Mixed trend was witnessed on the Karachi wholesale commodity market during last week, as the reports of comfortable supply position on some counters triggered fresh selling.

Arrivals of essential commodities from the upcountry trading centres were normal and did not allow major changes in the price of wheat and rice.

Most of the pulses, notably the imported stuff remained under pressure and hit new lows on the selling by importers to clear their last year’s backlog. As the demand did not match the lower selling offers, prices fell further.

Sugar followed them despite the controversy over prices, and the reports of stoppage of sugarcane by the growers of some areas in the Sindh belt, the outlook remained bearish.

Although, new crop of sugar from some lower Sindh mills was arriving, but the prices remained under pressure owing to larger carryover stocks from the previous crop, dealers said.

However, the reports from Punjab zone sugar mills were fairly satisfactory as all of them were operating normally and the new crop was reaching the retail outlets steadily.

Prices suffered fresh fall of Rs10 as the demand from the Punjab traders remained at a low ebb. The bulk of the carryover stocks was said to be lying in Sindh mills, which in turn had a negative impact on the new crop, although arrivals were modest.

Rice sector on the other hand stayed firm followed by the reports of steady export of the new crop. As the world prices of the commodity were rising amid reports of short supplies, private sector exporters were active to make forward deals at least for the next six months.

A rice loader was already in the port and was loading the commodity for African destination, while some more were due to maintain the physical shipment deadlines, exporters said.

Rice shipments also remained on the higher side as private sector exporters tried to maintain their shipment deadlines. Arrivals of new crop from Sindh markets were said to be normal.

Wheat prices did not show any further fall and stayed firm on the reports of fresh export deals for substantial quantities at higher prices.

Both the private sector exporters and the Trading Corporation of Pakistan (TCP), were making efforts to dispose of the unsold stocks of wheat well before the new crop arrives on the market by next April.

Rice sector was an exception, which ruled firm owing to steady export of the new crop. Oversupply because of steady new crop arrivals was said to be well-absorbed at the rise as exporters covered their positions against foreign sales. Irri varieties posted fresh gains ranging from Rs10 to 25.

Among the fine varieties, sela type also came in for active support and rose by Rs25 to 50, but kernal type stayed at the last level.

Guar prices, came in for fresh selling as the new crop arrivals picked up and suffered fresh fall of Rs25 per bag but the ready offtake remained slow as the mills expect further decline.

Pulses came in for renewed selling. Prices of gram whole, gram dal, and urad were marked down by Rs25 to 75 per bag, largest fall ranging from Rs50 to 100 being in gram dal and masoor whole.

Cereals showed firm trend as prices of maize, jowar and barley were quoted higher by Rs15 to 35 on active demand barring bajra, which remained pegged at the previous levels.

Oilseed sector ruled steady as the prices of rapeseed and castorseed remained unchanged. Til, on the other hand came in for strong support from exporters followed by the reports of a short crop and rose by Rs100 per 40kg.

Oilcakes came in for fresh support at lower levels as prices of cottonseed again rose by Rs13, rapeseed cakes fell by Rs5.—M.A