Karachi commodity wholesale markets showed easy trend last week as commercial houses did not resume buying operations, rather sold followed by reports of steady arrivals from the upcountry trading centres.

Most of the essential items, therefore, finished lower from their recent highs as demand did not match the selling from brokers and other quarters.

Prices of some of the essential items, notably rice and pulses, have risen sharply over the last couple of weeks owing to interruption in arrivals from the upcountry markets and consequent pressure on the ready supplies.

Bulk of the activity remained confined to rice and pulses sectors as stockists liquidated their long positions fearing further decline in prices amid falling demand.

Although, local activity on most of the essential counters was fairly brisk, most of the export items were neglected under the lead of rice in the backdrop of conflicting reports about the fresh deals with foreign buyers.

As a result prices of Basmati, which have risen sharply followed by reports of active export business, reacted from the seasonal highs on selling by the local dealers.

However, shipments under the previous signed deals were maintained on the higher side as a ship remained in the port loading the commodity for various destinations, brokers said.

Stock position of pulses was also reported fairly comfortable thanks to the steady arrivals from foreign sources, while arrivals from the upcountry market supplemented the ready stock position of both the brokers and the commercial houses.

But there was again quiet on the sugar sector despite the fact that the row between the millers and the growers on the selling price has been settled.

Arrivals of new crop were steady and matched the ready demand. Prices were, therefore, held unchanged.

Desi sugar and gur were exceptions which fell by Rs400 on selling owing to steady new crop arrivals, while gur rose by Rs100.

Wheat prices consolidated previous gains on reports of fresh export to Afghanistan and rose by Rs10 per bag. Reports of fresh export deals also proved an aiding positive factor.

Rice sector showed mixed trend amid reports of slow arrivals. While the fine types of Basmati posted fresh gains of Rs105 to 200 per bag of 100kg. The IRRI varieties on the other hand rose by Rs25 to 35 for broken and IRRI-6 varieties. The IRRI Sindh was an exception which came in for selling and finished lower by Rs50.

Pluses remained under pressure partly because of slow demand from the upcountry market and were marked further down by Rs25 to 37 for beetle, gram dal and moong, while urad rose by Rs60, with all other varieties remaining pegged at the previous levels under the lead of masoor and gram whole.

Cereals stayed mixed as prices of Bajra fell by Rs25, jowar rose by Rs8, while maize resisted fresh decline and was held unchanged amid active trading.

Oilseed sector lacked normal support owing to comfortable ready position. Major seeds including rapeseed were traded at the last levels thanks to firm oil and cakes markets. Cottonseed and til came in for stray selling and suffered fall ranging from Rs2 to 15 owing to local selling.

Castorseed on the other hand showed mixed trend partly because of steady arrivals and partly due to slack demand and were quoted lower by Rs25 for Sindh variety, while all other types were held unchanged to Rs50 higher.

Oilcakes showed mixed trend amid slow trading. Cottonseed cakes fell by Rs8 in sympathy with the fall in prices of cottonseed, while rapeseed cakes were firmly held at the last closing levels.—M.A