A luminance signal processing circuit for a television receiver comprises means for separating a full bandwidth luminance signal into a low pass component and first and second derivative components of the low pass component. A differential amplifier is responsive to the component voltage signals for developing first and second current mode signals representing in phase and 180.degree. out of phase combinations of the low pass and second derivative components. The levels of the second derivative components of the first and second current mode signals are selectively adjusted by a peaking signal processor for developing related third and fourth current mode signals whose amplitudes are also selectively adjusted by a picture signal processor for developing an output luminance voltage having selectively controlled contrast and peaking components. A peak white limiter is responsive to white going portions of the second derivative components of the third and fourth current mode signals for automatically causing a corresponding reduction in the level of the output luminance voltage. Finally, a single supply of DC potential is coupled to the picture signal processor for supplying the bias energy from which the first, second, third and fourth current mode signals are derived.