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Silver
crosses Rs 7,800-mark; vegoils remain steady
Our
Commodities Bureau in Mumbai
BULLION: Silver prices ruled firm and crossed Rs 7,800-mark
per kg on the bullion market here during last week, dealers
said on Friday. Gold pries however, moved in both ways but closed
on a steady note at the end of the week.
Silver .999 jumped up from Rs 7,690 to Rs 7,815 per kg on the
back of brisk investment, industrial and festival buying support
ahead of kite festival while tight global inflow, uptrend in
dollar value against rupee followed by news of buoyancy in the
global market kept offerings restricted in the domestic market.
Delhi and Ahmedabad advices were encouraging. In the overseas
market the white metal recovered from $4.56 to $4.70/4.72 per
troy ounce during the week, it was learnt.
Rally in the global prices aided by firmer dollar has influenced
the import cost of silver upward to Rs 8,000 per kg while prevailing
market price is still quoted lower against import cost which
in turn arrested fresh overseas supplies in the domestic market,
according to one Importer.
Gold standard moved in both ways but settled steady at Rs 4,640
per 10 gm so was prices of gold biscuit (116.50 gm) at Rs 54,350
per piece. Supplies were tight in the wake of higher firm global
advices. However, the absence of fresh buying interest kept
gold prices in a narrow trading range. In the international
market the yellow metal moved up from $278 to $279.40 per troy
ounce.
OIL, OILSEEDS: Domestic and imported edible oils bounced
back across the board on the oil, oilseeds market here during
last week. Castorseed and its oil ruled firm in the ready section
and prices were weak in the forward market. Groundnut oil moved
up sharply from Rs 348 to Rs 354 per 10 kg on hectic physical
buying coupled with eased supplies due to foggy and chilled
weather in the producing centers during the week. In Rajkot
prices quoted higher by Rs 10 at Rs 515 per 15 kg.
Meanwhile, imported palm oil here rose from Rs 291 to Rs 299
per 10 kg on the back of firm dollar value against rupee coupled
with bullish global advices. Prices in Malaysia spurted from
$325 to $345 per tonne on the back of expected higher import
from China after its entry in the World Trade Organisation (WTO).
During last year, China has imported 14 lakh tonne of palm oil
from Malaysia and it is expected that import for the current
year will be around 24 lakh tonne, according to a dealer.
Meanwhile castor edged up by a rupee to Rs 250/262 per 10 kg.
Castorseed ready looked up by Rs 5 at Rs 1,100 per quintal in
sympathy.
In the futures section castorseed February delivery moved in
both ways before settling Rs 2 lower at Rs 1,167 per quintal.
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