In the backdrop of a global market slowdown, the prices of gold and silver in the domestic market have witnessed a downward trend. As of 18th January 2024, gold prices per 10 grams on the bullion market in Indore stood at INR 63,610, experiencing a drop of INR 240.
Factors Contributing to the Downturn
The slump in gold and silver prices is attributed to the uncertainties arising from the potential interest rate cuts by the Federal Reserve, as indicated by recent American economic data. Gold prices dipped below the $2,000 per ounce mark, reaching a low not seen since 2015 on the COMEX, where it settled at $2015.10 per ounce. Similarly, silver was priced at $22.56 per ounce.
Local Bullion Market Rates
In the Indore Sarafa market, gold was priced at INR 63,350 per 10 grams for cash transactions (99.50 purity), while 22-carat gold stood at INR 58,265 per 10 grams. Silver (S.A.) was quoted at INR 72,400 per kilogram for cash transactions and INR 72,550 per kilogram for future contracts.
Current Rates in Other Markets
As per the latest rates on the national scale, gold (Cadbury) was pegged at INR 63,610 per 10 grams, and silver (S.A.) was priced at INR 72,250 per kilogram in the RTGS (Real Time Gross Settlement) market.
Fluctuations in Potato, Onion, and Garlic Prices
In the wholesale fruit and vegetable market named after Devi Ahilyabai Holkar, the prices of potatoes and onions have witnessed a decline, while garlic prices remained stable.
Potato and Onion Rates
The arrival of new potatoes resulted in a supply surge, causing a drop in prices. New chip-grade potatoes were sold at rates ranging from INR 1,000 to INR 1,200 per quintal, while standard quality and Jyoti potatoes were priced at INR 800 to INR 1,000 per quintal. On the onion front, the best quality onions were quoted at INR 1,600 to INR 1,800 per quintal, medium quality ranged from INR 1,300 to INR 1,600, Golta onions were priced between INR 1,200 and INR 1,500, and Golli onions were sold at INR 800 to INR 1,000 per quintal.
Garlic Price Trends
The arrival of 250 crates of new garlic impacted the market, leading to a slight rise in garlic prices. Old garlic was sold at rates between INR 20,000 and INR 22,000 per quintal, while the new variety was quoted at INR 19,000 to INR 20,000 per quintal. Desi garlic, average quality, and fine-grade garlic were priced at INR 17,000 to INR 18,000, INR 16,000 to INR 17,000, and INR 12,000 to INR 15,000 per quintal, respectively.
Soybean Market Faces Weak Demand and Price Decline
The soybean market in India is experiencing a slump due to weak demand for soybean plants, coupled with a reduction in the prices of soybean meal. In the recent trading session, soybeans were traded at INR 4,750 per quintal in the market. Commercial sources suggest that the soybean market in India is navigating through a complex scenario marked by contrasting trends.
Global Trends Impacting Soybean Prices
The soybean Market Rates witnessed a substantial 15.6% drop in prices during the previous year. The global estimate for soybean production in 2024, as reported by the United States Department of Agriculture (USDA), hints at a marginal growth of up to 390 million metric tons, presenting a broad context for the soybean market. Despite potential challenges arising from El Niño impacts in India, the production estimate for soybeans in the marketing year 2023-24 is anticipated to reach 12 million tons.
Current Arrival and Prices in Indian Mandis
Soybean arrivals in the country’s mandis totaled 3.50 lakh quintals, with Madhya Pradesh contributing 1.50 lakh quintals, Maharashtra 1.50 lakh quintals, Rajasthan 25,000 quintals, and other states contributing 25,000 quintals. Mustard arrivals stood at 2.85 lakh quintals, with Rajasthan contributing 1.25 lakh quintals, Madhya Pradesh 35,000 quintals, Uttar Pradesh 40,000 quintals, Punjab 15,000 quintals, Gujarat 20,000 quintals, and other states contributing 50,000 quintals.
