The fears early in the week that cyclone may hit Karachi, also contributed to a significant fall in trading activity even on the essential counters. But the rain that followed the cyclone did not allow resumption of normal trading activities despite the fact that some of the commodity markets were opened after mid-week, market sources said.
They said normal trading activity is expected to resume by the next week after the current monsoon spell takes a breather and held up arrivals of some of the essential commodities reach its destination.
Arrivals from upcountry markets were also on the lower side and remained suspended for a number of days for want of cargo haulers, which though created shortage of stock on some counters, the absence of buyers kept the prices stable, dealers said.
It was, however, satisfying to note that prices of most of the essential items remained stable around previous week’s levels amid reports that some wholesalers had raised prices, they said.
Towards the fag end of the week, prices of some essential items, notably wheat, and gram were modestly high on reports of suspension of arrivals from upcountry market centres. Unlike previous week, rice sector stayed quiet in the absence of fresh buying by local private sector exporters amid reports that the bulk of the local stuff has been exhausted, brokers said.
They quoted press reports that some varieties of rice will be imported to ease the local price situation caused by larger exports.
Prices of most of industrial raw materials remained stable around the previous levels for want of sufficient demand from the end-product users despite pressure on ready supplies because of suspension of arrivals from upcountry markets.
At the fag end of the week, stray buying and selling bouts were witnessed on some of the essential counters, but price changes were mostly fractional as demand remained modest. Wheat again rose though only by Rs5 but activity picked up as some millers resumed their covering purchases after the early week rain spell halted.
Some type of pulses followed it under the lead of gram whole, which was quoted higher by Rs175 per bag on report of short supply and pent-up demand from the end-product users. Peas followed it, which was also quoted higher by Rs50 but other types including masoor, moong, and beetle were held unchanged at previous levels.
Sugar, both fine and desi types were traded at the last week’s levels but gur was quoted higher by Rs100 on active foreign demand and fall in arrivals from interior markets.
Among other essentials, trading on the rice counter remained dull followed by reports of absence of exporters. As a result, fine types of basmati were held unchanged but IRRI-6 came in for fresh selling and was marked down by Rs30.
Cereals lacked normal buying interest and were quoted unchanged for maize, bajra and jowar and so did barley and some others.
Among the major industrial raw materials, guar seed came in for modest selling owing to recent rain and prospects of higher new crop. Fall in local demand also triggered selling.
Oilseed sector did not show much change as prices of major seeds including cottonseed, castor seed, and til were quoted at the last levels. But rapeseed Mirpurkhas type was an exception, which shed Rs20 to Rs25 on weak oil market.
Oilcakes ruled unchanged for the rapeseed cakes, while cottonseed cakes were quoted lower by Rs20 to Rs50 on selling by the ginners.—M.A.