Both the precious metals, after uncertain start, flared up on the Mumbai bullion market last week. Silver was distinctly firm, crossing Rs 8,300 mark from the early low levels, mainly due to firm overseas advices, paucity of supplies and start of the demand for marriage season.
At the same time gold, too, rose from early low to cross the Rs 4,000 mark. Price fluctuations mainly followed that of overseas markets.
There was hectic movements in bullion prices world over. Under the financial crisis in Asian countries, gold in New York had dropped below $277.50, but later recovered to $285 per ounce. Silver, too, was down from the recent high of $6.04 per ounce level.
Standard mint gold commenced last week at Rs 3,985, against the previous close of Rs 4,015 and in early trading drifted to the low of Rs 3,980 on quiet overseas advice. The demand at lower levels and better overseas advice lifted the yellow metal to cross Rs 4,000 mark at the high of Rs 4,040 to end at Rs 4030 per 10 gms. Gold 22 carat fluctuated between Rs 3,680 and Rs 3,740. Official gold biscuits recovered from the early low of Rs 46,600 to Rs 47,300 till Friday. Ready silver .999 fineness commenced last week at Rs 8,250, against the previous close of Rs 8,240 and in early trading dipped to the low of Rs 8,040 but on firm overseas advice it shot up on Friday to touch the high of Rs 8,345 to end the week at Rs 8315 per kg. Silver .916 fineness fluctuated between Rs 7,940 and Rs 8,150 till Friday last. Tenderable silver was done Rs 5 higher than the silver .999 fineness at Rs 8320.
Grains: An easier tendency in wheat provided the main feature of trading on the Mumbai grain market last week. Rice ruled steady .
Urad ruled easy while other pulses were held steady. The demand was at a very low ebb.Wheat receded by about Rs 50 per quintal following inflow of new crop wheat from Gujarat. The inflow was fairly good in Gujarat and prices there were quoted at Rs 700 per quintal. On account of large crop, forward sales had been reported at Rs 575-600. Punjab inferior wheat was offered lower at Rs 725-750. Maharashtra Wheat was offered lower at Rs 750-800, M.P.-147 at Rs 800-900 and Shihori Pissi at Rs 850-1,000.
Prices ruled steady in rice. The demand was moderate while supplies were good. Andhra Pradesh SLO fetched Rs 975-1,100. Gujarat-17 at Rs 1,150-1,650 and Kolam at Rs 1,700-2,200. Basmati was well maintained at the firm level of Rs 4,000-5,500.
In coarse grains, both jowar and bajra prices dropped by Rs 25-50. At the same time in bajra, the winter season demand had been on the decline. Gujarat extra bold bajra was offered at Rs 900 and small at Rs 550-700 and Maharashtra at Rs 500-800. Jowar Sholapur ruled easy at Rs 600-900 and H-5 at Rs 400-500. Maize was offered at Rs 475-600.
Among pulses, gram on paucity of supplies and moderate demand gained Rs 50 at Rs 1,750-1,800. Gram dal fetched Rs 2,100-2,300. Kabli gram was traded at Rs 1,650-1,800. Moong, both raw and polished, were steady at Rs 1,700-2,400 and moong dal at Rs 2,400-2,600. Urad ruled quiet at Rs 1,225-1,250. Peas green ruled at Rs 1,275-1,300 and white at Rs 1,075. Tur ruled steady at Rs 1,350-1,400 and tur dal at Rs 2,500-2,800. Masoor and masoor dal were unchanged at Rs 1,800-2,000 and Rs 2,000-2,200 per quintal.
Oilseeds: A firm tendency in castorseed futures and spot prices highlighted trading on the Mumbai oilseeds market last week. Prices firmed to cross previous high level of Rs 1,179 which forced bears to cover short position.In edible oils, prices had started moving up in Rajkot as supplies dropped in groundnut.
Castorseed March commenced last week at Rs 1,173, a rupee lower than the previous close and in early trading declined to touch the low at Rs 1,169.50. It firmed to the high of Rs 1,191.50 on Friday. Ready castorseed Madras small moved up from Rs 1,210 to Rs 1,224 per quintal on Friday. Castor oil commercial gained Rs 3 at Rs 275 on Friday.
In edible oils the demand for groundnut oil was slack but it firmed up from the early low of Rs 350 to Rs 362 on Friday. Palmolein was up from Rs 298 to Rs 304.
