950804

Low trading in commodities

due to stalemated

peace talks

RECORDER REVIEW

KARACHI: Commodity markets maintained mixed trend in low trading activity after abortive bid to gain normality as observed during the week under review, not absolutely clear of pitholes in view of the stalemate in the peace talks between the Government and MQM and killings that went on unabated. The hovering clouds neutralised the rigours of heat, though keeping traders apprehensive of unwanted rain.

However, commodities kept changing hands at slightly enhanced pace on fears that rains and floods could hinder smooth and regular supplies from interior Sindh and Punjab, leading to sympathetic rise in existing local and imported goods prices.

The worst hit were the commercial importers of plastic chips who are held up in pusbing sales. Tea slightly improved locally, through auctions abroad depicted a depressed undertone. Milk powder turned steady after slowing softer undertone following Sales Tax withdrawal by the government. Chemicals and dys advanced with snail's pace. Kirana and dry fruits maintained steady posture prior to welcoming the new crop and imports. Only jute absorved the minor shocks and evaded any change.

Prices of tea in local markets marginally improved last week, due to enhanced demand. Traders said auctions abroad did not help local trend. In Nairobi (Kenya) fair to low general demand was noted. With the exception of one or two types, prices were revised downward. However, Indonesian and Bangladeshi tea firmed up: Kenyan tea PF-1 A grade up Rs. 5, B grade up initially Rs. 2 lost later by Rs. 5, plus C grade up Rs. 8 and down by Rs. 2.50, C grade gained up Rs. 5, but lost Rs. 13, BP-1 A grade rose by Rs. 10, B grade yielded some amount, C grade lost Rs. 10, plus C grade backed away by Rs. 5, D-1 A grade and B grade scaled up by Rs. 10, C grade shed Rs. 5 and plus C grade appriciated by Rs. 10, Dust A grade up by Rs. 7 plus C grade rose by Rs. 5, BD's Garden Pack (Original) and Khushbu gave in Rs. 2 but gained later Rs 7, STD-515 was higher by Rs. 1.5 but shed Rs. 6, STD-BOP rose by Rs. 5, Garden Pack/BOP up Rs. 10, China's Green up Rs. 12, Indonesian PF-1 good A up cumulatively by Rs. 8, Good B commulatively up Rs. 12, Tanzanian PF-1 (CTC) and BP-1 (CTC) gained Rs. 15.

Powdered milk has been showing upward trend lately, due to, as traders said, higher demand to cover up pent-up demand because of rains and other hindrances. However consumers, according to a news report, charged that powder/milk traders haved failed to pass on the gains likely to have accrued as a result of withdrawal of Sales Tax: Skimmed Haleeb up Rs. 120, Nur Pur rose by Rs. 100, full cream Creme was up Rs. 120, 5-Star climbed up Rs. 80 Kissan, Gold rose by Rs. 75, Saya gained Rs. 100, Mix Me appreciated by Rs.110, Coralac up Rs. 100, green Flag up Rs. 50, Kerry Gold gained Rs. 50, and Klohri Gold and Baibe Gold were priced at Rs. 2600 and Rs. 2625 respectively.

Plastic mouldings traders, according to them, were in deep trouble owing to government decision to grant industrial users some concession. The commercial importers were in Islamabad on Wednesday trying to conv_ince authorities that a decision that will benefit industries and not hurt the commercial importers is desirable: HDPE film Tipelin, Mobil and Korea climbed down by Re. one, HDPE blow Tipelin, Dilene and Russian conceded 12 paisa each, polypropylene film grade lost 50 paisa, Amoco shed 25 paisa, polypropylene tape grade polypropylene tape grade, Saudia, Himont, Tipelin and Yupelen backed away hy 50 paisa, polyropylene injection grade Yuplene, Hungary and Saudia retreated by Re. one, PVC Golden Bell, formation Korea, Saudia and Russian depreciated by Rs. 2, Rs. 3.50, Rs. 3, Rs. 2 and Rs. 2.50 respectively.

Chemicals and dyes were slow moving items as traders narrated pessimism over mills' particularly textile mills, ceasing operations every now and then: Caustic Soda flakes Saudia turned weaker by 50 paisa, Oxalic acid China depreciated by 75 paisa, sulphuric acid was higher by Rs. 1.87, Sodium hydrosulphide China shed 90 paisa, sodium sulphide retreated by 60 paisa, PVA Japan declined 60 paisa, acrylic dyes Tenjin golden yellow X GL rose by 20 paisa, red X GRL climbed up Rs. 35, blue X GRL appreciated by Rs. 45, red 3R up Rs. 40, Turkish X GB added Rs. 1.20 and yellow 500 X 7GL turned stronger by Re. one.

KIRANA and dry fruits depicted mixed price pattern during the week. The wholesalers were deprived of big orders from interior Sindh and Punjab due to flood: White pepper Singapore dropped Rs. 100, Ceylon's however gained Rs. 25, black pepper small cardamom from Tanzania lost Rs. 240 but gained Rs. 200 later, big cardamom up Rs. 100 but shed Rs. 50 later, Isabghol Ki Bhoosi up Rs. 100, chillies dandiwali retreated by Rs. 120, Chilghoza and Chilghoza roasted dropped Rs. 50, tamarind up Rs. 20, almond Katha up Rs. 40, almond girdi up Rs. 5, raisin shed Rs. 25, apricot I up Rs. 25, pistachio backed away by Rs. 50, but pistachio Kandhari rose by Rs. 200 and almond Kaghzi climbed up Rs. 50.

Losses led gains on the seed and grain markets during the past week manifesting that supplies were adequate. The surprising aspects were that even export items for which accord has been reached failed to make gains 0but sugar maintained rise despite government measures to restrict its rise. However, moong imported shed Rs. 25, Urad Burma Rs. 10, wheat lost Rs.5, cotton cakes with bag by Rs. 15, rapeseed Mirpur and Nawabshah lost Rs. 10, Dadulane also shed Rs. 10, Til Sindh lost Rs. 100, Urad Sindh shed Rs. 35, sela basmati yielded Rs. 50, N. T. Sawgin conceded Rs. 6 to 12 and moong Sindh gave in Rs. 50. Gram garda gained Rs. 28 but lost Rs 50 later, sugar up Rs. 10 and basmati broken closed higher by Rs. 25 to 50.