NORMAL trading activities resumed on the Karachi wholesale markets during the post-Eid holiday trading week, but physical off take was on the lower side amid reports of steady arrivals from upcountry trading centres.
But the late week’s price flare-up in the oilseed sector followed by reports of short supply worried oil crushers and those associated with this section of wholesale traded.
Major prices flare-up was noted in rapeseed types, which were quoted higher by Rs310 to Rs510 per maund owing to drying up of arrivals from upcountry markets, dealers said.
Prices change on the essential counters were orderly as there was no evidence of panic buying from any quarter as both commercial traders and retailers played safe.
The notable feature of the week was that wheat prices eased from the recent high amid reports that some of the stockists had sold part of their holdings fearing further fall in prices after the arrival of imported stuff, dealers said.
The Trading Corporation of Pakistan has floated an international tender for the import of half a million tones of wheat, and indications are there that the consignment would arrive by the middle of the next month, they said.
Moreover, reports of official raids on some godowns of wheat hoarders also triggered selling by other stockists amid fear, they added.
There was a relative quiet on the sugar front followed by reports that new crushing season was expected to start by the first week of the next month. Sugar prices eased modestly by Rs40 to Rs50 per bag.
However its impact on the retail level was not yet felt. Prices are expected to move further down after arrival of new consignment from Sindh mills by the middle of next month.
On the rice front, export shipments remained suspended for the last couple of weeks owing to higher prices at local levels and no rice loader called on the port during this period, market sources said.
There were reports of partial damage to the Sindh crop by pests, however the extent of the dame was not known officially, sources said.
Prices of some Irri types were quoted modestly higher, while some of the fine type basmati eased from the current higher levels on selling prompted by reports of steady arrivals from Punjab markets.
Pulses sector also showed little change as prices suffered modest fall under the lead of gram and some other types. Ready off take at the previous levels was said to be active.
Prices of major industrial raw materials showed sharp increase as compared to previous levels owing to steady post-Eid holiday off take by the industrial users.
The market advance was led by the oilseed sector under the lead of rapeseed, which posted gains ranging from Rs310 to Rs510 per maund under the lead of Mirpurkhas type on reports of short supply.
Other major oilseeds, including castor seed and til, rose by Rs25 to Rs50. A largest rise of Rs300 was recorded in til on export demand.
Among essential items, wheat prices eased further from the previous higher levels as local commercial traders sold their stocks fearing fresh fall in prices.
Sugar prices rose by Rs20 after early fall on reports that crushing season will resume from early November.
On the other hand pulses showed mixed trend, while gram whole, beetle and urad were marked down by Rs50 to Rs200 per bag, masoor whole and some others rose by Rs100 per bag.
Cereals sector also showed bullish trend as prices of Barley and some others were quoted higher by Rs100 amid active ready business.
Oilcakes posted sharp gain of Rs100 in sympathy with oilseed sector but ready off take was light as crushers were not inclined to chase prices higher.—M.A
NORMAL trading activities resumed on the Karachi wholesale markets during the post-Eid holiday trading week, but physical off take was on the lower side amid reports of steady arrivals from upcountry trading centres.
