Quieter conditions prevailed on the Karachi wholesale commodity markets in a holiday-shortened week as leading commercial houses kept to the sidelines most of the time having comfortable ready positions.

Post-holiday mood, therefore, prevailed as sellers and buyers seem to have decided to resume normal trading activities by next week after taking stock of their inventories.

After about a week’s suspension, the arrivals from the upcountry resumed, which in turn kept the ready position in order and did not allow any major changes in the pre-Eid holiday price line.

There were, however, stray changes but mostly orderly and reflected that brokers and commercial houses were inclined to maintain a status quo before the normal activities resume.

The trading activity was confined to some essential items in the rice and pulses sectors, but bulk of the business was finalized at the previous rates despite pressure on ready supplies because of the slow arrivals from the upcountry markets and so did the sugar.

There was a relative calm on the export front because of the extended Eid holidays and rice shipments remained stuck-up because of it, although speedy handling of cargoes in the post-Eid holiday days allowed the exporters to meet their physical shipment deadlines, dealers said.

Two rice loaders were in the port and were busy loading the commodity for a foreign destinations. One of them sailed out after completing its job.

There was, therefore, a relative quiet on the export front but brokers expect that the normal activity is expected to resume early next week after the logistic problems tied with the cargo haulers are resolved.

The notable feature was that a bulk cargo carrier loaded with wheat arrived over the week. Although details are not available it may be cargo in transit meant for Afghanistan donated by foreign countries, they added.

However, the sudden increase in wheat prices reflects that exports to neighbouring Afghanistan have already resumed after the end of the war, dealers said.

Wheat prices consolidated previous gains on reports that talks to export 0.200 million tons of the commodity and 50,000 tons of rice with Iran are in advance stage.

Local mill-buying because of steady arrivals was another positive factor. But the rice sector showed divergent trend amid slow ready offtake.

While the fine types of Basmati resisted fresh fall owing to renewed buying prompted by fresh exports, but all varieties finally managed to finish at the previous levels.

But they say the new season has just started and the demand for rice both IRRI and Basmati types are expected to pick up after foreign buyers resume new year buying possibly by the end of the next month.

Unlike the previous week, pluses showed steady trend amid alternate bouts of buying and selling. All the major varieties ended at the last levels.

Guar followed the lead of other raw materials and sustained the run-up on renewed mill-buying. New crop arrivals were steady.

Cereals showed mixed trend. While bajra and jowar did not show any changes, maize was quoted lower by Rs70 to 75 on selling prompted by the reports of steady new crop arrivals.

Oilseed sector showed quiet trend as major seeds including the rapeseed and the cottonseed managed to end at the last levels amid dull post-Eid holiday trading.

Unlike the previous week, till came in for modest selling and ended lower by Rs15 to 20 per 40kg, castorseed was held unchanged for all the varieties.

Oilcakes depicted quiet trend amid slow trading as both rapeseed and cottonseed cakes remained pegged at the last levels despite early selling prompted by the steady new crop arrivals.—M.A