Mixed trend was seen on the Karachi wholesale commodity markets during the last week as reports of steady arrivals from the upcountry trading centres prompted selling by some leading stockists. Most essential items including wheat and sugar finished modestly higher.

Much of the activity again centred around the pulses sector followed by the reports of strong presence of Punjab dealers in the local market, dealers said.

They said unlike the previous week when pluses rose sharply, release of fresh stocks by the commercial houses and importers did not allow major changes in the price trend. Rather some pulses fell from the previous week’s high levels.

The activity on rice front picked up modestly as the private sector exporters managed to finalize fresh deals with their foreign trading partners, notably in the Gulf despite tough competition from India.

Reports that new crop is on the higher side of the original estimates eased the prices from their previous levels.

Dealers said prices, however, are expected to rise again after the physical shipments of new rice crop against forward deals resume by the middle of this month.

Some others attributed recent decline in fine varieties of rice, notably basmati, to slackened demand from some European importers.

Irri varieties on the higher hand stayed firm amid active local and foreign demand. Irri broken rose by Rs25. Irri and fine varieties managed to finish at the previous levels followed by reports of pest attack on the standing crop in upper Sindh rice belt, dealers said.

Sugar too, was stable — slightly above the previous levels — owing to the millers threat to resume new crushing season a bit late, sometime in December because of the larger unsold stock of the previous crop.

A modest increase of Rs10 was noted at the weekend session on stray buying by some wholesalers.

Wheat also followed its lead owing to conflicting reports about the size of arrivals from the upcountry markets. A modest rise in mill-demand also aided the sentiment. It ended with a fresh gain of Rs5.

Unlike previous weeks, pulses showed mixed trend amid alternate bouts of buying and selling. Tuver was quoted sharply higher by Rs500 per 100kg bag, while urad rose by Rs25.

Inferior type of beetle rose by Rs35, while its superior variety fell by Rs50 and so did masoor dal, gram whole and gram dal, which posted losses ranging from Rs15 to 50.

Guar came in for fresh modest buying from the processors and rose by another Rs25 but ready offtake was modest as dealers awaited the new crop arrivals by the end of the current month, which will set its future price trend.

Cereals on the other hand again showed mixed trend amid sluggish ready demand. While maize and bajra remained under pressure followed by the selling caused by steady new crop arrivals, jowar remained in strong demand and rose further higher by Rs200 per 100kg bag amid active trading.

Barley showed steady trend and the prices were firmly held at last levels as supplies met the local and the exporters’, as well.

Oilseed sector again was quiet amid slow trading followed by the reports of a fall in new crop arrivals of cottonseed from the Sindh ginneries. Prices remained stable owing to active local demand.

Rapeseed lacked normal trading interest and were firmly held at previous levels owing to firm oil and cakes markets.

Til came in for active support from the exporters and rose by Rs100 per 40kg but castorseed on the other hand was traded at the last levels amid dull trading.

Oilcakes showed mixed trend as prices of cottonseed cakes rose by Rs5 to Rs10, rapeseed cakes were traded at the previous levels amid low demand.—M.A