THE Karachi wholesale commodity markets last week showed firm trend as the prices of some essential increased modestly. Changes took place on reports of active buying by the retailers. A notable feature was the stability of prices around their previous levels but after mid-week some essential items rose amid reports of slow arrivals which resulted in the failure to meet the local demand.
The increase, however, was limited to a couple of rupees as arrivals from the interior remained steady throughout the week. Some industrial raw materials rose further, though modestly, amid reports of pressure on ready supplies and increasing demand.
Barley which rose by Rs50 after remaining static at the previous levels led the list on reports of slow arrivals from the NWFP markets and steady covering purchases by the end-users, dealers said.
Others attributed it to the resumption of exports to the Gulf after a brief interruption due to the steep rise in local prices. This pushed its price to a record high. Guar seed, another industrial item already elevated, gained another Rs10. It had remained at peak in the last couple of months followed by reports of a short crop and the holding back of stocks by some private sector investors, market sources said.
Price of it, however, was expected to come down as the new crop was claimed to be higher due to the timely rains. Monday’s rain in the Sindh guar belt was another positive factor which could ensure a healthy new crop, they said.
On essential counters, wheat showed either-way movements amid conflicting reports of the new crop size and the mill-buying. Prices generally remained stable around previous levels amid active ready offtake.
Sugar and rice did not show much change despite reports of a comfortable ready position. Rice shipments remained on the upper side. Sugar was again traded at previous levels as arrivals from the mills were moderate, while importers released stray stocks to keep the prices within the current levels.
Barring wheat which posted a fresh increase of Rs5 all other essential items - sugar, rice and pulses were firmly held at their previous levels - thanks to the steady arrivals which added to the ready position.
IRRI broken was an exception which attracted good support from the private sector exporters and was marked up by Rs10 to 20 per 100kg bag. Cereals maintained their firm trend as there was fresh pressure on the supplies as dealers from the Interior held on to their stocks to push the prices further up.
Barley and bajra were supplemented by Rs50 to 100 on per 100kg bag as ready supplies could not meet the hiking demand. Trading in jowar remained suspended as there were no ready stocks.
Guar stayed on the upper side despite a growth in the new crop as stockists held on to their stocks and a consequent pressure on ready supplies kept the prices elevated.
Castorseed, one of the major export items owing to its oil export remained in active demand from the local crushers. Prices of both Sindh and Lasbela varieties were quoted higher by Rs30 to 50.
Til, another major export item came in for fresh selling owing to larger arrivals and a consequent selling of the old stock by local dealers.
Reports of some problems on export front, notably higher local f.o.b prices, also cau-
sed selling by the commercial houses. Other oilseeds stayed firm. Rapeseed and cottonseed were traded at previous levels followed by the reports of firm oil and cakes markets and active demand from the crushers.
Oilcakes showed divergent trend while rapeseed were firmly held at the last level. Cottonseed cakes suffered a fall of Rs10 on selling prompted by the reports of steady arrivals from the Sindh ginneries.
THE Karachi wholesale commodity markets last week showed firm trend as the prices of some essential increased modestly. Changes took place on reports of active buying by the retailers. A notable feature was the stability of prices around their previous levels but after mid-week some essential items rose amid reports of slow arrivals which resulted in the failure to meet the local demand.
