Commodities’ prices higher ahead of Ramazan

SHAFI AHMAD SYED

KARACHI: Commodity markets sounded higher primarily owing to holy month of Ramazan and weather showing worth to agricultural fields in some countries needing rain at this time.

Met office calling to harbour caution for 50 percent industrial units to collapse for want of water. In this country farmers would do good to sow maize, bajra and vegetables.

The TCP has issued a nice sounding note saying it won’t allow sugar shortage during Ramazan many will strain memory if such problem face Ramazan had come ever. This note is followed by a news item that you need a minimum of hundred rupees  to enter Sindh secretariat.

However on Monday, the opening day hardly a dozen items showed variations for obvious reason that distanced buyers from lifting even the most essential ones. Makai which is must item in the poor use during the month and beyond had sharp rise of Rs 75 to Rs 2125 while the better type was dearer by Rs 85 to Rs 2150. Irri white low type turned higher by Rs 50 to Rs 2650 while the other quality gained Rs 100 to Rs 2800.

The trading moved slower yet on Tuesday, Irri-6 Sindh low variety rose by Rs 25 to Rs 3600, the better type rose by Rs 50 to Rs 3700, other items showed no change. However, global report about wheat production in China was optimistic – may rise by three percent while late rains in sugar growing areas in India  likely pull yield down. The prices in BD auction fall for third straight week said to be due to low quality. The auctioneers were surprised experiencing low demand despite the fact that Ramazan was lurking ahead. Oilseeds cost likely to rise on fear of untoward weather forecast. On Wednesday Karachi Port and Port Qasim handled 171146 tonnes – imports being 97690 imports and while exports were 4967 tonnes. However, commodity wholesale continued firmer such as basmati No 386 low variety did not show any change at Rs 6200 while the other type was up by Rs 300 to Rs 6500, gram Australia NO I gained Rs 200 to Rs 7700 and Rs 8100, gram Australia dal No I gained Rs 300 to Rs 9300 and Rs 9700, grams 50x50 picked up Rs 20 to Rs 8400 and Rs 8800, rapeseed Mirpurlane low type rose good type by Rs 100 to Rs 2350 while the inferior type was unchanged at Rs 2350, cottonseed cakes Sindh type rose by Rs 100 to Rs 700 while the other type was unchanged at Rs 400.

On Thursday Irri-6 Sindh low type shed Rs 75 to Rs 3525 while the better quality lost Rs 100 to Rs 3600, Irri white broken low fell by Rs 50 to Rs 2600, while superior quality was lower by Rs 100 to Rs 2700, guwar Sindh and Punjab lost Rs 400 to Rs 13000 and Rs 14000, makai posted gain of Rs 50 to Rs 2150 and Rs 2175, wheat old and new bardan shed Rs 20 to  Rs 2620 and Rs 2660, rapeseed Nawabshah turned higher by Rs 125 to Rs 2425 and Rs 2450, rapeseed Dadu low type up Rs 475 to Rs 2425, while better type rose by Rs 450 to Rs 2450, rapeseed Mirpurlane low variety shed Rs 350 to Rs 2000 while the better type rose by Rs 300 to Rs 2100 and cakes rose by Rs 90 to Rs 1110 and Rs 1120.

On Friday, as usual no transaction was reported; as almost all the participants were busy in preparations fo Juma prayers.

On Saturday bullish sentiment prevailed wheat old and new Bardan gained Rs 10 to Rs 2630-2670. Grams yellow peas dal Canada posted fresh gain of Rs 150 to Rs 5000-5200, yellow peas Rashia followed same pattern, gaining Rs 100 to Rs 4150-4350, yellow peas dal Rashia rose by Rs 200 to Rs 4800-5000,  grams 50x50, however, shed Rs 100 to Rs 8300-8700, yellow peas Canada, in sympathy, shed  the same amount to Rs 4150-4350. Bullish sentiment prevailed on the wholesale grain market on Saturday in process of modest trading, dealers said.

On the cereals side, wheat old and new Bardan gained Rs 10 to Rs 2630-2670, other commodity items held the overnight levels, they said.

On the grams sector yellow peas dal Canada posted fresh gain of Rs 150 to Rs 5000-5200, yellow peas Rashia followed same pattern, gaining Rs 100 to Rs 4150-4350, yellow peas dal Rashia rose by Rs 200 to Rs 4800-5000, Bajra low type was sharply up by Rs 250 to Rs 2850 while the best type did not move any side due to balanced demand and supply, retaining overnight level at Rs 4400, grams 50x50, however, shed Rs 100 to Rs 8300-8700, yellow peas Canada, in sympathy, shed  the same amount to Rs 4150-4350.

On the rice sector Irri-6 Sindh low type was higher by Rs 25 to Rs 3550 and the best quality picked up Rs 50 to Rs 3650, other items maintained overnight levels. Bullish sentiment prevailed on the wholesale grain market on Saturday in process of modest trading, dealers said.

On the cereals side, wheat old and new Bardan gained Rs 10 to Rs 2630-2670, other commodity items held the overnight levels, they said.

On the grams sector yellow peas dal Canada posted fresh gain of Rs 150 to Rs 5000-5200, yellow peas Rashia followed same pattern, gaining Rs 100 to Rs 4150-4350, yellow peas dal Rashia rose by Rs 200 to Rs 4800-5000, grams 50x50, however, shed Rs 100 to Rs 8300-8700, yellow peas Canada, in sympathy, shed  the same amount to Rs 4150-4350.

Bajra low type was sharply up by Rs 250 to Rs 2850 while the best type did not move any side due to balanced demand and supply, retaining overnight level at Rs 4400. Irri-6 Sindh low type was higher by Rs 25 to Rs 3550 and the best quality picked up Rs 50 to Rs 3650, other items maintained overnight levels. Prices were unchanged on the seed counter.

Prices were unchanged on the seed counter, they added.

On the rice sector Irri-6 Sindh low type was higher by Rs 25 to Rs 3550 and the best quality picked up Rs 50 to Rs 3650, other items maintained overnight levels, they said.