The wholesale prices of some of the essential items showed modest rise during the previous week followed by reports of slow down in arrivals from the upcountry trading centres and an active inter-dealer activity.

Some of the dealers in the upcountry markets may have decided to hold on to their positions ahead of the announcement of fiscal measures in the federal budget due possibly by the next week.

However, instances of pre-budget buying even on the essential counters were lacking as there was no pressure on the ready supplies of wheat, sugar and some other items.

Pulses, which generally rise in pre-budget trading sessions did show modest increase on some of the counters but others fell under the lead of grams as Pakistan has just harvested its record crop for the first time after several years.

The supply position of gram whole and gram dal is fairly steady despite reports of exports to India and some other countries there is no indication of a price flare-up, dealers said.

Some of the major export commodities including rice, however, remained in active demand and showed good gains under the lead of fine varieties of basmati as well as IRRI-6 variety.

There was a relative quiet on the sugar and wheat sectors as prices of both remained stable owing to reports of fall in the wheat production and reports of suspension of exports until the size of the crop is known.

But despite oversupply, sugar prices suffered fall of Rs5 for the inferior type, while its inferior variety was marked up by Rs10 on late weekend buying by the commercial dealers.

The early selling was prompted by reports of larger arrivals from the Sindh mills and a slow down in exports. Sugar desi and gur on the other hand managed to finish firm owing to reports of steady outflow of the commodity to Afghanistan.

Pulses on the other hand again showed mixed trend as prices of peas, showed fresh gains ranging from Rs5 to Rs35, largest rise of Rs100 to Rs200 being in masoor and masoor dal imported type

While on the other hand gram whole, gram dal, tuver and urad suffered decline ranging from Rs25 to Rs100 per bag, the largest decline of Rs165 being in tuver on active selling followed by reports of steady arrivals of imported stuff from the foreign sources. Others were traded at the previous levels.

Wheat maintained its upward drive and rose further by Rs5 followed by reports of a considerable fall in arrival from the upcountry markets and active buying made by the local flour mills to build up large stock followed by reports of a fall in the projected production estimates.

Rice sector maintained a firm outlook as basmati kernal and sela types posted fresh gains to the extent of Rs250. IRRI-9 Sindh also followed them and rose by the same amount amid active trading.

IRRI-6 Sindh was an exception, which came in for stray selling and fell by Rs10 to Rs20 for both the inferior and the superior types respectively.

IRRI-broken on the other hand came in for modest support from the local brokerage houses and rose by Rs5, while broken basmati remained basically unchanged from the previous levels.

Cereals showed firm trend followed by reports of slow arrivals from the upcountry markets. Prices of maize and bajra posted gains of Rs5 to Rs25, while jowar was traded at the previous levels owing to fall in arrivals from the upcountry markets.

Guar prices rose further followed by reports of a short crop and rose further by Rs25 per bag on active mill demand. Ready offtake was reported light as processors were not inclined to make bigger commitments. Late selling, however, pushed its price down from the peak level of Rs1890 per bag.

Oilseed sector, notably rapeseed were mostly traded at the previous levels in the absence of strong demand from the crushers and steady arrivals from the Sindh markets.

Til prices rose further followed by reports of revival of export demand as prices were further marked up by Rs75 followed by reports of active covering purchases made by both the locals and the exporters.

Castorseed Lasbela type came in for active selling at the higher levels from the local stockists and finished by Rs50, while Sindh variety was traded at the last levels.

Oilcakes posted fresh rise of Rs3 for cottonseed cakes, while rapeseed cakes did remain pegged at the previous week’s closing level.—M.A