PRICES of most of the essential items on the Karachi wholesale market remained stable as leading brokerage houses did not make panic-buying and kept to the sidelines. Arrivals from the upcountry markets were fairly steady which in turn did not allow major changes in any of the essential items. While some stayed unchanged at previous levels, others rose modestly amid active trading. Dealers said that active bouts of buying and selling were witnessed as leading brokers rolled their position from one counter to the other in the backdrop of supply and demand factors.
An interesting feature was that some leading importers of pulses continued to release the stocks followed by reports that the world prices of the commodity have fallen sharply. Market sources said that the leading importers were out to clear the backlog at higher levels but opted for fresh imports at lower levels thus pushing the prices of some modestly lower.
Sharp fall of Rs20 to 70 per bag in wheat prices was witnessed on the reports of sufficient release of the official stock. This was greeted by general consumers but its impact on flour prices was still not visible, they said. However, they said, the prices of wheat could ease further as some local stockists have sold their stocks on fears of further price fall.
Reports were rife that the harvesting of new wheat crop had started in lower Sindh areas and was expected to reach the local market possibly by next week or early April. Harvesting is resumed in the entire wheat belt in April.
That was perhaps why the stockists hastened to liquidate their long positions and sell it at higher levels. Prices of wheat were expected to fall further after supply and demand factors manifest themselves in a bigger way.
But there was a relative quiet on the sugar front as prices remained pegged at the last levels despite import of half million ton of the commodity and the regular release of stocks by the TCP.
Some dealers reported hoarding of the commodity by some leading commercial houses and holding back of stocks by the mills, which did not allow further fall. Prices were staying on the higher side.
Pulses on the other hand did not show many changes as prices of masoor, gram whole gram dal tuver were traded at the previous levels and so did some others. But beetle and peas were an exception which came in for modest selling followed by reports of fresh arrivals and suffered fall ranging from Rs20 to 55. Urad also rose by Rs70.
Rice sector stayed firm amid reports of steady physical shipment of the commodity under the previously signed deals. One rice loader remained in the port loading the commodity, it being around at 12,000 tons.
Basmati, both sela and kernel, were held unchanged. Lower grade basmati fell by Rs50 but IRRI broken rose by Rs10 on the revival of foreign demand in the backdrop of falling local stocks with the dealers.
Cereals on the other hand came in for fresh buying followed by the reports of fall in arrivals from the upcountry markets and rose by Rs25 for maize and bajra, while jowar was held unchanged amid active trading.
Oilseed sector showed divergent trend and til and rapeseed posted gains ranging from Rs7 to 30. Castorseed fell by Rs25 followed by reports of slack foreign demand. In sympathy with oilseed, oilcakes also showed steady trend and rose by Rs5 to 7 for both rapeseed and cottonseed cakes.—M.A.
The following are last week’s Karachi wholesale commodity market rates in
rupees with comparative figures for the same period a year ago.
