A skyrocketing of silver prices was the highlight of trading on the Mumbai bullion market last week. Gold recovered but only in sympathy with silver, lacking its own strength.
It was indicated that gold supplies have been fairly large, silver remained in shortage here as well as the world over, thus crossing the Rs 8,200 mark over the week.
In view of good inflow and restricted recovery overseas, gold edged up slightly over the week. The sentiment in gold was still bearish as overseas traders are expecting further gold sale by central banks. Silver shot into limelight due to a reported sharp fall in Comex stocks to a 12-year low. The sentiment here was cautious as overseas traders were still pessimistic about the rise in gold values .
Standard mint gold commenced last week at Rs 3,915, against the previous close of Rs 3,915 and dropped below Rs 3,900 mark at Rs 3,890 but in sympathy with silver went up gradually to the high of Rs 3,930 to end at Rs 3,910 per 10 gms. Gold 22 carat resumed Rs 5 lower at Rs 3,615, dropped to the low of Rs 3,600 to recover at the high of Rs 3,635. It closed at Rs 3615.
Gold official biscuits fluctuated between Rs 45,500 and Rs 45,900 to close at Rs 45,700. Ready silver .999 fineness commenced at Rs 7,435, against the previous close of Rs 7,440. In the absence of good supplies coupled with firm trend overseas, the opening rate became the low of the week, it crossed the Rs 8,200 mark at Rs 8,270. With overseas advices being lower, it dropped to close at Rs per kg. Silver .016 fineness fluctuated between Rs 7,335 and Rs 8.170. Tenderable silver was up from the opening level of Rs 7,440 to the high of Rs 8,275 per kg.
Oilseeds: Castorseed futures ruled firm on the Mumbai oilseeds market Castorseed December contract was lacklustre and the maturing contract is likely to pass without any orders being effected. The March delivery commenced at Rs 1,169 against the previous close of Rs 1,168.50 and in early deals on fresh bull support by a prominent shipper the contract touched the high of Rs 1,174. However, on profit-taking at higher levels resulted in the contract declining to a low of Rs 1,165. At the lower levels fresh follow up support lifted the contract to touch Rs 1,173.50 on Friday to end the week at Rs 1173.50. Ready castorseed Madras small ruled at Rs 1,243 per quintal and castor oil commercial at Rs 279 per 10 kg. Reports from Gujarat show the castorseed inflow had gone up to more than 12,000 bags a day and is likely to rise further.
Ready groundnut oil recorded moderate gains. Ready groundnut oil was up from Rs 338 to Rs 351 on Friday last. Palmolein was firm in sympathy as well as higher advices from Malaysian palm oil. Prices hardened from Rs 274 to Rs 282 on Friday last.
Grains: A firm tendency in pulses provided the main feature of trading on the Mumbai grains market last week. Prices were steady for coarse grains Wheat ruled slightly better as no fresh supplies from Punjab had been reported. Maharashtra wheat was traded higher at Rs 800-850, MP-147 at Rs 900-1,000 and Shihori Pissi at Rs 1,050-1,350 per quintal. Basmati old fetched Rs 5,000-5,500 and new was in demand at Rs 4,000-4,500. SLO was offered at Rs 900-950 and Kolam at Rs 1,700-1,800.
In coarse grains prices ruled steady for jowar and bajra but with the virtual end of the season prices moved up in maize. Inferior maize for cattle feed ruled at Rs 400-425 and Gawran at Rs 550-650. Jowar Sholapur was in demand at Rs 600-800 and H-5 at Rs 400-450. Bajra Maharashtra was offered at Rs 450-700 according to quality. Gujarat bajra small was traded at Rs 500-550. Gram saw a steep rise over the last week. Prices touched a high of Rs 1,700 per quintal. Gram dal was traded at Rs 2,100 and kabli gram at Rs 1,800-1,900. Moong was in demand steady at Rs 2,000-2,400 and moong dal at Rs 2,300-2,500.
Urad was in demand higher at Rs 1,200-1,300 and urad dal at Rs 1,800-1,900 per quintal. Peas green ruled at 1,325 and white at Rs 1,1250. Tur firmed up to Rs 1,300-1,350 and tur dal at Rs 2,000-2,500. Masoor and masoor dal were held steady at the firm levels of Rs 1,500 and Rs 1,900-1,950 per quintal.
