MAJOR changes in price, mostly on higher side, were witnessed on the Karachi wholesale markets last week as pent-up demand figured prominently on counters of essentials, pushing prices of some of them sharply higher.

Among essentials, wheat was the only exception which fell by Rs60 per bag on slack demand and reports of fall in prices in international markets, sources said.

The advance led by essentials was rice and pulses on active short-covering by Punjab dealers and local brokers after the city returned to near-normalcy after midweek violence.

In the rice sector, prices of IRRI-9 and basmati were quoted higher by Rs200-500 per maund on revival of exporters demand and short supply.

A sharp rise of 500-1,000 per bag of 100 kg was noted in imported type of pulses under the lead of masoor whole and masoor dal, while others were traded modestly higher, dealers said.

Sugar though showed a modest rise, gur and desi sugar came in for strong support and were marked up by Rs200-500 amid active trading, they said.

Among cereals, both bajra and barley came in for renewed support and maintained their upward drive and were finally quoted higher by Rs100 each.

The law and order situation was still fragile as investors kept to sidelines awaiting further improvement before resuming normal activity, dealers said.

Market sources said two shiploads of chickpeas were imported over the week but they did not have any negative impact so far on the ruling prices.

The consignments of 13,395 and 38,000 tons were big enough on the holding capacity of importers and its immediate release in the open market kept the gram sector steady, they said.

But they said the gram sector was already under pressure for last couple of weeks and may show further softening before recovery with the advent of holy month of Ramazan.

They said prices were expected to rise further during the next week as leading brokerage houses were playing on sides of the fence, which caused shortage in some essential sections.

Wheat: Active trading was witnessed on this sector as both local flour mills and private sector exporters remained major players and lifted large quantity of the commodity both at decline and rise, mainly by exporters who were obliged to pay higher price to meet their shipment deadlines. It was quoted lower by Rs60 per bag.

On the other hand, sugar remained a bit dormant, although prices did rise at retail levels despite official assurances that stock position was fairly comfortable to cope with the increasing demand.

Gur and desi sugar, however, came in for active support and were quoted higher by Rs200-500 followed by reports of short supply.

Pulses: Activity in this sector was normal as the supply position was comfortable after steady imports during the post-budget weeks.

RICE: Prices of IRRI and basmati varieties came in for active short covering by exporters and were quoted higher by Rs400 and Rs500 respectively.

Cereals: The cereals sector received modest support triggered by reports of decline in arrivals from Sindh markets. Bajra and barley led the list of prominent gainers and were marked up by Rs100.

On the other hand, barley came in for active support by exporters and stayed. Slow arrivals from upcountry markets were another aiding positive factor.

Oilseeds: The oilseeds sector, on the other hand, showed quietly steady trend as prices of major seeds, including rapeseed, cottonseed and til were firmly held at previous level as supply was reported fairly steady.—MA