THE WHOLESALE commodity markets showed mixed trend during last week as reports of comfortable ready positions continued to inspire selling at the inflated levels from commercial houses.

Barring some types of rice and cereals, which maintained their upward drive, other essentials generally suffered decline under the lead of sugar and pulses — the biggest being in pulses owing to reported oversupply.

Unlike previous week, arrivals from the upcountry markets as well as from the foreign sources were fairly active, which in turn prompted profit-selling from the commercial houses and brokers.

However, as the ready demand was not that aggressive as dealers were expecting further decline, prices mostly fell under the lead of pulses and sugar.

While the decline in sugar prices was attributed to selling prompted on reports of steady arrivals of the new crop from the Sindh mills and also normal supplies of sugarcane by the growers after an understanding on the procurement price, pulses fell on the selling followed by the reports of fresh arrivals from foreign markets.

But the export sector remained uppishly inclined followed by reports of fresh enquiries from overseas buyers and larger shipments under the previously signed export deals.

Market sources said resumption of shipments of rice to Afghanistan was another positive development, which has caused the recent price flare-up in the IRRI varieties.

Equally notable was the steep rise in Basmati prices after a long time followed by reports that some of the Gulf importers have again switched over to Pakistani branded varieties as well as on the wholesale sector in bagged consignments.

What is important is that the leading exporters are getting fair prices for the quality consignments both to the Gulf and to some European destinations, dealers said.

But there was again quiet on the sugar sector despite the fact that the row between millers and growers on the selling price has been settled in some of the areas but the production of the commodity is much lower than last year’s comparable figure.

Wheat prices consolidated previous gains on reports that fresh export deals of 0.200m tonnes of the commodity and 0.5m tonnes of rice with some Gulf and African countries have been signed. Prices were marked up by Rs5. The net rise was of Rs10.

Sugar prices continued to decline on selling prompted by reports of larger new crop arrivals from the Sindh mills and where marked down by Rs5 to 40 per 40kg.

Rice sector showed bullish trend amid reports of slow arrivals. While fine types of Basmati showed fresh sharp rise of Rs100 to 200 per bag of 100kg, the IRRI varieties on the other hand consolidated their previous week’s gains amid active trading on the exporters’ account.

IRRI-6 was,however, an exception, which came in for stray selling and fell by Rs10 but IRRI-9 Sindh was firmly held at the last close.

Pluses again came in for active selling amid reports of oversupply and were quoted lower for Masoor dal, Urad and beetle and Moong, which suffered fall ranging from Rs25 to 80 per bag of 100kg, the biggest fall of Rs250 being in Masoor dal.

Gram whole and gram dal suffered fall to the extent of Rs25. Cereals stayed firm as prices of bajra did not show any change, maize rose by Rs20, while Jowar was marked down by Rs38 on selling from the brokerage houses.

The sharp increase in prices of maize was attributed to active export enquiries combined with pressure on ready supplies. Never before, this commodity has touched the current highs as it did for the second week in a row.

Oilseed sector came for strong support owing to firm oil and cakes market as major seeds including rapeseed, til and cottonseed posted gains ranging from Rs2 to 10 but the largest rise ranging from Rs15 to 50 was recorded in rapeseed amid reports of short supply.

Castorseed on the other hand remained under pressure partly because of steady arrivals and partly due to slack export demand and were quoted lower by Rs75 to 100 per 40kg.

Oilcakes again showed firm trend amid slow trading. Cottonseed cakes and rapeseed cakes posted gains ranging from Rs4 to 5.—M.A