May 26, 2003	Monday	Rabi-ul-Awwal 23,1424

THE Karachi wholesale commodity markets passed through another relatively quieter week as reports of comfortable ready position did not allow any major change in prices of essential items.

The rice sector was, however, an exception as prices of fine types of basmati were traded higher partly on reports of pressure on ready supply and partly to revival of export demand from the Gulf importers.

However, retailers complain that the impact of lower wholesale prices of some of the essential commodities is not fully reflected at their end as the shopkeepers are not inclined to pass on even the modest part of fall in prices.

In the absence of any efficient price monitoring institutions, retailers are not obliged to lower their prices on the ground that wholesalers in most of the cases did not supply them the essential at the lower levels, they said.

Prices of some type of pulses, for instance, have shown a substantial fall followed by reports of higher new crops, notably gram but its price at the retailers end continues to be on the higher side.

Meanwhile, it is interesting to note that physical shipments of some type of pulses, notably gram whole and gram dal and moong are steadily being made to India but the export did not push their prices higher, they said.

Market sources said growers have just harvested a bumper gram crop and have contacted exporters to dispose of their surplus stocks to India and some other neighbouring countries including Sir Lanka.

Reports originating from commercial exporters indicate that leading among them have secured substantial export orders from the Gulf and some African countries, shipments against which are being made.

The Trading Corporation of Pakistan (TCP) is also in touch with some of its traditional foreign trading partners to sell them wheat along with sugar. It has already a couple of consignments of sugar to a number of foreign buyers and has invited fresh tender for the sale of 25,000 tons of white sugar. The last date for the bid is May 27.

But because of oversupply, sugar prices suffered fall ranging from Rs15 to Rs20 on selling prompted by reports of larger arrivals from the Sindh mills and a slow-down in exports. Sugar desi on the other hand posted a rise of Rs50 on reports of steady outflow of the commodity to Afghanistan.

Pulses on the other hand again showed mixed trend as prices of peas, and beetle posted gains ranging from Rs20 to Rs55, largest rise of Rs200 being in masoor imported type, while gram whole, gram dal and masoor dal suffered decline ranging from Rs25 to Rs200 per bag. Others were traded at the previous levels.

Wheat maintained its upward drive and rose further by Rs10 followed by reports of some fresh export deals by the private sector exporters. Arrivals from the interior markets was another aiding factor. On the rice sector, basmati kernal and sela types posted gains ranging from Rs10 to Rs25, biggest rise of Rs75 was recorded in sela variety. IRRI-Sindh was quoted unchanged for want of local demand.

IRRI broken on the other hand came in for modest support from the local brokerage houses and rose by Rs.5.00,while broken basmati remained basically unchanged from the previous levels.

Cereals showed firm trend followed by reports of slow arrivals from the upcountry markets. Prices of maize and joward posted gains of Rs10 to Rs20, while bajra was traded at the previous levels thanks to steady arrivals from the upcountry markets.

Guar prices rose further followed by reports of a short crop and rose further by Rs55 per bag on active mill demand. Ready offtake was reported light as processors were not inclined to make bigger commitments.

Oilseed sector, notably rapeseed consolidated previous gains barring Dadu variety, which rose further by Rs20, while other types were held unchanged.

Til came in for fresh buying followed by reports of revival of export demand as prices were marked up by Rs75 amid reports of active covering purchases made by both the locals and the exporters.

Castorseed Lasbela type maintained its upward drive and on active support from the crushers finished with an extended rise of Rs25, while Sindh variety was held unchanged.

Oilcakes showed fresh gain of Rs5 for cottonseed cakes, while rapeseed cakes did not show any change in the absence of strong demand from the local traders.—MA