Edible Oil Prices
Loose edible oil prices (per ten kilograms) in the Indore market are as follows:
- Groundnut oil: INR 1,570 to INR 1,590
- Mustard oil: INR 825
- Soybean refined oil: INR 905 to INR 910
- Soybean solvent oil: INR 865 to INR 870
- Palm oil: INR 840 to INR 845
Arrival and Prices of Other Commodities
Other notable market trends include the increase in tuvar (pigeon pea) prices due to import-related changes, leading to a rise of INR 100 per quintal. Meanwhile, chana (gram) and masoor (lentil) prices remained stable.
Surge in Tur Prices Influences Domestic Pulse Market
The impact of rising prices in imported tur (pigeon pea) is reverberating in the domestic market. Tur prices surged by INR 100 per quintal, and there was a corresponding increase of INR 200 per quintal in the prices of pulses.
Imported Pulses Rates at Mumbai Port
- Tur (new): INR 9,350
- Masoor (Canada): INR 6,250
Local Pulse Prices
- Tuvar: INR 9,600 (Maharashtra), INR 9,900 (Karnataka)
- Moong (green gram): INR 8,800 to INR 8,800
Dal Prices
- Tur dal (sava number): INR 11,300
- Urad dal (medium): INR 10,700
- Moong dal (medium): INR 10,300
- Urad dal (bold): INR 11,200
Container Rates for Kabuli Chana (Chickpea)
- Kabuli Chana (40-42): INR 15,900
- Kabuli Chana (42-44): INR 15,700
- Kabuli Chana (44-46): INR 15,500
- Kabuli Chana (58-60): INR 13,500
Indore Grain Market Rates Update: Price Trends and Factors Influencing Them
In recent Market Rates reports from Indore, the prices of essential commodities, especially grains, have shown notable fluctuations. This article aims to provide a comprehensive overview of the current grain market scenario in Indore, shedding light on the prices of various grains and factors influencing these trends
Rice Prices: According to Dayaldas Ajit Kumar Chawani, a prominent market source in Indore, the prices of Basmati rice (921 variety) range between ₹11,500 and ₹12,500 per quintal. Other rice varieties, such as Tibar, Dubar, Mini Dubar, Basmati Sela, and Mogra, exhibit varying price ranges, offering options for consumers with different preferences.
Sugar Price Scenario: The sugar Market Rates in Indore is currently under the influence of increasing ethanol production, leading to a surge in demand for maize. Sugar prices might experience a decline, possibly falling below ₹3,800 per quintal. The market dynamics suggest a need for cautious monitoring in the coming weeks.
Spices and Dry Fruits: The spice Market Rates in Indore reflects diverse price ranges for items like black pepper, cumin, cloves, and cardamom. Dry fruits, including cashews, almonds, and raisins, exhibit price variations based on quality and type.
Dairy Products: Dairy product prices, especially paneer, curd, and ghee, have seen fluctuations. While paneer is available at ₹360 per kilo in wholesale and ₹380-400 in retail, ghee is priced at ₹600 (wholesale) to ₹640 (retail). The demand for these products remains steady.
Corn Prices and Ethanol Demand: The ethanol industry’s growing demand for corn has led to a 20% increase in maize prices. Market analysts anticipate further hikes due to the government’s plan to procure maize for ethanol production, limiting its use in other sectors.
Outlook for Maize Production: Despite a 4% increase in the area under maize cultivation during the Rabi season, uncertainties prevail due to irregular rainfall in certain regions. The estimated maize production for the 2022-23 season is 359.10 lakh tons, with concerns about inadequate rainfall affecting the overall yield.
Conclusion: The grain market in Indore is dynamic, responding to various factors such as weather conditions, government policies, and industrial demands. Consumers and traders need to stay informed about these trends to make informed decisions. As we progress through the season, vigilance and adaptability will be crucial for navigating the fluctuating grain market in Indore.
These market fluctuations provide insights into the dynamic nature of commodity prices, influenced by factors such as seasonal produce arrivals and global economic conditions.
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