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Prices of essential items maintained their upward drive for the eighth straight week last week on the Karachi wholesale commodity markets as interruption in supplies from the upcountry trading centers further accentuated the supply position and the consequent increase.
Floor brokers said, the negative fallout of the three days official mourning as a mark of respect to the killing of Benazir Bhutto who was assassinated on December 27, again dominated the trading amid conflicting rumours about the law and order situation.
Reports of looting of stocks of some of the essential commodities in the Usmanabad godowns by the people during the riots also aided the price flare-up, they added.
Market sources said, physical trading on the local whole market is expected to be resumed possibly by the next week as by that time the law and order situation could improve further.
The arrivals of some of the essential items which were suspended late last week followed by reports of burning of trailers and trucks loaded with the commodities for the city were also far from normal as cargo haulers feared a fresh attack, they said.
On the local wholesale market, the activity was said to be light owing to partial opening of market and swift closers followed by rumours of law and order situation, they added.
Much of the activity remained confined to most of the essential items, notably pulses which remained in short supply followed by reports of looting and fears among the wholesalers to reopen their outlets.
Gram, masoor and moong remained in strong demand, both from the wholesalers and retailers and rose sharply higher as importers were not inclined to release fresh stocks.
Wheat remained the active buy both from the mills and local traders and its prices were quoted well above Rs2,000 per bag as supplies lagged far behind the demand.
Finally, it was quoted higher by Rs250 per bag.
But some brokers said, as prices had touched the high mark of well above Rs2,000. per bag of 100 kg, and early trading was suspended in it in an apparent effort by the market leaders to forestall a fresh price flare-up.
However, indications are that prices could ease from the current higher level after the recently imported stuff of well over 0.150m tonnes reaches the market.
The market advance was led by the pulses sector, which witnessed a price flare-up owing to ,dealers said interruption in import and short supply from the leading importers.
The biggest rise of Rs600 per bag was noted in masoor whole followed by Moong, which was quoted higher by Rs450 and masoor dal, up by Rs300.
Gram while and gram dal also remained in short supply and were quoted higher by Rs350 and Rs250w hile other types were firmly held at the last levels amid slow trading.
After remaining static for the last couple of week, sugar also joined the rank of rising types, and was marked up by Rs.250 per bag and so did gur and sugar desi, up by Rs200 to Rs400 Barring a fresh increase of Rs10 and 50 per bag in basmati and IRRI-6, prices of other types were traded around the last levels owing to the absence of private sector exporters.
Among the cereal maize and bajra remained in active demand and were quoted higher by Rs50 to 175,while barley and guar seed were held unchanged at the previous levels.
Oilseed sector also showed firm trend as prices of major seeds, notably cottonseed and rapeseed were quoted higher by Rs100 and 200 per 40 kg.
Til followed them on active export and local demand and rose by Rs150 while castorseed was held unchanged at the previous levels.
Oilcakes also followed the lead of their seeds and rose by Rs30 to 60 for both rapeseed and cottonseed cakes respectively.
Floor brokers said, the negative fallout of the three days official mourning as a mark of respect to the killing of Benazir Bhutto who was assassinated on December 27, again dominated the trading amid conflicting rumours about the law and order situation.
Reports of looting of stocks of some of the essential commodities in the Usmanabad godowns by the people during the riots also aided the price flare-up, they added.
Market sources said, physical trading on the local whole market is expected to be resumed possibly by the next week as by that time the law and order situation could improve further.
The arrivals of some of the essential items which were suspended late last week followed by reports of burning of trailers and trucks loaded with the commodities for the city were also far from normal as cargo haulers feared a fresh attack, they said.
On the local wholesale market, the activity was said to be light owing to partial opening of market and swift closers followed by rumours of law and order situation, they added.
Much of the activity remained confined to most of the essential items, notably pulses which remained in short supply followed by reports of looting and fears among the wholesalers to reopen their outlets.
Gram, masoor and moong remained in strong demand, both from the wholesalers and retailers and rose sharply higher as importers were not inclined to release fresh stocks.
Wheat remained the active buy both from the mills and local traders and its prices were quoted well above Rs2,000 per bag as supplies lagged far behind the demand.
Finally, it was quoted higher by Rs250 per bag.
But some brokers said, as prices had touched the high mark of well above Rs2,000. per bag of 100 kg, and early trading was suspended in it in an apparent effort by the market leaders to forestall a fresh price flare-up.
However, indications are that prices could ease from the current higher level after the recently imported stuff of well over 0.150m tonnes reaches the market.
The market advance was led by the pulses sector, which witnessed a price flare-up owing to ,dealers said interruption in import and short supply from the leading importers.
The biggest rise of Rs600 per bag was noted in masoor whole followed by Moong, which was quoted higher by Rs450 and masoor dal, up by Rs300.
Gram while and gram dal also remained in short supply and were quoted higher by Rs350 and Rs250w hile other types were firmly held at the last levels amid slow trading.
After remaining static for the last couple of week, sugar also joined the rank of rising types, and was marked up by Rs.250 per bag and so did gur and sugar desi, up by Rs200 to Rs400 Barring a fresh increase of Rs10 and 50 per bag in basmati and IRRI-6, prices of other types were traded around the last levels owing to the absence of private sector exporters.
Among the cereal maize and bajra remained in active demand and were quoted higher by Rs50 to 175,while barley and guar seed were held unchanged at the previous levels.
Oilseed sector also showed firm trend as prices of major seeds, notably cottonseed and rapeseed were quoted higher by Rs100 and 200 per 40 kg.
Til followed them on active export and local demand and rose by Rs150 while castorseed was held unchanged at the previous levels.
Oilcakes also followed the lead of their seeds and rose by Rs30 to 60 for both rapeseed and cottonseed cakes respectively.
