Karachi wholesale commodity markets passed through another featureless week as the prices of essential items showed divergent trend in the absence of Punjab dealers.

Arrivals of some essential items from Sindh markets were claimed to be on the lower side of weekly average, which in turn pushed the prices of some essential items modestly higher under the lead of wheat.

But pulses remained under pressure for the third consecutive week and suffered fresh decline almost on all varieties due to fresh selling by prominent importers, dealers said.

However, unlike previous week, the decline was modest followed by the reports of revival of demand at lower rates and stray orders from Punjab traders, they added.

However, major export items, notably wheat and rice remained in active demand from private sector exporters and finished with fresh gains, while sugar remained stable at previous levels.

Market sources said, although wheat production was below target but enough to meet the local demand. The government denied reports that it intends to suspend export in the current year.

“Wheat export will continue during this fiscal to keep hold on the recently acquired outlets and on local demand. In case of shortage this will be met by importing from the neighbouring countries, including India”, they added.

Owing to a bumper crop of about 21 million tonnes, the Trading Corporation of Pakistan (TCP) and private sector exporter had exported about a million bales to a number of countries. Both of them are not inclined to lose export outlets secured after great efforts, they said.

There was, however, a relative calm in the sugar market as the TCP did not invite fresh international tenders to dispose of the unsold stock against which it has already made payments to mills.

Prices of basmati and kernal type of basmati both rose higher by Rs75, while sela type posted a sharp rise of Rs125 per bag on the reports of fresh export enquiries and short supply position. Irri-6 Sindh recovered its previous losses and rose by Rs20 but Irri-9 was held unchanged. Irri broken suffered a decline of Rs5 to 20.

Pulses remained under pressure for the third week in a row in the absence of strong demand and suffered fresh fall ranging from Rs5 to 25 for gram whole, gram dal, peas, and the largest fall of Rs100 in masoor dal.

Other varieties including urad and tuver were traded at the previous levels amid slow two-way trading. Pubjab traders were again conspicuous by their absence, which in turn prompted selling from the importers.

Wheat showed firm trend on mill-buying followed by the reports of an imminent ban on export because of a short crop. Arrivals from upcountry markets were on the lower side of weekly average.

Cereals showed easy trend followed by the reports of active arrivals from upcountry markets. Prices of maize and bajra posted fall of Rs5 to 50 but jowar and barley were firmly held at their previous levels amid slow trading.

Guar recovered from previous lows followed by the reports of fall in arrivals from the upcountry markets. It showed a rise of Rs30 per bag but the dealers said ready offtake was light as the processors were not inclined to buy at higher levels.

Oilseed sector stayed firm amid active trading as the prices of rapeseed were firmly held at previous levels owing to steady oil market.

Castorseeds, were actively traded at the last week’s levels amid reports of active support from exporters and local processors at previous levels.

Til on the other hand came in for active selling from local exporters and was quoted lower on reports of steady arrivals from the upcountry markets and fell by Rs50 to 100.

Oilcakes again ruled mixed, while cottonseed suffered fresh fall of Rs3 to 7 in sympathy with the weak seed market. Rapeseed cakes rose by another Rs2 to 3.—M.A