PHYSICAL activity on the Karachi wholesale commodity markets last week was relatively slow as both brokerage and commercial houses most of the time stayed on the sidelines in an apparent effort to keep prices within the current levels.
Ready off-take in a holiday shortened week was light as general consumers only made stray buying to fill in the supply gaps on essential counters due to a long weekend.
Dealers said that as arrival of essential commodities from upcountry trading centres remained virtually suspended as the entire fleet of cargo remained engaged in transportation of sacrificial animals from the interior to the city at higher rates.
However, leading stockists did not allow any change in the prices of most of the essential items as they held back their stocks to create artificial shortage, they said. The general consumers, mainly retailers did not make fresh buying as they had already made necessary covering purchases fearing pre-Eid holiday increase in prices.
Even the prices of gram pulse and besan widely used in Eid dishes did not show much change for reasons not specified by brokers. Some essential items, however, did show modest increase under the lead of wheat, which remained in short supply despite availability of flour at official outlets, market sources said.
Some industrial raw materials followed them as mills covered their positions for the holiday, which in turn pushed their prices modestly higher under the lead of guar seeds and some others.
There was, however, relative calm on the rice front as prices of both Irri and fine type basmati were traded at previous levels despite active local buying for the Eid, they added. Physical shipments against forward deals were on the lower side, but are expected to pick up by next month to meet shipment deadlines of the new quarter.
The market advance was again led by wheat, which was quoted higher by Rs25 per bag of 100 kg. However mills did not make fresh buying at the rising prices.
Arrival of commodity from upcountry was stuck up owing to transportation problems but larger increase was checked owing to selling by some local stockists early in the week. Other essential items, mainly sugar, rice and pulses were generally traded at last levels for want of demand both from retailers and wholesalers.
On the pulses sector, prices settled at previous levels after early increase in gram and some other types as sellers held on to their positions fearing further fall in prices Sugar was actively traded at previous levels as wholesalers made covering purchases at the early lower levels. New crop arrivals were on the lower side of the weekly average.
Among cereals, bajra came in for modest support from the end-product users and was quoted higher by Rs25, while maize, jawar, barley and other cereals were firmly held at previous levels.
Most of the oilseeds maintained their previous levels under the lead of cottonseed, rapeseed and some others. But til came in for active selling followed by reports of local selling at highly inflated levels as export demand showed a substantial decline.
Castor seed, another major export item, ended unchanged at the last levels amid alternate bouts of buying and selling.
Oilcakes lacked normal support and were held unchanged under the lead of cottonseed and rapeseed cakes.
Ready off-take in a holiday shortened week was light as general consumers only made stray buying to fill in the supply gaps on essential counters due to a long weekend.
Dealers said that as arrival of essential commodities from upcountry trading centres remained virtually suspended as the entire fleet of cargo remained engaged in transportation of sacrificial animals from the interior to the city at higher rates.
However, leading stockists did not allow any change in the prices of most of the essential items as they held back their stocks to create artificial shortage, they said. The general consumers, mainly retailers did not make fresh buying as they had already made necessary covering purchases fearing pre-Eid holiday increase in prices.
Even the prices of gram pulse and besan widely used in Eid dishes did not show much change for reasons not specified by brokers. Some essential items, however, did show modest increase under the lead of wheat, which remained in short supply despite availability of flour at official outlets, market sources said.
Some industrial raw materials followed them as mills covered their positions for the holiday, which in turn pushed their prices modestly higher under the lead of guar seeds and some others.
There was, however, relative calm on the rice front as prices of both Irri and fine type basmati were traded at previous levels despite active local buying for the Eid, they added. Physical shipments against forward deals were on the lower side, but are expected to pick up by next month to meet shipment deadlines of the new quarter.
The market advance was again led by wheat, which was quoted higher by Rs25 per bag of 100 kg. However mills did not make fresh buying at the rising prices.
Arrival of commodity from upcountry was stuck up owing to transportation problems but larger increase was checked owing to selling by some local stockists early in the week. Other essential items, mainly sugar, rice and pulses were generally traded at last levels for want of demand both from retailers and wholesalers.
On the pulses sector, prices settled at previous levels after early increase in gram and some other types as sellers held on to their positions fearing further fall in prices Sugar was actively traded at previous levels as wholesalers made covering purchases at the early lower levels. New crop arrivals were on the lower side of the weekly average.
Among cereals, bajra came in for modest support from the end-product users and was quoted higher by Rs25, while maize, jawar, barley and other cereals were firmly held at previous levels.
Most of the oilseeds maintained their previous levels under the lead of cottonseed, rapeseed and some others. But til came in for active selling followed by reports of local selling at highly inflated levels as export demand showed a substantial decline.
Castor seed, another major export item, ended unchanged at the last levels amid alternate bouts of buying and selling.
Oilcakes lacked normal support and were held unchanged under the lead of cottonseed and rapeseed cakes.