bullion market last week. Limited supplies and the lack of offerings at lower levels helped the recovery. The rise in silver was in line with overseas advices, while gold lacked strength.
Meanwhile the MMTC had already started issuing tenders for the silver and gold imports and would be able to go for trading in the market in near future.
Overseas, gold had been unable to forge ahead of $325 per ounce level and on offerings dropped later in the week. Silver, after rising to $4.94, eased to $4.86 per ounce level. Gold is expected to rule in the range of $320 and $325 per ounce.
Standard mint gold commenced at Rs 4,180, against the previous close of Rs 4,200 and dropped on Monday to the low of Rs 4,145 but on poor offerings coupled with higher overseas advices it went up to the high of Rs 4,235 per 10 gm. Gold 22 carat fluctuated between Rs 3,835 and Rs 3,920. Official gold biscuits ended the week with Rs 300 higher at Rs 49,500.
Ready silver .999 resumed last week Rs 100 lower at Rs 6,610 and on poor offerings along with better overseas advices moved up to the high of Rs 6,825. Silver .916 resumed Rs 100 lower at Rs 6,510 but moved up to Rs 6,725.
Grains: Prices of pulses have stabilised around the current low levels and with a likely increase in demand would show modest recovery in the grains market.
Punjab inferior moist wheat was offered steady at Rs 580-600 per quintal. Ganga-nagar variety was traded at Rs 675-700 and M P-147 at Rs 700-800. M P Shihori Pissi was in demand between Rs 800-1,200.
In rice, new crop Gujarat-17 and Maharashtra Kolam new crop arrivals commenced. No supplies have yet started of new basmati and prices for old varieties ruled between Rs 3,800-4,300. Gujarat-17 new fetched Rs 1,700-1,725 and Kolam at Rs 1,750-1,800. Andhra SLO fetched Rs 850-1,000.
In coarse grains, prices ruled steady for old Solapur jowar at Rs 600-800 and H-5 new at Rs 400-450 and H-9 at Rs 500-525. Bajra Maharashtra ruled steady at Rs 450-700 and Gujarat at Rs 525-600. Maize used for cattle feed ruled at Rs 375-400 and red Gawran at Rs 525-550.
In pulses, gram deshi was offered at Rs 1,390-1,500 and gram dal at Rs 1,600-1,800. Moong unpolished ruled at Rs1,600-1,800 and polished at 1,700-2,000. Moong dal was demanded between Rs 1,900-2,200.
Urad and urad dal, ruled better at Rs 1,025-1,100 and Rs 1,600-1,800 per quintal. Peas green was quiet at Rs 1,300-1,331 and Rohndo at Rs 1,400. Tur ruled at Rs 865-950 and tur dal at Rs 1,600-2,000. Masoor dal was demanded at Rs 1,650-1,800 per quintal.
Oilseeds weekly: After initial quiet trend, castorseed futures firmed up to close with on-balance gains on the oilseeds market.
Spot prices were a shade better as the export demand for castor oil had been very limited as the parity prices with the international market had not been arrived at.
In edible oils, groundnut oil moved in a narrow range. Palmolein also lacked strength as sellers.
Castorseed December contract opened at Rs 1,162, a rupee higher than the previous close and in early deals drifted to the low of Rs 1,157.50. At this level fresh bull support and higher Ahmedabad advices forced bear covering and the contract at week-end firmed to the high of Rs 1,178 to end the week at Rs 1,177.50.
The March delivery attracted restricted activity. After commencing last week at Rs 1,128, a rupee higher than the previous close and scattered trading reported at the higher level of Rs 1,129 but weakened to the low of Rs 1,120 to be finally placed at Rs 1,132. Ready castorseed Madras small was mentioned at Rs 1,200 per quintal and castor commercial oil at Rs 270 per 10 kg.
In edible oils, groundnut oil prices moved narrowly because of the slack demand as well as limited supplies. The inflow was hardly 75-80 tonne a day against normal receipts of more than 100 tonne in the city. Groundnut oil after rising to Rs 347 eased to Rs 345 Per 10 kg. Palmolein prices moved in a narrow groove in view of pressure of stocks and quiet advices from Malaysia palm oil.
