September 16, 2002	Monday	Rajab 8, 1423

The Karachi wholesale commodity markets showed firm trend during last week, as the prices of essential items generally rose, followed by the reports of slow arrivals from upcountry centres.

Dealers said, the pent-up demand from upcountry traders also figured prominently, followed by reports of pressure on ready supplies — pulses being the lead masters.

Bulk of demand, both from the wholesalers and the retailers remained confined to pulses sector, followed by reports of pressure on ready supplies and fears of further increase in the prices. All varieties tended higher amid active ready business.

Commodity importers said, the recent reevaluation of rupee against the US dollar has made imports more expensive, which is well-reflected in the price of pulses, mainly the imported stuff.

Although, importers have diversified their channels adding Iran, Ethiopia and Australia to the existing list of traditional trading partners from Near East, the price of pluses tended further higher because of some local factors, including strong pent-up demand from the Punjab traders.

Dealers said, export items followed them under the lead of wheat, which remained in strong demand, both from local mills and commercial exporters. Prices were quoted higher by Rs5 per bag.

Pakistan has an exportable surplus of a million tonnes from the previous crop about half of which has already been sold to a number of countries during the last four months by both, the TCP and the commercial exporters at an average price of $113 per tonne.

Other major export items including rice also showed firm trend as IRRI-9 Sindh type was quoted higher by Rs25 per bag, while others including basmati varieties remained pegged at the last levels, as the local demand was adequately met by the ready supplies.

Guar remained in strong demand and came in for fresh support as local processors tried to cover their forward export sales of guar products. Prices rose by another Rs150 per bag from the previous week.

Sugar did not show much change as bulk of the business was done at previous levels. Demand from Punjab dealers was also on the lower side as compared to previous week.

Much of the activity remained centred around pulses, which posted sharp gains amid reports of short supply.

Prices of all varieties tended higher, the largest rise of Rs100 to 150 per bag being in masoor imported and gram whole. Others including masoor dal, peas, urad and gram dal rose by Rs50 to 100, lowest rise of Rs7.50 being in urad imported variety.

Cereals also came in for strong support followed by the reports of slow arrivals from upcountry market as the prices of Jowar, and maize were quoted higher by Rs10 to 15 as compared to previous levels amid active ready offtake.

The biggest rise of Rs100 to 150 was noted in Bajra followed by the reports of pressure on ready arrivals owing to slow arrivals from Sindh markets.

Oilseed sector showed quietly easy trend amid slow trading as prices of rapeseed were quoted further lower by Rs15 to 30 on selling followed by the reports of fresh arrivals from Sindh markets. Weak oil market was another adverse factor.

Although, it is now a month since the Sindh ginneries resumed their operations but the cottonseed prices were not quoted on local commodity exchange.

Castorseed and till showed firm trend and rose by Rs70 per maund for til amid reports of revival of foreign demand but castorseeds were traded at last levels.

Oilcakes also ruled steady in sympathy with the cottonseed as the prices of both cottonseed and rapeseed cakes were marked down by Rs2 to 5 for later, but the former suffered a sharp decline of Rs75 per bag on active selling by the ginners from Sindh cotton belt.—M.A