THE KARACHI wholesale commodity market showed mixed trend during the preceding week as the prices of essential items generally stayed at previous levels amid light trading.
Prices of some of the essential items did rise, but were orderly as supply gaps were quickly filled in by the steady arrivals and the release of fresh stocks from the godowns of leading stockists.
Unlike previous couple of weeks, when market witnessed price flare-up, most of the essential items were traded at previous levels as there was no panic buying either from the wholesalers or the retailers.
Arrivals from the upcountry markets, notably of cereals and some raw materials were fairly steady, which in turn kept the prices mostly at previous levels.
On export front, there was a slight pressure on the local prices in rice sector as the stocks of Irri’s old crop have almost been exhausted and the new crop would arrive by early next month. Prices of Irri varieties rose modestly.
But basmati varieties did not show much change as there was no pressure on supplies, thanks to steady arrivals from the Punjab markets. There was however, a bit impediment on the export front owing to the falling demand and the tough competition from the Indian exporters, notably in the Gulf and the Middle Eastern markets, dealers said.
According to market sources stock position of fine types of rice is fairly comfortable and perhaps that was why prices were stable at previous levels. Some private sector exporters have found outlets in the West and are sending their consignments in packed form.
The situation on the export front of wheat is normal as a ship is in the port and loading about 3,000 tonnes of the commodity daily against a recently export deal for 30,000 tonne.
Floor brokers said the TCP is making efforts to sell entire exportable surplus of one million tonnes well in time, more than half of which has already been shipped to various destinations.
Other major export items including rice also showed a firm trend as the price of Irri-6 Sindh type was quoted higher by Rs25 to 40 per bag, while others including basmati varieties remained pegged at last levels as the local demand was adequately met by the ready supplies.
Irri broken type posted a fresh gain and rose by Rs20, basmati kernal sela varieties were traded at previous levels amid active local demand. Sugar prices again remained pegged at the last close for want of sufficient stock from the Punjab dealers, as well as from the local stockist owing to comfortable ready position.
Much of the activity remained centred around pulses, which showed mixed trend amid reports of short supply. But unlike previously, the final closing was mixed on late selling.
While gram whole and gram dal came in for active selling followed by the reports of steady imports, all other major types including masoor and moong were traded at previous levels.
Guar also came in for stray selling followed by reports of steady arrivals from the upcountry market and suffered a decline of Rs75 per bag after remaining static for last couple of weeks.
Cereals depicted mixed trend amid alternate bouts of buying and selling, while bajra came in for active selling at higher rates and fell by Rs50 to 100 per bag. Maize and Jowar rose by Rs5 and 15, followed by the reports of slow arrivals from Sindh markets.
Oilseed sector showed firm trend as the prices of rapeseed rose by Rs30 to 35 per 40kg, while Mirpurkhas variety was held unchanged.
Castorseed and till came in for stray selling and fell by Rs10 to 15 for castorseed Lasbela type, while til suffered decline ranging from Rs25 to 40 per bag of 40kg followed by the reports of slack export demand.
Oilcakes attracted active support in sympathy with seed as prices of both cottonseed and rapeseed cakes were quoted higher by Rs10 amid reports of firm oil market.—M.A