Commodities’ high prices keep the business volume at low level

March 26, 2012 11:47 am 1 comment Views:

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Commodities wholesale market lacked the usual activity as the retailers kept the buying level, because of high prices, to a bare minimum, throughout the week ended on March 24, 2012 Generally commodities produced in Pakistan are enough to serve the population.

But unending indifference of the rulers for reason known to them allowed God gifted potentials to rot.

This country has capacity to produce 16000MW of energy, above our needs at 15000 MW.

One can only pray that God give them insight to behave above their selves.

Wheat, rice and sugar staple needs all in surplus and serve well unless hoarding or such anti-trade moves are applied.Rice is as growers feel enough to serve people, unless exports can fetch good return.

Any bid to export rice pushes price up.

Wheat is being planned to export surplus in barter shape to in-trouble neighbouring Iran – for fertiliser and iron ore.

Since it cannot sell oil in quantity it used to barter is one way to get food from friendly countries some such being Russia, Brazil etc, Sugar is produced always in surplus, but gains are for privileged ones.

Today efforts by millers are in the air to export, unfortunately some people termed sugar industry a political industry.Experience has shown exports create shortage at home.

India too is looking to export around two million tonnes of sugar.

India has been reporting oil seeds this year is in short quantity, which is likely to aid Malaysian palm oil and Canadian Canola (rapeseed) keeping already firm outlook.

The high prices are prompting Canadian framers to add more areas for sowing.However, Monday the opening day’s trading saw not too many retailers, shocked at soaring prices.

Taking guwar for example from Punjab and Sindh, which experienced a rise of R 600 to Rs 30,000 to Rs 31,000.

According to report the neighbouring India is encouraging smuggling.

Local guwar gum manufacturers have resorted to advertisement asking government to stop as industry will collapse rendering thousands of workers jobless.

Gur inferior quantity lost Rs 100 to Rs 4400, while the other variety was down by Rs 500 to Rs 5000, cottonseed oilcakes with bag Sindh shed Rs 50 to Rs 400, while the good quality was higher by Rs 75 to Rs 775 other sector retained the weekend levels.On Tuesday trading activity on the commodity wholesale markets was not pleasing to eyes as retailers were not in large member lifting commodities of their likes.

Any way masoor Canada was quoted at Rs 5400 and Rs 5600, masoor Dal Canada lost Rs 400 to Rs 6400, wheat old bardana lost sharply by Rs 65 to Rs 2710, while wheat bardan new dropped Rs 40 to Rs 2760, gram Australia No.

I gained Rs 100 to Rs 7100 to RS 7400, gram dal Australia No I rose by Rs 100 to Rs 8500 and Rs 8800, grams 50×50 low type conceded Rs 100 to Rs 7900 while the other type rose by Rs 200 to Rs 8200, yellow peas Canada shed Rs 100 to Rs 4400 and Rs 4600, yellow peas dal Canada low type down by Rs 100 to Rs 4900, while the other quality shed 150 to Rs 5100, yellow peas Ukraine down by Rs 100 to Rs 4300 and Rs 4500, yellow peas dal dropped same amount to Rs 4800 and Rs 5000.On Jodia Bazar skimmed milk powder (per bag of Rs 25kg) Irish skimmed quoted at Rs 8500 and olden Burger lower by Rs1300 to Rs 8500, Holland was down by Rs 700 to Rs 8500 and American finished lower by Rs 1100 to Rs 8200.On Wednesday commodity and grain markets moved modestly, makai low type showing weakness as it dropped Rs 75 to Rs 2675, while the other type was down by Rs 50 to Rs 2750, juwar low quality conceded Rs 100 to Rs 2500, while the other type was down by Rs 200 to Rs 2600, cottonseed oilcakes Sindh with bag rose by Rs 50 to Rs 500 and Rs 750.On Jodia Bazar Kirana items (per 40 kg) nutmeg was quoted at Rs 32,000 small cardamom quoted at Rs 32,000, big cardamom conceded Rs 2000 to Rs 59,000, clove scaled down Rs 1000 to Rs 50,000, copra Ceylon lost Rs 800 to Rs 5000, Copra from India shed Rs 300 to Rs 5200, Ajwain lost Rs 1600 to Rs 3400 and Staramseed shed Rs 1400 to Rs 14,600.

On Thursday firmer outlook developed on the commodity wholesale markets during which Irr-6 Sindh low type rose by Rs 25 to Rs 3225 while better type rose by Rs 50 to Rs 3600, cottonseed oilcakes Sindh low quality was seen at Rs 500 while the better quality rose by Rs 50 to Rs 800.On Jodia Bazar Raw rubber from Ceylon (per lb) RSSV rose by R 5 to Rs 170, Pale crape TPC lost Rs 32 to Rs 168.

Latex Merrytax (28 kg) rose by Rs 110 to Rs 1150, Semnan Tex moved higher by Rs 110 to Rs 1150 and Thai (GT) rose by Rs 110 to Rs 1150. On Friday all the markets remained closed due to Pakistan Day holiday.On Saturday Irri-6 Sindh gained Rs 75 to Rs 3600-3675.

Cottonseed oilcake with bag Sindh low quality lost Rs 90 to Rs 410 and best type shed Rs 60 to Rs 740, gram Australia No.1 was down by Rs 700 to 7300, grams dal Australia No.1 shed the same amount Rs 8400-8700, grams 50×50 also lost the equal amount to Rs 7800-8100.

Prices on the cereal side retained the overnight rates amid slow trading.