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THE Karachi wholesale commodity markets last week showed an easy trend as prices of some essential items remained under pressure and generally fell where changed.
Among essential items, wheat had been in the news for the last couple of weeks as its prices had hit an all-time high level of Rs1,800 per bag. But after the government took some corrective measures, the supply position improved and the prices gradually fell to around Rs1,725 to Rs1,740 per bag.
Sugar prices also fell after slash in sales tax on ex-factory prices in apparent official attempt to provide relief to consumers, floor brokers said and added prices could further ease after Eid holidays when fresh stocks would arrive from Sindh mills.
Market sources, however, said the major factor behind the fall in prices was the absence of strong buying from any quarter as retailers were not inclined to make more than necessary covering purchases.
The other negative factor was the low demand from upcountry traders who stayed away from the market because of transportation problems and higher freight rates being demanded by the cargo haulers because of Eid, they said.
The market decline was also led by some varieties of pulses, despite the fact their arrival from upcountry markets were on the lower side of the weekly average, floor brokers said.
Rice sector, on the other hand, did not show much changes as prices of fine varieties remained stable around the previous levels on active demand from the private sector exporters. But Irri varieties showed modest increase as much of the demand remained centered around them, under the lead of Irri-6.
The market decline was also led by the pulses sector under the lead of moong, masoor whole and masoor dal and urad, which fell by Rs50 to Rs250 per bag on selling by the importers and local commercial houses, followed by sugar, which fell by Rs100 per bag for the second week in a row.
Prices of cereals also fell under the lead of bajra, maize and some other types and were quoted lower by Rs25 to Rs50. Barley and jowar on the other hand did not show much change.
Rice sector did not show much change as exporters did not resume buying against the forward deals as shipment dates are still far away. The purchases are expected to be resumed by the first week of the next year.
Prices of fine type rice, including kernel, sela types of basmati, were held unchanged in the absence of export enquiries.
Irri-6 was, however, an exception, which came in for modest local support and was marked up by Rs30 to Rs45 per bag.
Oilseed sector showed mixed trend and while prices of rapeseed were firmly held at the last levels, cottonseed came in for modest selling by the ginners and fell by Rs20 per 40 kg.
Til, on the other hand, came in for active support from the exporters amid reports of short supply and was quoted higher by Rs100 to Rs150 per 40 kg. But castor seed lacked fresh support from exporters and local processors and was held unchanged.
Oilcakes came in for active selling and were quoted lower by Rs20 to Rs30 for both rapeseed and cottonseed cakes respectively.
Among essential items, wheat had been in the news for the last couple of weeks as its prices had hit an all-time high level of Rs1,800 per bag. But after the government took some corrective measures, the supply position improved and the prices gradually fell to around Rs1,725 to Rs1,740 per bag.
Sugar prices also fell after slash in sales tax on ex-factory prices in apparent official attempt to provide relief to consumers, floor brokers said and added prices could further ease after Eid holidays when fresh stocks would arrive from Sindh mills.
Market sources, however, said the major factor behind the fall in prices was the absence of strong buying from any quarter as retailers were not inclined to make more than necessary covering purchases.
The other negative factor was the low demand from upcountry traders who stayed away from the market because of transportation problems and higher freight rates being demanded by the cargo haulers because of Eid, they said.
The market decline was also led by some varieties of pulses, despite the fact their arrival from upcountry markets were on the lower side of the weekly average, floor brokers said.
Rice sector, on the other hand, did not show much changes as prices of fine varieties remained stable around the previous levels on active demand from the private sector exporters. But Irri varieties showed modest increase as much of the demand remained centered around them, under the lead of Irri-6.
The market decline was also led by the pulses sector under the lead of moong, masoor whole and masoor dal and urad, which fell by Rs50 to Rs250 per bag on selling by the importers and local commercial houses, followed by sugar, which fell by Rs100 per bag for the second week in a row.
Prices of cereals also fell under the lead of bajra, maize and some other types and were quoted lower by Rs25 to Rs50. Barley and jowar on the other hand did not show much change.
Rice sector did not show much change as exporters did not resume buying against the forward deals as shipment dates are still far away. The purchases are expected to be resumed by the first week of the next year.
Prices of fine type rice, including kernel, sela types of basmati, were held unchanged in the absence of export enquiries.
Irri-6 was, however, an exception, which came in for modest local support and was marked up by Rs30 to Rs45 per bag.
Oilseed sector showed mixed trend and while prices of rapeseed were firmly held at the last levels, cottonseed came in for modest selling by the ginners and fell by Rs20 per 40 kg.
Til, on the other hand, came in for active support from the exporters amid reports of short supply and was quoted higher by Rs100 to Rs150 per 40 kg. But castor seed lacked fresh support from exporters and local processors and was held unchanged.
Oilcakes came in for active selling and were quoted lower by Rs20 to Rs30 for both rapeseed and cottonseed cakes respectively.
