An upward-to-firm trend was noticed in the bullion market last week. There was no trading on Tuesday in protest of the Octroi levy on various commodities.
Silver .999, which commenced on a firm note at Rs 7,575 a kg on Monday, eased to Rs 7,380 a kg on Wednesday on dwindling overseas advices. But, it recovered to Rs 7625 a kg on Friday following fluctuations in silver prices at the London market before closing at Rs 7,580. 'The total traded volume in the bullion market depends on the London market only," a trader said. Similarly, silver .916 also gained Rs 10 per kg during the week. Firm overseas advices restricted offerings and turned the market sentiment. Industrial demand was better while arrivals from upcountry centres remained restricted.
Standard gold commenced on a better note at Rs 4,230 per 10 grams on Monday and improved to Rs 4,260 per 10 grams, registering a gain of Rs 30 per 10 grams during the week. The major reason for the firmness in prices of the yellow metal was the firm overseas advices coupled with modest demand. Similarly, 22 carat gold improved by Rs 25 per 10 grams during the week.
Gold biscuits (116.50 gms) prices gained Rs 700 per piece on improved consumer demand backed by thin supplies and firm overseas advices.
Oils & oilseeds: A weak trend was maintained in the local oils and oilseeds market during last week. Fear of widespread raids on oil millers following reports of adulteration in rapeseed affected the trading scene. Sale of rapeseed oil in loose form has already been banned. The market remained officially closed on Tuesday in protest of the levy of Octroi charges by the Maharashtra government.
Groundnut oil commenced on a firm note at Rs 590 per 10 kg on Monday but declined consistently to end the week at Rs 565 per 10 kg. The demand remained slack. News of widespread rains in Saurashtra and Gujarat -- the main producing centres of groundnut -- also turned the market bearish. Ships carrying edible oils have already reached Indian ports and unloading by them has also affected market sentiment.
Castor oil prices faced market resistance at much-improved levels and ended the week with a loss of Rs 14 per 10 kg. Castorseeds prices also declined by Rs 68 a quintal in absence of buyers against an easy supply position. Copra oil white, linseed oil and neem oil prices declined by Rs 5 each to Rs 475, Rs 445 and Rs 225 per 10 kg on reduced offtake against better supplies.
Sugar: A subdued-to-easy trend was witnessed in sugar prices at Turbhe, Navi Mumbai last week. The market remained closed on Tuesday on account of levy of Octroi charges by the state government on various commodities. Festive demand remained moderate. Small varieties commenced the week on a dull note at Rs 1400/1440 a quintal and eased consistently to close at Rs 1405/1445 a quintal on Saturday. Similarly, medium grades opened at Rs 1435/1510 and weakened to close at Rs 1430/1528 at the week-end. Market sentiment remained overall weak.
Non-ferrous metals: An easy-to-steady trend was noticed in non-ferrous metals last week. Scrap metals remained relatively more active than virgin ones. The market remained officially closed on Tuesday in protest of Octroi charges levied by the state government.
In scraps, copper heavy and brass sheetcuttings eased by 50 paise and 25 paise to Rs 106.50 and Rs 88.75 a kg respectively on better arrivals against dull industrial demand. Copper utensils, brass utensils and aluminium utensils ruled overall steady and were nominally quoted at by Rs 93.75, Rs 86.75 and Rs 63.50 a kg respectively on narrow movements.
In the virgin section, copper wire bar softened by 50 paise at Rs 119.50 a kg during the week on sluggish industrial offtake against better supplies. Zinc slabs and tin slabs firmed up by Re 1 and Rs 2 to Rs 79.50 and Rs 372.00 a kg respectively on limited inflows of imported materials coupled with firm overseas advices. Meanwhile, aluminium ingots, lead ingots and nickel cathodes ruled overall steady and were nominally quoted at Rs 86.00, Rs 45.50 and Rs 248 a kg respectively.
