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A STEEP increase in wheat prices on the Karachi wholesale commodity markets last week had a sympathetic bullish impact on other essential items amid light trading.
Rice and pulses sectors followed suit and prices of these items rose sharply driving consumers away who kept to sidelines awaiting improvement in supplies and fall in prices, dealers said.
There was, however, no strong evidence of pre-Ramazan speculative buying as prices of
Other essential items only showed fractional changes at the wholesale levels, dealers said.
Much of the price increase during the pre-Ramazan trading was confined to some type of pulses and rice but there was no evidence of holding back of stocks by leading market players, they said.
Moreover, consumers were also not that active and refrained from making panic buying fearing a price spiral during the advent of the holy month of Ramazan, they said.
Wholesale price of wheat increased followed by reports that official selling prices to flour mills had been raised to Rs1,465 per bag of 100 kg without assigning any reason, brokers said. Its prices later eased as there was a little improvement in the supply position when a section of stock holders sold there stock in a haste to take profit. The price eased to around Rs1,400 per 100kg bag.
But they said ready off-take by retailers and commodity traders was on the lower side as no one was sure whether or not the hike could be sustained during the next couple of sessions. However, the increase in wheat prices did have an identical impact on some other essential items, including rice and some types of pulses earlier, but stabilised later on renewed selling.
On the export front, physical shipments of rice were steadily maintained around the level of previous week as private exporters remained active in buying at higher levels.
New arrivals of IRRI crop from Sindh were said to be on the higher side because of higher selling prices as growers and middlemen increased their outflow to local market.
Reports reaching from the Sindh rice belt indicated that the yield of the crop may be a bit short owing to flood and rains in the entire rice belt, but local dealers said the crop in Punjab was good and would cover any losses suffered in Sindh.
Prices of wheat at the fag-end of the week were quoted around Rs1,400 to Rs1,415 per bag as supply position showed modest improvement owing to steady arrivals from upcountry markets.
On the rice counter, prices of fine varieties of basmati did not show much increase except IRRI types which came in for strong support both from the local consumers and exporters and rose sharply. On the other hand fine varieties of sela and kernel basmati were traded at previous levels amid comfortable ready supplies.
Pulses sector, however, showed divergent trend followed by conflicting reports about supply position. While gram dal, beetle and masoor whole rose modestly, urad peas and masoor dal suffered sharp fall in selling by some leading importers.
Sugar also remained under pressure and was quoted lower after arrival of a modest consignment from India and its release in Punjab markets. Sugar white was quoted lower by Rs50, gur and desi sugar suffered a sharp decline of Rs200 per bag of 100 kg. Ready off take was said to be fairly active.
Cereal sector showed mixed trend. While prices of bajra were quoted higher by Rs100 per bag, jowar fell by Rs40, with barley and maize on their previous levels.
Among oilseeds, castor seed was quoted higher on active export demand, while til shed Rs50 on selling after arrival of new crop from Sindh markets.
Other major seeds, including rapeseed, were generally traded at previous levels barring Mirpur type, which was quoted lower by Rs15, while cotton seed rose by Rs50 per 40 kg on reports of slow arrivals from ginneries.
Oilcakes again ruled unchanged for rapeseed cakes, while cottonseed cakes were traded higher by Rs50 on active demand by the extraction plants.
Rice and pulses sectors followed suit and prices of these items rose sharply driving consumers away who kept to sidelines awaiting improvement in supplies and fall in prices, dealers said.
There was, however, no strong evidence of pre-Ramazan speculative buying as prices of
Other essential items only showed fractional changes at the wholesale levels, dealers said.
Much of the price increase during the pre-Ramazan trading was confined to some type of pulses and rice but there was no evidence of holding back of stocks by leading market players, they said.
Moreover, consumers were also not that active and refrained from making panic buying fearing a price spiral during the advent of the holy month of Ramazan, they said.
Wholesale price of wheat increased followed by reports that official selling prices to flour mills had been raised to Rs1,465 per bag of 100 kg without assigning any reason, brokers said. Its prices later eased as there was a little improvement in the supply position when a section of stock holders sold there stock in a haste to take profit. The price eased to around Rs1,400 per 100kg bag.
But they said ready off-take by retailers and commodity traders was on the lower side as no one was sure whether or not the hike could be sustained during the next couple of sessions. However, the increase in wheat prices did have an identical impact on some other essential items, including rice and some types of pulses earlier, but stabilised later on renewed selling.
On the export front, physical shipments of rice were steadily maintained around the level of previous week as private exporters remained active in buying at higher levels.
New arrivals of IRRI crop from Sindh were said to be on the higher side because of higher selling prices as growers and middlemen increased their outflow to local market.
Reports reaching from the Sindh rice belt indicated that the yield of the crop may be a bit short owing to flood and rains in the entire rice belt, but local dealers said the crop in Punjab was good and would cover any losses suffered in Sindh.
Prices of wheat at the fag-end of the week were quoted around Rs1,400 to Rs1,415 per bag as supply position showed modest improvement owing to steady arrivals from upcountry markets.
On the rice counter, prices of fine varieties of basmati did not show much increase except IRRI types which came in for strong support both from the local consumers and exporters and rose sharply. On the other hand fine varieties of sela and kernel basmati were traded at previous levels amid comfortable ready supplies.
Pulses sector, however, showed divergent trend followed by conflicting reports about supply position. While gram dal, beetle and masoor whole rose modestly, urad peas and masoor dal suffered sharp fall in selling by some leading importers.
Sugar also remained under pressure and was quoted lower after arrival of a modest consignment from India and its release in Punjab markets. Sugar white was quoted lower by Rs50, gur and desi sugar suffered a sharp decline of Rs200 per bag of 100 kg. Ready off take was said to be fairly active.
Cereal sector showed mixed trend. While prices of bajra were quoted higher by Rs100 per bag, jowar fell by Rs40, with barley and maize on their previous levels.
Among oilseeds, castor seed was quoted higher on active export demand, while til shed Rs50 on selling after arrival of new crop from Sindh markets.
Other major seeds, including rapeseed, were generally traded at previous levels barring Mirpur type, which was quoted lower by Rs15, while cotton seed rose by Rs50 per 40 kg on reports of slow arrivals from ginneries.
Oilcakes again ruled unchanged for rapeseed cakes, while cottonseed cakes were traded higher by Rs50 on active demand by the extraction plants.
