Gold was unable to move up and hovered around the previous level, while silver staged a modest recovery on the Mumbai bullion market last week. Though the seasonal demand indicated low here, it was fairly good at various upcountry centres like Delhi, Chennai and Ahmedabad, which had also turned receiving centres of imported supplies. Recovery in silver was more or less attributed to the increase in its prices abroad.
Standard mint gold commenced last week at Rs 4,750 previous close and in early deals touched the high of Rs 4,840 per 10 grams. Gold 22 carat moved between Rs 4,395 and Rs 4,480. Gold official biscuits was up from Rs 55,500 to Rs 56,600. Silver. 999 fineness was Rs 25 lower at Rs 6,780 and rose to close at Rs 7,080 per kg. Silver.916 fineness fluctuated between Rs 6,650 and Rs 6980.
Oilseeds: In the absence of fresh bull support, castorseed futures receded to recent lows on the Mumbai oilseeds market last week Trading in the distant September contract commenced, but in the absence of good activity it declined from the higher opening rate. Spot advices were subdued on increased arrivals against limited demand from millers. This was so as export demand from castor oil was very limited.
On good inflow of imported palmoleine and sunflower oil, sellers were forced to offer imported oils at higher levels. Castorseed June commenced last week at Rs 1,118.50 against the previous close of Rs 1,122.50. On Monday it touched the high of Rs 1,120 as fresh bull support was absent.
On higher Ahmedabad advices, covering by bears helped the improvement. On the other hand, weakness in spot prices affected the sentiment. However, the opening of the September contract forced bears to cover the short position. The contract on Tuesday shot up to Rs 1,135 on hectic bear covering. In the absence of fresh follow up support coupled with selling pressure from spot-houses and exporters, the contract drifted to the recent low of Rs 1,099, ending at Rs 1,099.50. The September contract commenced at Rs 1,170.25, but closed at Rs 1,163.50.
In edible oils, prices recovered from the low levels as sellers were unwilling to part with the goods at lower levels. Groundnut oil after receding to Rs 358 from Rs 365 at the end of the previous week, recovered to Rs 365 per 10 kg. Palmoleine lacked offerings at the low of Rs 285 from the opening level of Rs 291. It ended the week at Rs 287. With declining arrivals of groundnut in Saurashtra, many mills had to stop crushing it as oil prices were uneconomical.
Grains: Despite the commencement of wheat marketing in North India, supplies were thwarted for one or the other reason on the Mumbai grains market last week. Even supplies from Madhya Pradesh were hampered in view of a strike by protesting against the imposition of various taxes aggregating to 7.5 per cent. Consequently, regular supplies were received only from Ganganagar.
In view of rainfall and agitation by farmers for higher procurement prices, receipts of wheat from Punjab had slowed down. At the same time, the moist wheat inflow fetched Rs 650-660. Ganganagar wheat supplies were satisfactory and were sold at Rs 775-800, MP 147 at Rs 850-950 and Shihori pissi at Rs 1,150-1,500.
Prices were steady in rice, but their inflow in Maharashtra were on the decline. Even in the absence of permits, supplies from Andhra Pradesh were negligible. Gujarat-17 ruled at Rs 1,475-1,500 and Kilaba Kilam at Rs 1,800-2,200. Basmati fetched Rs 3,200-3,500. Due to out of parity supplies from Punjab, parmal was negligible. In coarse grains, jowar H-5 was quoted at Rs 600-650 and Sholapur at Rs 675-850. In bajra, limited supplies from UP hold Gogari variety were reported and sold at Rs 800-825, while Gujarat small was offered at Rs 525-550.
In pulses, gram deshi declined by Rs 50 on increased imported supplies to be sold lower at Rs 1,450-1,500 and gram dal at Rs 1,800-1,900 per quintal. Moong and tur ruled steady in limited activity. Urad fetched Rs 1,200-1,300 on good supplies and urad dal was offered at Rs 2,000-2,300. Peas green was quiet at Rs` 1,400 and White at Rs 1,250.
