Commodity markets in bearish mood this week
Commodity markets show a bearish mood during the past week as select pulses, grains, spices and dry fruits subsided from their recent high levels.business Updated: Sep 15, 2007 15:12 IST
Commodity markets showed a bearish mood during the past week as select pulses, grains, spices and dry fruits subsided from their recent high levels on stockists offering amid government decisions to import to check a surge in prices.
The government's step to import the cereal checked wheat prices and start easing as stockists off-loaded part of their holdings to cut losses.
The trading volumes were satisfactory while turnover of the commodity markets remained weak on falling prices.
However, a few commodities still maintained their higher levels on buying support to meet the demand for the upcoming season of marriage and festivals.
There was some demand from vanaspati manufacturers and supported the upsurge while palm and soyabean oils were distinctly higher on fresh buying triggered by reports of a steep-rise in their prices in Malaysian markets.
Precious metals were also better on firm global trend and gold prices zoomed to over five-months-high while in London, it touched the 18-month-high level around 715 dollar an ounce.