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TRADING on the Karachi wholesale market lacked normal interest as leading brokers and commercial houses kept to sidelines followed by reports of a comfortable ready position.
Reports that the government had allowed export of half a million tones of wheat after having harvested another bumper crop of about 23m tones, did not push prices higher, but instead steady arrivals of new crop checked any increase in prices.
After mid-week some essential commodities came in for stray support and were quoted modestly higher amid light offtake as consumers stayed away hoping fresh fall in prices.
Arrivals of new crop of wheat from upcountry markets were fairly steady and had chain positive impact on other essential items and did not allow fresh increase in their prices.
Prices of wheat, floor brokers said, were maintained at previous levels despite reports of shipments of export consignments and fresh forward deals by some of the private sector exporters.
But on the export front, price of rice was steadily held around previous level, although private sector exporters covered their positions against forward sales to various countries, they said.
A loader remained at the port loading rice and some more are due during next couple of weeks. However, prices remained stable followed by reports of steady arrivals from upcountry markets.
The market sources said some of the leading upcountry dealers, who had been holding the commodity to sell it at higher levels, sold in a bit hurry as exporters were not inclined to pay more above the current levels. Moreover, local demand was also at its lowest ebb because of slow ready offtake by general consumers because of higher rates in retail markets.
Meanwhile, reports reaching here from Sindh and Punjab rice belts indicate that sowing of new crop on higher acreage is well in progress and the market sources expect another bumper crop for the third year in a row.
Prices of some industrial raw materials were exceptions as they showed modest to sharp rise under the lead of oilseeds, notably cottonseed followed by reports of steady arrivals from the ginners. Cement sector remained in active demand partly because of higher exports and partly to pressure on local supplies. Fine varieties of rice, including sela and kernel basmati, were traded around previous levels, IRRI-6 and broken posted gains ranging between Rs15 to Rs25 on active short-covering by exporters.
On the other hand, pulses were mostly traded at previous levels as supply position remained satisfactory owing to steady arrivals from upcountry markets and release of fresh stocks by importers.
After remaining unchanged for last couple of weeks, imported urad came in for active selling and was marked down by Rs125 per bag.
On the other hand, beetle (imported) was an exception which rose sharply on active support extended by Punjab dealers, while all others including gram and masoor were held unchanged. Among other essentials, wheat remained under pressure throughout last week and was quoted lower by Rs15 to Rs25 on selling prompted by larger new crop arrivals from the upcountry market.
The cereals sector lacked fresh support from local consumers as prices of bajra, maize, jowar and barley were held unchanged amid slow ready offtake.
The oilseed sector showed firm trend but as the supply position has improved during the week owing to steady arrivals from the upcountry markets, prices of major seeds, notably rapeseed, castorseed were held unchanged.
Cotton seed and til remained under pressure followed by steady arrivals from Sindh markets and slow export, and both suffered fall of Rs50 each.
Oilcakes showed divergent trend amid active trading. While cottonseed cakes were marked down by Rs20, rapeseed cakes were firmly held at previous level in sympathy with firm seed market.
Reports that the government had allowed export of half a million tones of wheat after having harvested another bumper crop of about 23m tones, did not push prices higher, but instead steady arrivals of new crop checked any increase in prices.
After mid-week some essential commodities came in for stray support and were quoted modestly higher amid light offtake as consumers stayed away hoping fresh fall in prices.
Arrivals of new crop of wheat from upcountry markets were fairly steady and had chain positive impact on other essential items and did not allow fresh increase in their prices.
Prices of wheat, floor brokers said, were maintained at previous levels despite reports of shipments of export consignments and fresh forward deals by some of the private sector exporters.
But on the export front, price of rice was steadily held around previous level, although private sector exporters covered their positions against forward sales to various countries, they said.
A loader remained at the port loading rice and some more are due during next couple of weeks. However, prices remained stable followed by reports of steady arrivals from upcountry markets.
The market sources said some of the leading upcountry dealers, who had been holding the commodity to sell it at higher levels, sold in a bit hurry as exporters were not inclined to pay more above the current levels. Moreover, local demand was also at its lowest ebb because of slow ready offtake by general consumers because of higher rates in retail markets.
Meanwhile, reports reaching here from Sindh and Punjab rice belts indicate that sowing of new crop on higher acreage is well in progress and the market sources expect another bumper crop for the third year in a row.
Prices of some industrial raw materials were exceptions as they showed modest to sharp rise under the lead of oilseeds, notably cottonseed followed by reports of steady arrivals from the ginners. Cement sector remained in active demand partly because of higher exports and partly to pressure on local supplies. Fine varieties of rice, including sela and kernel basmati, were traded around previous levels, IRRI-6 and broken posted gains ranging between Rs15 to Rs25 on active short-covering by exporters.
On the other hand, pulses were mostly traded at previous levels as supply position remained satisfactory owing to steady arrivals from upcountry markets and release of fresh stocks by importers.
After remaining unchanged for last couple of weeks, imported urad came in for active selling and was marked down by Rs125 per bag.
On the other hand, beetle (imported) was an exception which rose sharply on active support extended by Punjab dealers, while all others including gram and masoor were held unchanged. Among other essentials, wheat remained under pressure throughout last week and was quoted lower by Rs15 to Rs25 on selling prompted by larger new crop arrivals from the upcountry market.
The cereals sector lacked fresh support from local consumers as prices of bajra, maize, jowar and barley were held unchanged amid slow ready offtake.
The oilseed sector showed firm trend but as the supply position has improved during the week owing to steady arrivals from the upcountry markets, prices of major seeds, notably rapeseed, castorseed were held unchanged.
Cotton seed and til remained under pressure followed by steady arrivals from Sindh markets and slow export, and both suffered fall of Rs50 each.
Oilcakes showed divergent trend amid active trading. While cottonseed cakes were marked down by Rs20, rapeseed cakes were firmly held at previous level in sympathy with firm seed market.
