Bullion: Sentiment stayed weak in the bullion market during the last week. Both the precious metals ruled weak on dull overseas advices.
Silver .999, which opened firm at Rs 7965 per kg on Monday but declined to end at Rs 7,920 a kg on Saturday on weak overseas advices, modest out-of-state demand and normal selling pressure locally. Industrial offtake remained dull. Silver .916 also opened higher at Rs 7,855 a kg.but weakened by Rs 45 to end at Rs 7810 a kg during the week.
Standard gold opened with a firm note at Rs 4,480 per 10 gram on Monday but eased to close at Rs 4,470 on Satuirday on weak festival demand along with dull international advices. The cause of fluctuations in yellow metal prices is said to be their price movement overseas. Gold 22-carat ruled weak too and lost Rs 10 to close at Rs 4,135 per 10 gramms during the week.
Oils & oilseeds: The local oils and oilseeds mart displayed a weak tendency during the last week owing to reduced offtake against easy arrivals of the imported oils. The import of edible oils continued to dominate the market. The demand for most of the edible varieties remained weak during the week under review.
Groundnut oil commenced with a weak note at Rs 365 per 10 kg on Monday and declined further to close at Rs 350 per 10 kg. on Saturday during the week on dull consumer demand coupled with easy availability of ready stock. Demand remained subdued. The arrivals from Andhra Pradesh, Karnataka and Madhya Pradesh remained brisk at about 14-17 trucks per day.
Non-ferrous metals: A steady to dull trend was witnessed in the local non-ferrous metals mart during the last week. Metals in both the sections ruled mostly steady. The undertone of the market hinted weakness.
Sugar: An easy to subdued trend was noticed in indigenous sugar prices due to sluggish consumer demand and improved arrivals during the week . The demand was dull at Turbhe, Navi Mumbai during the last week. Both the grades ruled weak.
In virgins, tin slabs and copper wirebar declined by Rs 7 and 75 paise to Rs 365 and Rs 124.50 a kg respectively on sluggish industrial demand coupled with easy arrivals of imported materials. Lead ingots firmed up by 50 paise at Rs 41.00 a kg on better industrial demand.
Meanwhile, all the other metals ruled overall steady and were nominally quoted as under : aluminium ingots Rs 90.00, zinc slabs Rs 87.00 and nickel cathodes Rs 505 a kg respectively during the week.
In scraps, all the metals ruled overall steady and were nominally quoted as under : copper heavy scraps Rs 124.50,copper utensils Rs 105.50, brass utensils Rs 91.50, brass sheetcuttings Rs 99.00 and aluminium utensils Rs 74.50 a kg at Rs 74.50 a kg on dull movements.
Small-grade sugar commenced with an easy note at Rs 1,455-1480 a quintal on Monday and eased to end at Rs 1455-1485 on Saturday on subdued consumer offtake. Medium-grade sugar opened dull at Rs 1,475-1515 per quintal and lost further to close out the week at Rs 1,482-1510 amid weak sentiment.
