Trading activity on the Karachi commodity wholesale markets last week remained dull as both sellers and buyers were still in holiday mood and remained busy in exchanging eid greetings rather than in fresh dealings.

Unlike the previous weeks prices of most of the essential items were steadily held at the last levels as arrivals from the upcountry markets remained far below than normal supplies, dealers said.

However, some of the essential items posted modest fall under the lead of sugar, wheat and gram dal, falling by Rs50 to Rs100 per 100-kg bag on late week selling.

The actual price trend will be known by the next week after arrivals from the upcountry get normal and brokers and commercial traders are back in the market, they added.

Prices of some of the essential items remained around the recent higher levels owing to eid holidays.

Both wheat and rice types suffered one of the major fall ranging from Rs300 to Rs700 per bag during the week in the absence of local buyers and interruption in on the export front, they added.

But flour prices did not show sympathetic decline and continued to sell at the higher rate of well over Rs30 per kilo from area-to-area, they said.

Dealers said rice prices should have risen followed by reports of price dispute between the growers and the millers and reports of closure of some of the rice mills in the interior of Sindh.

The growers are requesting the government to activate the PASSCO to resume buying operations to support the market and save them from the reported manipulation of their trading partners, they said.

Floor brokers said the steep decline in prices of rice despite steady export reflects larger crop and panic-selling by the local stockists.

But some others said active support being extended by the Gulf states as compared to India should have kept prices on the higher side but local selling in the backdrop of another bumper crop well over 6.2m tons continued to inspire speculative selling. According to market sources Saudi Arabia alone indicated to buy a 1m tons of fine basmati from Pakistan during the current season in addition to Irri types.

The market fall was led by the rice sector, which showed decline under the lead of types, which was quoted lower by Rs75 per bag on selling followed by reports of steady new crop arrivals.

Wheat followed it as prices were marked down by Rs100 per maund amid falling demand both from the local and the mills as dealers lacked trading interest.

But all other types including basmati both sela and kernel were traded at the last levels amid slack demand and lower offered prices.

Sugar also showed a modest fall of Rs50 per 40 kg and so did gur and desi sugar and rose by Rs100 each amid late week selling.

Cereal sector remained dormant in the absence of sufficient demand and maize, jowar bajra were traded at the last levels, while barley and guarseeds rose by Rs50 to Rs100 per bag.

Oilseed sector on the other hand showed quietly easy trend followed by steady selling and fell under the lead of cotton, which was marked down by Rs50 per maund.

But on the other til came in for active selling by the commercial houses and fell sharply lower by Rs300 per maund, while castorseeds were held unchanged.

Oilcakes ruled unchanged for rapeseed cakes, while cottonseed cakes were marked down by Rs5 to Rs10 per 50 kg on selling prompted by larger new crop arrivals.—M.A.