Quietly steady conditions prevailed on the Karachi wholesale commodity markets during the holiday-shortened week as prices of essential items mostly remained static around the previous levels amid modest physical activity.

Dealers said the leading commercial brokerage houses remained busy in the consolidation process of last week’s tally. The markets remained closed on Thursday and Saturday on account of birthday anniversary of Quaid-e-Azam Muhammad Ali Jinnah and to observe martyrdom of Benazir Bhutto, respectively.

The other factor that curtailed the ready business was reports of steady arrivals from the upcountry trading centres amid fears that prices could fall further during the next week, they added.

As a result, most of the essential items consolidated previous week’s gains and were firmly held at the higher levels amid slow ready off-take.

There was also relative quiet on the export front as prices of rice were again quoted unchanged in the absence of short-covering by the leading exporters against their forward sales, market sources said.

They said owing to fall in world demand amid escalating tensions between Pakistan and India and reports of troop movements on the borders also curtailed the ready off-take.

They said the market will resume normal trading after fears of war start fading as in the prevailing situation no one is inclined to hold larger unsold stocks in their godowns.

Some leading brokers predicted that prices of essential items could fall from the current levels if the war hysteria by India further intensified as leading dealers may indulge fresh selling.

The mid-week saw return of the buyers on the essential counter notably on pulses and rice, where prices tended further higher as pent demand and weekend holiday prices of some of the essential items rose higher amid active short-covering.

Sharp increase in prices of some type of pulses led the market upturn under the lead of beetle, urad and gram dal, which were quoted higher by Rs100 to Rs250 per bag, largest increase was noted in gram dal, which rose by Rs400 per bag.

Urad and beetle followed them, which also rose by Rs100 to Rs250 per bag, while all others were traded at the last levels amid active covering purchases.

Rice sector on the other hand showed quietly steady trend as prices of major types including basmati were quoted unchanged but Irri-6 was the only exception, which was quoted higher by Rs150 to Rs200 per bag.

All other varieties were firmly held under the lead of basmati both sela and kernel as ready position was fairly comfortable in the wake of falling foreign demand.

Among the essential items, which remained under pressure for the second week in a row were wheat and sugar, though both fell modestly owing to slack demand rather than large selling from any quarter.

Wheat suffered a modest decline of Rs15 per bag, while sugar was quoted lower by Rs20 to Rs70 on active mill selling and a considerable decline in ready demand.

Among the cereals, bajra rose by Rs125 per bag, while others including jowar, barley and guarseed were traded at the last levels amid slow ready off-take.

Cotton on the other hand came in for active support and was marked up by Rs75 per maund on strong mill buying amid fears of a short crop.

Among the major oilseeds, rapeseed did not show any change and were firmly held at the last levels amid active trading, while on the other hand cottonseed fell by Rs30 to Rs35 per maund amid active two-way deals.

Til on the other hand came in for active selling followed by reports of falling export demand and was marked down by Rs200 per 40 kg, while other major seeds were traded at the last levels.

Oilcakes were held unchanged from the rapeseed cakes, while cottonseed cakes came in for active selling and were marked down by Rs20 to Rs35 per bag of 50 kg.