On the export front, physical shipments of rice were on the higher side. On an average about 6,000 tons of the commodity was loaded, they said.
Prices of all varieties were pegged at last levels as supplies matched both, local and exporters’ demand in the backdrop of a bumper crop in the Sindh rice belt, they said.
The bulk of foreign importers’ interest was confined to IRRI varieties, notably from Sindh while the fine types of sela and basmati kernal remained stable.
Confusion on the sugar front continued for the second week in a row following some conflicting reports of crushing resumption by the mills. However, till the end of the week, it was not clear whether all sugar mills in Sindh had begun production.
In the absence of stocks, both old and new, sugar was again quoted unchanged. In other markets the commodity was quoted higher at around Rs32 per kilo.
According to market sources leading traders have cornered a good part of the imported and local stuff in an effort to push the prices further up at retail level.
Wheat was stable as supplies, both from the local market and official sources, successfully met the daily demand of the mills.
The prices of industrial raw material eased on selling by the stockists followed by reports of steady new crop arrivals from the upcountry markets, brokers said.
After an initial calm on essential counters, prices of pulses came in for active buying during the mid-week dealings and finished higher amid active trading.
Some brokers attributed the increase to the pressure on supplies and partly to the holding back of stocks by leading importers to push the prices further up. Some others said that the pre-Eid holiday buying was another aiding factor.
The largest increase of Rs200 was recorded in the imported type of masoor dal, while on the other hand masoor whole fell by the same amount. The Indian variety, which was being quoted lower, led the rise in pulses followed by moong and urad, which rose by Rs160 to 175 per bag.
Barring IRRI-6 and sela basmati, which suffered fall ranging from Rs20 to 60, on selling followed by larger arrivals from the Sindh market, others were traded unchanged despite reports that the government had increased the procurement price to Rs300 per 40kg. IRRI broken rose by Rs5.
Wheat followed them and remained pegged at previous level as local market was fairly comfortable and supplies from the official sources to mills were about the normal.
Sugar maintained its higher levels despite reports that the crushing had resumed. New crop stocks from the crushers were still to reach the market.
The cane prices were expected to keep the prices on the higher side during the current year also as the new crop was said to be lower as against the previous year’s total of 3.1 million tons.
Among the cereals, maize and bajra came in for renewed support amid reports of slow arrivals from the upcountry markets, and rose by Rs25 to 50 per bag, while jowar and barley were held unchanged at previous levels.
Guar seeds showed either-way movement followed by conflicting reports about the new crop and slow arrivals from the Sindh market. Prices suffered a modest decline for the second week as leading stockists sold in part fearing further fall in prices.
Major oilseed, notably cottonseed, rapeseed, castorseed and til were mostly traded at previous levels as supplies matched the local demand - thanks to steady arrivals from the upcountry market.
Oilcakes also showed firm trend amid active buying by the mills. While cottonseed cakes rose by another Rs10 per 40kg, rapeseed cakes remained pegged at previous levels amid active trading.—M.A.