October 14, 2002	Monday	Sha'aban 7, 1423

The Karachi wholesale commodity markets showed firm trend during the last week as prices of essential items generally climbed up on active pre-election buying.

Dealers said arrivals from the upcountry markets were virtually dried up on account of disappearance of transport.

Most cargo haulers withdrew their vehicles from plying as the police were impounding these for election duties.

Barring oil tankers, which lifted normal loads, trucks remained off the roads for most part of the week causing shortage of supplies from the upcountry trading centres, they said.

The arrival position is expected to get normal by next week after the elections are over, while the cargo haulers have no fears.

Brokers said as the short supply and the pre-election demand both combined together during the pre-election sessions, prices maintained their upward drive under the lead of essential items, although in most cases, price increases were orderly.

They said the physical activity is expected to get normal by next week as by that time supplies from the upcountry trading centres are expected to return to normalcy.

Meanwhile, the reports that the government has set up an international rice export board was welcomed by private sector exporters as it will take care of the problems being faced by them.

Moreover, the board is expected to assist them in securing lost markets in the Gulf or elsewhere, notably fine type of basmati, which currently is facing major competition from India and few more places.

However, some major export items showed modest increase, due to short supply and active export enquiries from the traditional importers.

Rice and guar were leading, as these were in active demand for the last couple of weeks, but in the process the prices of both remained stable at previous levels amid slow ready offtake.

Irri broken was the only exception, which rose by Rs10 on stray demand from the exporters.

The new rice crop from Sindh rice belt is expected to arrive during the next couple of sessions, which may push down the prices from the current high levels.

Fine varieties including sela and kernal on the other hand were traded at the previous levels amid slow ready business originating mainly from the locals.

Pulses came in for renewed support owing to the pressure on ready supplies and rose generally, major gainers being beetle, gram and gram dal, and moong which posted gains ranging from Rs35 to 75. All other types were held unchanged under the lead of masoor and masoor dal imported types.

Wheat on the other hand showed a modest rise of Rs5 and so did sugar which rose by Rs5 to 15 per 40kg owing to the reports of delay in the resumption of new crushing season.

Guar also came in for stray support followed by the reports of fall in arrivals from the upcountry markets but traded at the previous levels amid slow ready offtake.

Cereals showed mixed trend. Maize came in for stray selling followed by the reports of fresh new crop arrivals and fell by Rs10 to 15.

Oilseed sector maintained firm trend as the rapeseed prices held firmly at last levels followed by the reports of firm oil and cakes markets.

The new crop cottonseed were again not quoted owing to the absence of arrivals from the Sindh ginneries.

Castorseed and til attracted modest support. While the former was held unchanged, the latter posted fresh good gains ranging from Rs75 to 100 amid reports of active export demand.

Oilcakes came in for renewed support, as both the rapeseed and the cottonseed cakes were traded at the previous levels.—M.A