The local wholesale commodity markets showed quiet but steady trend and physical activity during the post-election week was far below the previous week.

Leading commercial houses and brokers did not resume their normal activities apparently awaiting the formation of coalition governments at the centre, and in Sindh.

Some stockist also feared a negative fallout of the split mandate remaining on sidelines and refrained from participating in the daily proceedings, due to political manoeuvring among the contenders of power in Islamabad.

The arrivals from upcountry markets, partly suspended in the pre-election week owing to the reported impounding of private vehicles by police for the election duties, was also far from the normal.

However, despite the pressure on supplies from the upcountry trading centres there was no abnormal increase in the prices of most of the essential items, rather a modest decline was witnessed in pulses.

On the export front, encouraging reports about larger physical shipments of wheat and a number of fresh deals with some more countries kept the prices fairly steady.

The export figure of a million tonnes, however, did not cause price flare-up on the local market as supplies were adequate. The successive bumper crops during the last two sessions has not only made Pakistan self-sufficient, but also placed it on the map of the leading world wheat exporters.

The new rice crop from Sindh trading centres did arrive in the market as was reflected by lower prices. The fall in the new crop Irri type had a sympathetic impact on fine varieties, including sela and kernal varieties of basmati, which too, fell.

But the private sector exporters say exports were expected to resume during the next couple of weeks as new crop prices were attractive for foreign buyers. Already, leading among them were in touch with us and seeking immediate shipments.

However, some major export items showed modest increase partly because of short supply and due to active export enquiries from the traditional importers.

Wheat and guar were leading among them, which were in active demand for the last couple of weeks but in the process prices of the both remained stable at the previous levels amid slow ready off-take. New rice crop from the Sindh rice belt had arrived during the last week, which pushed the prices further down for both Irri-6 and Irri-9. Both were quoted sharply lower as compared to the old crop.

Fine varieties including sela variety on the other hand was traded modestly higher by Rs50 per bag.

Pulses came in for renewed selling owing to steady arrivals and fell, major losers among them being beetle, masoor whole and masoor dal, which suffered fall ranging from Rs15 to 100, major among them of Rs300 per bag in masoor dal imported type. Guar was held unchanged.

Gram and gram dal, and urad posted fresh gains ranging from Rs25 to 50. Wheat on the other hand showed a modest rise of Rs5 but sugar came in for active selling and fell by Rs10 to 20 per bag, while desi sugar and gur were traded at the last levels.

Cereals showed firm trend as bajra rose by Rs25 to 75, while maize and jowar came in for stray selling followed by the reports of fresh crop arrivals but ended unchanged.

Oilseed sector stayed firm as prices of rapeseed rose further by 20 to 25, followed by the reports of firm cake markets. New crop cottonseed were again not quoted owing to the absence of arrivals from the Sindh ginneries. Catorseed were held unchanged.

Til attracted modest selling followed by the reports of slack demand from the exporters and fell by Rs25 to 50 per 40kg amid active trading.

Oilcakes came in for renewed support. Both, rapeseed and cottonseed cakes were quoted higher by Rs20 to 25 owing to active buying made by the local crushers.—M.A