Bullion shines; oilseeds slip

Our Commodities Bureau in Mumbai

BULLION: Both the precious metals continued its uptrend on the bullion market here during last week, dealers said on Friday.
Gold standard moved up from Rs 4,480 to Rs 4,500 per 10 gm. Prices of gold biscuit (116.50 gm.) rose by Rs 50 at Rs 52,600 per piece during the week. Traders reported brisk physical buying for gold in the wake of festival season while tight supplies and lack of ready stock kept offerings limited. Besides tightened security in the city for Ganesh festival also kept contraband inflow restricted during the week, according to a broker here. Upsurge in dollar value further aided the bullish tendency in the local market. In the global market the yellow metal reacted from $276.40 to $274.95 per troy ounce during the week, it was learnt.

Meanwhile silver .999 hardened from Rs 7,210 to Rs 7,165 per kg on hectic festival support coupled with poor supplies. However, industrial consumers stayed away from the trading, a broker added. Daily arrivals of 150/200 kg. of raw silver was reported during the week. But inflow of imported silver remain virtually absent, it was learnt. In the international market, the white metal recovered from $4.19 to $4.23 per troy ounce.

OIL, OILSEEDS: Groundnut oil suffered fresh losses on the oil, oilseeds market here during last week. Other edible oils also closed with a major setback lead by palm oil following bearish global advices.

Groundnut oil dropped from Rs 395 to Rs 368 per 10 kg amidst sluggish buying interest despite beginning of festival season while weak Gujarat advices prompted selling by local stockists. In Rajkot prices quoted lower from Rs 655 to Rs 595 per 15 kg. following brisk selling pressure from millers as new crop supplies were round the corner, it was said. Imported palm oil slipped to Rs 309 (Rs 328) per 10 kg. In the overseas market palm oil placed lower at $330 as against $345 per tonne earlier.

Forward deliveries were changed hands at $332.50/335 per tonne, it was learnt. Castor oil here on the other hand recovered by Rs 4 at Rs.280/292 per 10 kg as renewed overseas enquiries prompted covering by shippers. Castorseed ready shot up by Rs 20 at Rs 1,250 per quintal in sympathy. In the futures section castorseed December delivery bounced back from Rs 1,328 to Rs 1,364 per quintal as bullish Gujarat advices triggered covering by bears, floor sources said. Maturing September delivery as well as castor oil future markets were remain untraded during the week. In Ahmedabad castorseed September delivery spurted to Rs 1,246 and December delivery at Rs 1,330 per quintal respectively.