Commodities' prices on global, domestic markets turn higher

SHAFI AHMAD SYED

KARACHI: The week just ended saw commodities in the world and local markets on higher count, may that be milk, rice, wheat, cotton, palm oil, gold or any conceivable stuff.

Monsoon is starting severely with caution of Met authorities to farmers for tightening belt to enliven drenched land for some four months. Ramazan is just ahead, a forced reminder of leaping prices. According to traders, fed up with law and order situation, there was no rush of retailers for buying left and right.

However, some enquired about Irri rice Sindh low type which had gained Rs 50 to Rs 3500, while other type retained weekend-level. Rapeseed cake rose by Rs 40 to Rs 990 to Rs 2400, cottonseed cakes low type shed Rs 100 to Rs 400 while better type lost Rs 50 to Rs 600. Gur low type rose by Rs 100 to Rs 4800 while better type was unchanged at Rs 5500. Much to surprise to the traders gram, gram dal and like items sought hotly had no buyers on the opening day.

On the second day gram prices were lower on the wholesale markets. Yellow peas Canada lost Rs 50 to Rs 4250 and Rs 4450, yellow peas dal Canada lost Rs 50 to Rs 4850 and Rs 5050, yellow peas Ukraine yielded Rs 100 to Rs 3950 and Rs 4150, yellow peas dal from Ukraine lost Rs 100 to Rs 4500 and Rs 4700, yellow peas Russia yielded same amount to Rs 4050 and Rs 4250 while peas dal Russia lost Rs 100 t Rs 4600 and Rs 4800. Meanwhile tae price in BD auction fell though sold at higher rate at last week's auction.

On Jodia Bazar raw rubber moved higher by Rs 2 to Rs 170 and pale crape TPC 3 rose by Rs 2 to Rs 170. Latex Merrytex (28 kg) quoted at Rs 1130 and Thai (GT) quoted at Rs 1130.

On Wednesday slight changes where prices dipped and that rice exports cross $ 2 billion mark for the fourth consecutive year showing all odds. Canadian canola moved both ways as palm oil in Malaysia indicated having edged down. Makai in local markets lost Rs 150 to Rs 1975 and Rs 2000, guwar followed same pattern shedding Rs 100 to Rs 2000 and Rs 2100, Irri white broken yielded same amount to Rs 2500 and Rs 2600.

Indian tea output dropped in April. India exports tea mainly to Egypt, Pakistan and the UK and premium orthodox variety to Iraq, Iran and Russia.

On Thursday the commodities depicted mixed in nominal trading activity as buyers were reluctant to indulge in new deals - wheat old and new bardana gained Rs 10 to Rs 2600 and Rs 2640, cottonseed oilcakes with bag low type was put at previous level at Rs 400 while the other quality shed Rs 100 to Rs 600. Irri rice Sindh 6 low quality was up by Rs 25 to Rs 3525 while the better type was higher by Rs 50 to Rs 3600.

On Friday dealing was reported as most of the traders were busy in preparations for Juma prayers.

On Saturday most of the commodity items tended lower due to easy supplies from upcountry centres. On the grams side, grams Australia No. 1 shed Rs 100 to Rs 7400-7800, grams 50x50 followed same pattern, losing same amount to Rs 8100-8500, yellow peas Ukraine fell by Rs 50 to Rs 4000-4200 and yellow peas Ukrain dal also dropped same amount to Rs 4550-4750. Cottonseed oilcake inferior type was unchanged at Rs 400 while the best type gained Rs 50 to Rs 650, other items retained overnight levels in process of slow trading. Prices remained unchanged on the rice and cereals sector.