BOTH the precious metals suffered losses at the improved level on the bullion market here during last week. Standard gold reacted by Rs 20 at Rs 4,530 per 10 gm. Gold .22 carat was down by same margin at Rs 4,190 in sympathy. Prices of gold biscuit (116.50 gm.) slipped by Rs 300 at Rs 52,800 per piece. Conclusion of diwali buying kept physical activity at a low ebb during later part of the week while continued local supplies and bearish global advices prompted brisk selling here. Fresh upsurge in dollar value against rupee had failed to cheer up the market sentiment due to sluggish volume of trading, dealers said. In the global market gold closed lower at $266.25 ($270.75) per troy ounce. Dollar prices on the other hand hardened from Rs 46.33 to Rs 46.65 which is new peak, it was said.Meanwhile silver .999 softened from 8,090 and breached Rs.8,000-mark to close at Rs 7,975 per kg. Silver .916 was down from Rs 7,975 to Rs 7,860 per kg during the week. Industrial and festival demand remains at a low ebb while steady arrivals of raw silver from local sources coupled with weak Delhi and global advices pulled down prices. In the overseas market silver placed at $4.76 as against $4.83 per troy ounce earlier.
Oil, oilseeds
Groundnut oil nosedived on the oil, oilseeds market here during last week. Imported palm oil crossed Rs 200-mark on the back of expectation that Union government may hike import duty soon on edible oils. Castorseed and its oils however reacted further following news of rising new crop supplies in the producing centers while overseas buyers stayed away in the falling market. Groundnut oil fell sharply from Rs 386 to Rs 365.25 per 10 kg on the back of lower than expected festival buying followed by setback in producing centers ahead of new crop supplies. In Rajkot prices quoted lower from Rs.615/620 to Rs 575/580 per 15 kg.
Imported palm oil however bounced back to 207.25 (Rs.197) per 10 kg. In the global market palm oil hardened by $10 at $260 per tonne. Brisk demand from China had also influenced the buying interest in the Malaysian market during the week.
In the local market palmolien December delivery looked up from Rs 210 to Rs 212.50 per 10 kg. November and December deliveries however more-or-less remain absent from trading. Castor oil lost Rs 4.50 at Rs 290.50/302.50 per 10 kg. Castorseed ready were down by Rs 22.50 at Rs 1,302.50 per quintal. In the future section castorseed December delivery reacted from Rs 1,316 to Rs 1,311 per quintal while castor oil December delivery reacted by Rs 5 at Rs 310 per 10 kg. In Ahmedabad castorseed December delivery closed lower at Rs 1,308, February delivery at Rs.1,293 per quintal. In Rajkot December delivery placed lower at Rs 1,298.50 per quintal.
In the city market, castorseed February delivery changed hands at Rs.1,295.25 per quintal towards close of the week. New crop arrivals picked up in Andhra Pradesh during the week and the undercurrent remain subdued as traders were expecting beginning of new crop supplies in Gujarat.
Copyright © 2000 Indian Express Newspapers (Bombay) Ltd.