Pre-Eid holiday mood prevailed on the Karachi wholesale commodity markets last week, as both the brokers and the commercial houses did not fully participate in daily trading owing to various reasons, including the delivery problems.

The holiday-shortened week, therefore, passed through dull trading sessions as traders were not inclined to make fresh commitments even on the essential counters.

Dealers said transportation problem was said to be the chief negative factor behind the listless pre-holiday trading as the cargo haulers were also in a holiday mood and stopped fresh booking of consignments to be delivered in Karachi before the Eid.

As a result, the leading brokerage and commercial houses were conspicuous by their absence. Ready business was also light as in the absence of fresh arrivals from the upcountry markets, local dealers have raised their selling prices.

Brokers said as markets would remain closed from Thursday to Sunday, normal trading activity is expected to resume by the middle of the next week, because traders too, would remain busy in exchanging greetings throughout next Monday and Tuesday.

Meanwhile, reports coming from the export sector indicate that rice exporters have signed fresh contracts with a number of foreign buyers, shipments against which have already started.

A rice loader is in the port and is in the process of a fresh consignment of about 13,000 tons of Irri for a Gulf destination. Another ship is standing out awaiting its berthing turn.

As a result, the rice varieties, notably fine types of basmati, including sela and kernal remained in active demand for the third week in a row, and rose further as private sector exporters remained active buyers at the prevailing prices.

Guar price, which has been stable around Rs1,750 per bag during the last couple of weeks, came in for modest selling followed by the reports of steady arrivals of the new crop from some growing areas and may fall further after the pace of new crop arrivals picks up, they added.

Sugar prices rose modestly from the last levels despite. The net rise was of the order of Rs15 per bag. Desi sugar on the other hand fell by Rs50 on stray selling, while gur was held unchanged.

Physical shipments of wheat were still being made under previous export contracts. The prices were held unchanged on stray buying by the local mills. According to market sources commercial exporters have signed fresh export deals with some of the Gulf importers shipments against which are expected to start by the next month.

Wheat was traded mostly at the previous levels as supplies matched the mill demand. But some of the private sector exporters were looking for fine quality of wheat against their foreign sales. Talks for some consignments are said to be in advance stage and the quantity involved is substantial.

Pulses lacked normal trading interest. Prices of gram whole, gram dal, masoor and some others were held unchanged at the previous levels. Beetle was the only exception, which came in for stray support and was marked up by Rs50 amid stray demand.

There was, however, no pressure on supplies as importers had already imported substantial quantities from the foreign markets including Ethiopia to make up local shortages, dealers said.

Cereals showed steady trend as the prices of jowar, bajra and maize were firmly held at the last level amid active trading followed by the reports of comfortable ready position.

Oilseed sector showed steady trend as prices of rapeseed were quoted unchanged owing to firm oil cakes market. New crop cottonseed was again not quoted as the crushers are taking direct deliveries from the ginners.

But til came in for modest selling at higher levels and was marked down by Rs25 as exporters were not inclined to pay more owing to their export parity limits.

Oilcakes came in for active support at lower levels as the price of rapeseed cakes was firmly held at the previous levels amid active trading, while cottonseed cakes came in for stray selling and fell by Rs5.—M.A