TRADING on the Karachi wholesale commodity markets last week was relatively slow as retailers and general consumers did not make fresh commitments at the inflated levels.

Prices of most of the essential items were firmly held at the previous week’s higher levels as ready supply remained under pressure owing to holding back of stocks by commercial houses, dealers said.

Moreover, arrivals from upcountry markets were slow as the dealers in upcountry trading centres held on to their stocks further accentuating the local supply position, they added.

Wheat again came on the trading board and was quoted lower around Rs1,700 per bag against Rs2,000 last week as supply position improved partly owing to release of imported stuff and partly to selling by local stock holders. There are indications that prices may further decline during the next couple of weeks.

According to official sources, a substantial quantity of imported wheat has reached the official godowns and more ships are due soon, market sources said.

Meanwhile, sugar prices showed a modest rise after having fallen during the last couple of weeks. The increase was attributed to rise in sugarcane prices from the existing Rs60 to Rs63 per 40 kg as agreed between the growers and the mill-owners, they said. However, normal supply of sugarcane to mills could ease the situation in the coming weeks amid hopes of larger production.

There was a relative quiet on the pulses sector and the prices remained on previous week’s high levels compelling consumers to stay away hoping improvement in the supply position.

Rice also traded normally at previous levels. Prices of fine varieties, including sela and kernel, were quoted unchanged at the previous higher levels despite reports of increase in exports and falling local stocks, some dealers said.

They said prices of both Irri and basmati varieties remained around the all-time high level followed by reports that the bulk of exportable surplus had been shipped.

The rice sector showed firm trend after reports of resumption of export against forward deals but prices generally maintained its previous level. Irri-6, which is in demand from foreign buyers, was, however, an exception, and increased by Rs15 per bag amid active local trading.

Sugar followed it, up by Rs30 to Rs70 per bag, while gur and desi sugar came in for active selling followed by reports of larger arrival of new crop and were quoted lower by Rs100 to R150 per 40 kg.

Barring gram whole, which fell by Rs25 per bag, prices of other pulses remained unchanged under masoor, whole masoor dal, urad and moong.

On the cereal counter, maize, jowar and barley were traded at previous levels but bajra was an exception, which came in for active local buying and rose by Rs150. Dealers said arrivals from upcountry markets were slow, which caused the flare-up in price.

The oilseed sector showed firm trend as prices of rapeseed and castor seed were held unchanged at previous levels amid modest ready off-take.

On the other hand, til came in for strong support from the exporters followed by reports of short supply and was quoted higher by Rs375 per maund.

Oilcakes showed mixed trend while rapeseed cakes were held unchanged, cottonseed cakes rose by Rs10 amid active trading.—M.A.