However, reports coming in indicated that the fall in prices of some essential items was not reflected at the retail level in the absence of an effective price monitoring agency, dealers said.
There was no sharp increase on any of the counters and price changes were fractional and in more cases were aided by the holding back of stocks by some commercial houses, they added.
Imported stuff, notably some pulses were quoted modestly higher due to a considerable decline in the arrivals from upcountry markets. Bulk of the activity remained confined to masoor sector where stuff from India was a bit cheaper than of other origins, they said.
Among the essentials, wheat showed a modest fall followed by reports of half a million tons of imports to meet the shortfall and to keep the prices stable before the new crop arrives by April and May.
On export front, rice shipments were on the higher side as private sector exporter were trying to meet their physical shipment deadlines to various countries.
But IRRI types stayed weak amid reports of a bumper crop of 5.5 million tons pointing towards higher exportable surplus. On the other hand fine varieties, including sela and kernal basmati were traded around their previous levels despite steady exports to the EU and some other countries.
Arrival of the commodity remained steady throughout the week as exporters remained active buyers around the prevailing prices, notably for IRRI variety. Exporters were claiming to have explored new outlets during the last couple of weeks and were in the process of arranging shipments, including to Iran.
Sugar prices stayed at the peak level of Rs34 per kilo because of the pressure on ready supplies. It was, however, not traded on the wholesale market but only in the Juna market.
Industrial raw material on the other hand remained expensive under the lead of major oilseeds and guar seeds followed by reports of a tight market and pressure on ready supplies owing to a considerable decline in arrivals from the upcountry markets.
After the mid-week, trading pattern showed major changes as dealers rolled their positions from one counter to the other depending on the size of arrivals from the upcountry.
The notable feature was that some essential items came in for active selling, reflecting oversupply and finished with sharp fall amid active ready offtake.
The decline was led by wheat which suffered a fresh fall of Rs20 per bag as local stockist sold in a bit haste followed by reports of fresh import to make a buffer stock of half million tons.
On the other hand sugar prices continued to increase further in the absence of larger arrivals from the mills and reports of fresh import from India. Both, local stockists and mills were reportedly holding on to their unsold positions.
The current pressure was said to be on the utility stores who too, had raised the selling price to Rs28 from the previous Rs23 per kilo. But the commodity was being sold on the open market around Rs34 to 35 per kilo.
Despite steady physical shipments against forward deals, rice sector showed easy trend owing to selling caused by a bumper crop. However, reports that the shipments to China were started could halt further decline.
While fine varieties including sela and kernal types of basmati were traded higher on the reports of active export to some European and Gulf countries, IRRI both IRRI-9 and broken were marked down by Rs10 to 50.
Barring masoor imported type which was marked down by Rs150 per bag on the selling by importers; other types were firmly held at last levels amid active trading. Urad on the other hand increased.
Among the cereals, maize rose by Rs50 despite steady new crop arrivals. Barley was marked down by Rs15, while bajra held unchanged at previous level.
Guarseeds remained in active demand followed by reports of a short crop in Sindh and in the process, prices climbed up by Rs50 per bag. Other major industrial raw materials were held unchanged.
Oilseed sector again showed dull trading conditions as reports of steady arrivals from the upcountry markets and falling mill demand, kept prices of rapeseed and cottonseed unchanged.
Til and castorseed, however, were exceptions which came in for renewed selling and finished lower by Rs50 to 100 per 40kg bag amid active selling.
Oilcakes on the other hand ruled steady as prices of both rapeseed and cottonseed cakes were quoted higher by Rs5 to 8 followed by active support extended by the crushers.—M.A.