The market’s advance was led by the pulses sector where prices of all varieties rose in unison as importers and wholesalers curtailed their ready supplies to local markets.
But some brokers said that it was a pre-Ramazan buying by general consumers amid fears of fresh increase which had helped in fuelling the prices. There were indications of further escalation in prices as stockists and importers did not appear inclined in following the retail price list announced by the City Government, they added.
According to them pre-Ramazan import of pulses were on the lower side of the monthly figure and added to it were the reports of holding back of stocks by leading commercial houses in an apparent effort to keep the selling prices in line with the import parity level.
There were indications that much of the buying will be accomplished before the holy month of Ramazan which most likely will start from September 25. This was followed some lean periods.
Prices of other essential items, notably wheat and rice stayed around their previous level as most of the demand was met through local sources - thanks to steady arrivals from the upcountry markets.
Arrival of new crop rice from Sindh markets said the brokers, kept the prices of IRRI and basmati varieties stable amid active local buying.
Brokers said that some exporters had signed export deals for new crop with their foreign trading partners and whose shipments, they added, were expected to be resumed in the next couple of weeks.
The situation at sugar front was not quite clear with the exception of the Utility Stores where it was available at the officially-fixed rates. The commodity at other retail outlets was being sold well above the government set rates.
Two more ships loaded with the imported stuff, including a big consignment of 40,000 tons of raw sugar arrived during the week. The raw sugar was expected to be processed in local mills for onward sale to consumers.
Bulk of the buying support, which was in patches but assumed the role of panic-buying, remained centred around pulses which rose sharply as supplies lagged far behind the pre-Ramazan consumer demand.
The largest rise of Rs375 each in moong and urad was noted followed by masoor whole and masoor dal which escalated by Rs150 to 200, respectively. Gram whole, gram dal, beetle followed them by scaling rapidly higher amid active trading.
Among other essential items, rice prices also climbed roughly up on reports of strong local buying coupled with the slow new crop arrivals from Sindh markets.
While kernel variety ascended by Rs100, sela jumped up by Rs400 followed by the reports of export deals signed by private sector exporters along with the pressure on ready supplies.
IRRI-9 from Sindh also went up by Rs50, while IRRI-6 was marked down by Rs40 on selling prompted by some local stockists and a slackened demand.
Other essential items, notably wheat did not show any change and was quoted at previous level but sugar remained erratic depending on the supply and demand factors.
Among cereals, maize showed a modest enhancement of Rs10, while bajra on the other hand came in for active selling followed by larger new crop arrivals. It was marked down by Rs20 to 130. Barley was traded at the last level.
Oilseed sector, on the other hand, showed an easy trend as prices generally fell on selling followed by steady arrivals. Rapeseed led the list as all varieties suffered fall ranging from Rs20 to 50.
Cottonseed followed them as arrivals of new crop from Sindh ginneries gathered momentum followed by active selling by the stockists. Weakness in cakes was another bearish factor.
Til and castorseeds on the other hand lacked normal export demand and were quoted lower by Rs25 but the local buying averted major decline as crushers covered the positions at dips.
Oilcakes showed mixed trend. Cottonseed cakes suffered a sharp fall of Rs200 per 40kg on selling prompted by larger new crop arrivals from the Sindh ginneries, while rapeseed cakes were again held unchanged at previous levels amid falling demand.—M.A.