Gur, rapeseed, mace, cloves surged during the outgoing week with one day markets remaining inoperative, as some commodities, rice and cottonseed oilcake moved down during the week ending on July 16, 2011. The opening day commodities wholesale markets remained practically close owing to very disturbed conditions forcing traders to stay indoors.
On Tuesday some buyers collected their courage and bought gur which rose by Rs 100 to Rs 6800 while better one rose by Rs 400 to Rs 8200, guwar Sindh gained Rs 100 to Rs 5500 and Rs 5600, guwar Punjab also was higher by same amount to Rs 5400 and Rs 5500. Irri-6 Sindh low quality posted fresh gain of Rs 25 to Rs 3825 while the other quality stayed put at Rs 3900. Rapeseed Nawabshah low type rose by Rs 25 to Rs 2275 while the better type rose sharply by Rs 100 to Rs 2375 and cotton cakes with bag Sindh low type lost Rs 30 to Rs 1350 while the other type lost Rs 25 to Rs 1425.
On Wednesday a few changes were seen on the commodity wholesale markets. The gram Australia low type lost Rs 100 to Rs 4700, while the other quality was down by Rs 150 to Rs 4850, gram dal Australia was registered at Rs 4750 and Rs 5950, grams 50 x 50 also dipped by Rs 150 to Rs 5500 and Rs 5700.
On Jodia Bazar mace up by Rs 3000 to Rs 10,300, big cardamom lost Rs 1000 to Rs 81000, cloves rose by Rs 5000 to Rs 45,000, copra India lost Rs 400 to Rs 7600, sago shed Rs 100 to Rs 3050 and star aniseed conceded Rs 200 to Rs 14,200.
On Thursday violence in Karachi was on top hence another day went without trading and hence no changes in commodities' prices on wholesale markets. The anger cooled down by the end of the day with prospects of transport and wholesale markets to resume normal operation on Friday.
On Friday almost all participants were busy in preparations for Juma prayers so no deal was reported.
On Saturday rice prices fell due to falling demand. Irri-6 Sindh dropped sharply by Rs 100 to Rs 2725-3800 owing decline in demand, prices may come down in the near future. According to a report, a significant rice surplus is forecast to shrink by the end of the decade if more farmland in top exporting nations is put to industrial use and weather conditions worsen, keeping prices high as a growing world population boosts demand. Ample supply may insulate Asia's main staple for at least two more years from price surges that have hit other grains, but costlier rice would feed food inflation worries, stirring fears of a repeat of the 2007/08 global food crisis that led to riots in some developing nations. An estimated excess of two million tonnes of rice over the next three years is seen diving 90 percent to 200,000 tonnes by the end of the decade, under normal weather patterns, the Food and Agriculture Organisation (FAO) says. Wheat old and new Bardana lost Rs 25 to Rs 2525-2540 in process of trading. In order to control prices of commodities, vegetable and fruits, the government taking measures ahead of Ramazan.
Another report is that sugar prices went up by Re 1 per kilogram, sugar is more important in some commodity items, for all seasons particularly during Ramazan. Gur best type was also higher by Rs 300 to Rs 8500 while the low type was quoted at Rs 680. Sharp decline was witnessed in cottonseeds oilcake with bag Sindh low type price fell steeply by Rs 100 to Rs 1250 while the best type was down by Rs 25 to Rs 1400, other items showed no change due to balance demand and supply, they said.
On Jodia Bzazr chemical items ended mixed. The variations were: CHEMICAL ITEMS (Per kg): Caustic soda flakes Saudi ended higher by Re 1 to Rs 53, sodium sulphate moved upward by Rs 2 to Rs 18, N J Taiwan was quoted at Rs 240 and formic acid Pak went lower by Rs 1 to Rs 101.