According to market sources the majority of consumers had covered their requirements for most of the essential items much before the advent of Ramazan amid fears of price flare-ups.
This was evident with the scant presence of general consumers and some wholesalers who procured the commodities far below their weekly average which in turn proved a price stabiliser. Wholesalers were expecting the revival of mid-Ramazan demand from some retailers but it was too small to push the prices further high, they added.
Much of the physical activity, therefore, remained confined to the pulses sector where prices generally responded to supply and demand factors. Prices rose where there was a pressure on supplies and fell where arrivals were above normal, both from the local stockists and the importers.
Reports of interruption in some types of imported pulses, notably moong and masoor caused a price flare-up. However, gram and urad types were marked down on selling triggered by the reports of steady arrivals from the upcountry markets.
Floor brokers said that there was a relative quite on the rice export front as private sector exporters were said to be finalizing their contracts for consignments from the new crop.
Harvesting of the new rice crop, notably IRRI varieties was reportedly started both in Sindh and Punjab rice belts and modest consignments were arriving in the markets.
Prices of both IRRI and sela types of basmati were being quoted on the higher side owing to a pressure on the ready supplies. Stocks of the old crop were exhausted owing to the last season’s record export, dealers said.
According to official surveys, the country again was on the threshold of harvesting a bumper rice crop during the current season but local prices were expected to be determined by the export deals and physical shipments of the commodity.
Prices of major industrial raw materials on the other hand did not show much change and generally remained stable around their previous levels despite falling mill demand.
After early rise, pulses showed mixed trend as supply position improved. Masoor, moong and gram dal were quoted higher by Rs100 per bag, while gram whole and urad suffered fall ranging from Rs25 to 125 per bag on late selling.
Wheat on the other hand came in for modest selling early and fell but late mill buying pushed its prices higher by Rs11 amid active trading. Arrivals from the upcountry markets were on the lower side which fuelled the price flare-up.
Among other essentials, fine basmati varieties showed mixed trend followed by conflicting reports about fresh export deals. While sela variety was quoted higher by Rs200 per bag on reports of fresh export deals, kernel type was marked down by Rs150 on selling.
IRRI varieties were also marked down on the reports of steady new crop arrivals from the Sindh markets and fell by Rs80 for IRRI-6 followed by its broken type which decreased by Rs5.
Floor brokers said that the arrival of new crop IRRI had begun from the Sindh rice belt and the crop was said to be bumper. Local price trend will be set by the size of export deals and the demand, they said.
There was a relative quiet on the sugar front as the commodity was being supplied through official retail outlets at around Rs27.25 per kilo and unlike the previous week there were not many complaints from the consumers.
Prices of major industrial raw materials stayed firm around their previous levels barring guarseeds which fell by Rs25 per bag on selling prompted by higher new crop prospects.
Cereals showed easy trend as larger arrivals from the upcountry markets kept the prices depressed amid falling ready demand. Maize was marked down by Rs10 to 25, while barley and bajra were quoted unchanged.
Oilseed sector showed steady trend as prices of major seeds including rapeseed, barring Mirpukhas variety which was marked down by Rs20 to 25 per 40kg, and cottonseed were firmly held unchanged at previous level despite steady new crop arrivals of cottonseed.
Major oilseeds also remained pegged at last levels under the lead of castorseed but til came in for active support from the exporters and was quoted higher by Rs50.
Cottonseed oilcakes resisted fresh decline after dropping sharply lower during the last two week and were held unchanged for both rapeseed and cottonseed cakes.—M.A.