The wholesale Karachi commodity markets lacked normal trading interest as prices of most of the essential items again showed mixed trend amid alternate bouts of buying and selling.

But most of the either-way price changes were orderly and did not reflect panic-buying from any quarter, as supplies matched ready demand, dealers said.

They attributed the prevailing sluggishness on the absence of Punjab traders who stayed away for the second week, for no apparent reason.

It was speculated that they would resume normal activity during the post-election week, but their absence for two weeks in a row added further sluggishness to market conditions — devoid of any special feature — they added.

They said markets may take another week or so apparently until the formation of governments at the centre and the provinces, as the post-election political scenario is worrying, both traders and brokers.

The fact that the winning parties have so far failed to reach a consensus over the future political set-up, despite lots of inter-party meetings, has a negative impact on physical trading, some brokers said.

Major essential items, notably pulses, wheat and sugar showed divergent trend in the absence of strong demand from the commercial houses.

There was no pressure on supplies due to the continued ready position as the brokerage houses and commercial dealers were not holding back stocks of essential items.

However, some major export items showed modest increase, partly because of short supply and due to active export enquiries from the traditional importers.

Wheat was leading among them, which was in active demand for the last couple of weeks and in the process prices remained stable at previous levels amid slow ready offtake.

Sugar on the other hand remained under pressure and suffered fresh fall of Rs20 per bag on selling prompted by commercial dealers owing to larger unsold stocks. Even reports of delay in the crushing season failed to generate short-covering from the Punjab traders.

Desi sugar and gur on the other hand came in for active support and rose by Rs50 to 100 per 40kg.

The new rice crop from Sindh rice belt arrived in the market during the last week, but unlike previous week, the prices recovered from lower levels — thanks to the revival of exporters’ demand. Irri-6 and Irri-9, both were quoted sharply higher as compared to the old crop.

Fine varieties, including sela on the other hand was traded modestly higher by Rs50 per bag, while Irri types by Rs50 to 100.

After about two months’ gap, a ship is in the port and loading rice for Gulf, indicating resumption of new crop exports, dealers said.

Pulses remained under pressure owing to steady arrivals and fell — where changed — major losers among them being moong, gram whole and gram dal, which suffered fall ranging from Rs25 to 50. Guar came in for stray selling in the backdrop of lack of support from the processors and fell by Rs50 per bag.

Cereals showed easy trend as bajra suffered sharp fall of Rs100 to 150 per bag on selling followed by new crop arrivals, while maize fell by Rs5, with Jowar remaining unchanged at last levels.

Oilseed sector stayed firm as the prices of rapeseed were held unchanged followed by the reports of firm cake markets. New crop cottonseed was again not quoted owing to the absence of arrivals from the Sindh ginneries. Castorseed rose by Rs10 to 15.

Til attracted fresh selling followed by the reports of slackened demand from the exporters and fell by Rs50 per 40kg.

Oilcakes showed mixed trend. While cottonseed cakes rose by Rs10, rapeseed cakes fell by Rs5 on stray selling and lessen mill demand.—M.A