The Karachi wholesale commodity markets showed quietly mixed trend during the preceding week, and the prices remained stable around the previous levels as supply gaps were quickly filled in through the arrivals from the upcountry trading centres.

But after mid-week the commercial houses sold their long positions on the heightened war fears with India, followed by the Jammu killings and the Indian allegation of Pakistan’s involvements.

Barring some type of pluses, which were again traded modestly higher, prices of other essential items moved both ways despite the fact that the ready position remained fairly comfortable.

Dealers said unlike the previous week, arrivals from the upcountry markets notably essential items, were not volatile and remained fairly steady, having a check on the prices.

But the prices of some export-oriented items eased modestly under the lead of IRRI-6, indicating the falling demand from the foreign buyers and the slow physical shipments against the previous contracts.

Brokers predict that rice could rise from the current levels as reports coming from interior about the new crop are not that encouraging because of the shortage of irrigation water.

Although, there is a relative lull on rice market in the absence of fresh export orders, the market is expected to heat up during the next couple of weeks as reports of pressure on ready supplies came in, they added.

However, currently in the absence of foreign demand local traders are playing on both sides of the market without any major change in the prevailing price trend.

Pulses are claimed to have become more expensive because of the slow imports by commercial importers and the consequent pressure on ready supplies.

Dealers said the impact of higher pulse prices was also evident on other counters, despite the fact the local supplies are enough to meet local demand, the dealers said.

Price of peas, gram whole and gram dal rose by Rs25 to Rs100 per bag, largest rise of Rs200 per bag being in beetle, while urad, tuver and imported masoor dal suffered fall ranging from Rs5 to 100 per 100kg bag.

Guar remained in modest demand as some of the local processors covered their nearby positions against the export orders. Prices rose by Rs5 to 10 per bag.

Rice sector showed mixed trend amid slow trading as bulk of the business was done at the previous levels. Kernal and sella types of basmati were exceptions which came in for modest support and were traded at the previous levels. IRRI-6 was the only exception, which rose by Rs30 on the reports of revival of export demand.

But IRRI-6 and IRRI-9 came in for active selling and were marked lower by Rs10 to 75 per bag as some of the dealers sold their long positions.

Among other essentials, sugar attracted stray selling late in the week as larger unsold stock of 1.8 million tons continued to haunt the millers. It showed a fractional fall of Rs5.

But wheat on the other showed a firm trend amid export talks and rose by Rs10 per bag despite steady arrivals from the Sindh markets.

Cereals showed firm trend, as a result prices of bajra and jowar were quoted higher by Rs50 and 5, respectively, while maize remained pegged at the last levels for want of the local demand.

Oilseed sector showed steady trend as rapeseed and castorseed posted fresh gains of Rs10 for the Nawabshah type despite sharp fall in rapeseed cakes. Castorseed rose by Rs10 to 15 for Lasbela and Sindh types.

Til came in for active selling in the absence of export demand and was quoted lower by Rs30 per maund on late selling.

Oilcakes showed divergent trend as the cottonseed rose by Rs5, rapeseed cakes suffered a decline of Rs15 in sympathy with the weak oil market.—M.A