Physical business on some important counters, notably in pluses was said be on at the best but as supplies met the local demand, bulk of the business was at previous levels, notably in imported types of pulses like masoor and others, they said. According to sources import of some types of pulses was on peak under the lead of urad. Commercial importers released larger stocks amid falling demand pulling the prices modestly lower.
Local gram and gram dal, on the other hand hanged firmly at previous levels despite reports of recently harvested bumper crop and considerable exports to India and other countries, market sources said.
On the other, both sugar and rice did not show any changes thus keeping to their former ranks. The regulated release of stocks by mills and the absence of fresh imports in the last couple of weeks was said to be a positive factor, retaining the price on upper stratum.
Wheat persistently showed erratic values amid conflicting reports of the size of fresh arrivals from the upcountry centres and local mill demand. After declining a week earlier, prices again scaled up modestly on reports of some speculative hold on stocks by the leading dealers and a fall in arrivals from the Sindh markets.
However, after hectic physical shipments of rice in the last couple of weeks, there was a relative quiet on the export front as none called on the port to load the commodity against the previously signed export deals, market sources said. The industrial raw material, on the other hand, did not show much change and mainly traded around previous levels barring guar which was marked down by Rs35 per bag.
Owing to reports of a short previous crop, prices of guar remained elevated having a negative impact on its valued-added products. This was evident from the annual export sales of some major processors in the industry. Unlike the previous trend, price changes on both essential and industrial raw materials were normal and reflected comfortable ready position. There were no reports of larger buying by the retailers and general consumers as was reflected by the light ready-offtake.
Urad imported was an exception which came in for active selling as a couple of importers tried to clear the backlog of long positions ahead of the budget and fears of policy changes. It suffered the largest fall of Rs215 per bag but there were no reports of matching buying at the falling prices. Other types of pulses were traded at previous levels barring peas which rose by Rs15 to 25.
Wheat also ended lower by Rs10 per bag after fluctuating either-way amid conflicting reports of arrivals and mill-buying. Commercial traders on the other hand kept to the sidelines and did not participate in the proceeding. Sugar white was also traded around the previous level, although mills reported larger unsold stocks of 1.7 million tons lying in godowns. But how much stuff they release in the open market on weekly basis was not clear.
However, higher price reflected that those were in full control of the price situation. Physical shipments of rice against the previously signed export deals by the private sector exporters was on the higher side and there were reports of fresh deals with Iran and some African countries.
Market sources said there was a relative quiet on sectors dealing with the kernal type of basmati because of the reported competition from some countries, including India. It was aided by the falling demand from the Gulf and some European consumers. After remaining pegged at previous levels, the demand of sela was modest marking the cost up by Rs50 per bag.
Cereals requirements were robust amid reports of slow arrivals from the upcountry trading centres and reports of holding back of stocks by the brokers and the middlemen. While maize rose by Rs50, bajra showed gains ranging from Rs100 to 150 as arrivals from the interior had progressively dried up in last couple of sessions. It was the highest rate, so far.
Guar on the other hand came in for fresh selling and fell by Rs35 and so did til followed by reports of a considerable decline in export demand. Other major seeds including rapeseed, cottonseed and castorseed were traded at previous levels.
Oilcakes also followed them, as both rapeseed and cottonseed cakes were held unchanged on reports of steady arrivals from the Sindh crushers and easy ready position.—M.A.