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Commodity markets close mixed

RECORDER REVIEW

KARACHI: Commodity markets closed mixed last week cut by two-day on account of strike calls given by the MQM. The trading except on the last two-day, saw the usual hubbub, as the call of strike was apprehended and expected. The needy exploited the available time to build-up a reserve and physical lifting was large. Last week the advantage was that purchase had to be made at cheaper rates.

With the exception of jute goods and plastic mouldings all other commodities were either traded at the unchanged level or at the lower side, such as tea, powdered milk and Kirana.

The prices of tea, with the exception of a few brands from some countries, maintained downtrend. Demand is not lifting and smuggling also is coming in the grip. Genuine importers feel disturbed at the prevailing conditions. Kenyan PF-1 A grade rose by Rs 10, but all the rest of the grades conceded the same amount. BP-1 A and B grades shed Rs 10 so were the plus C and C grades lower by the same amount. D-1 A, B, plus C grade dipped by Rs 10, and C grade jumped by Rs 10. Dust earlier lost Rs 10 in respect of A, plus C and C grades, but later recovered Rs 5. Bangladesh's Garden Pack original, Gulab, Khushbu gave in Rs 10, STD 16 shed Rs 15, whereas STD 515 and STD BOP lost Rs 10, and Garden Pack/BOP turned lower by Rs 5. China's green 9575, 8117 and 25101 gave in Rs 10, earlier Green 35101 and 2241 lost Rs 10 and 15. Indonesian PF-1 Good A earlier gained Rs 10, but later lost same amount. BP-1 (CTC) lost and recovered Rs 5. PD (CTC) turned lower by Rs 10. Tanzanian PF-1 rose by Rs 25 but lost earlier by Rs 10. BP-1 (CTC) up Rs 15 but conceded later Rs 10, PD (CTC) shed Rs 10 but later rose by Rs 5. Rwandan PF-1 (CTC) climbed down by Rs 15, BP-1 (CTC) retreated by Rs 15 but PD (CTC) shed Rs 20 to recover later Rs 5.

Plastic mouldings have been passing through rough weather. The wholesalers are finding tough time to reconcile both with the rising trend abroad and local conditions. A number of medium/small size units had to cease operation HDPE film Tipelin 470, Mobil HTA-001, Korea and Ladene up cumulatively by 50 paisa. LLDPE Korea was unchanged at Rs 27.25, Ladene up 25 paisa, HDPE injection grade Ladene 200056 rose by 50 paisa, Thai higher by same amount, Mobil HMA-016 climbed up 75 paisa, Escorene up 50 paisa, HDPE blow Tipelin 640 conceded 50 paisa, Dilene 6007 backed away by 75 paisa, Russian blow shed 50 paisa. Polypropylene tape grade Saudi gave in 1.50 paisa, Himont 6531 shed Rs 1.25, Tipelin cumulatively down by Re one, Yuplene conceded Rs 1.60. Polypropylene injection grade Yuplene 360 climbed down by 50 paisa, Hungary 327 shed 35 paisa. PVC Golden Bell lost Rs 1.50, formalon lost 10 paisa and was quoted at Rs 21, Korea cumulatively conceded Re one, Hungary Ongrovil lost Rs 1.40, Saudia Re one and Russia turned lower by Rs 1.15.

Kirana and dry fruits were mixed in fairly large trading. Traders found themselves in the whirl wind of large-scale smuggling. White pepper lost ground by Rs 400 and was quoted at Rs 11,600, big cardamom turned higher by Rs 150 but later dropped Rs 50, white pepper from Singapore up Rs 50, white pepper from Ceylon up Rs 100, black pepper up Rs 25, mace gained Rs 200, poppyseed lost Rs 20, Isbaghol ki bhoosi gained earlier Rs 100 only to lose Rs 200 later, darchini shed Rs 125, tamarind up Rs 350, turmeric Pak up Rs 150, tamarind lost Rs 20, almond katha lost Rs 5 to gain later by Rs 20, almond Irani up Rs 50, almond girdi up Rs 20, small copra down by Rs 50, almond Kaghzi lost Rs 100, pistachio conceded Rs 320, walnut Kernal up Rs 100, dry dates lost Rs 200, chilghoza and roasted up Rs 100 each.

Chemicals and dyes did fairly well during the week where prices moved both ways. Red B China turned higher by Rs 60, Salt R up Rs 10, Sumifex Japan blue Rs scaled up by Rs 12, Oxalic acid dropped Re one, citric acid China higher by Rs 2, sulphonic acid China dropped 37 paisa, sodium hydrosulphite China up Rs 3.30, acetic acid Taiwan shed Rs 2, Korea gave in Rs 7, hydrogen peroxide 35% Taiwan shed Rs 3.65, Korea lost Rs 2.25 and Thailand was down by the same amount.

Jute goods were modestly up during the week. Slackened activity in cotton had in the previous depressed prices: 16x3 Mehran Brown and CRT/Indus and Crescent all shed Rs 2. Hessian cloth 50x9 Mehran scaled up Rs 25 and Bardana soared sizeably up and was quoted up at Rs 43.

Milk powder had no respite from decline. Following concessions in levies, traders said, importers have ordered for imports in excess of demand. Skimmed Lithuania and Alpha turned lower by Rs 25. Poland climbed down by Rs 50, Farmer Jack rose by Rs 25. Full cream instant Creme lost Rs 30, Mix Me gave in sharply up by Rs 50. Green Flag however turned lower by Rs 20.

SEED, GRAIN MARKET

Easier conditions obtained on the seed and grain markets during the week. The operation of the market was reduced to just three days because of death of a member of the group and two-day strike on Wednesday and Thursday.

Trading picked up during the shortened week and large-scale buying was witnessed on Tuesday to cover up as far as possible until markets head a normal going.

Except the major industrial raw material, guwar, which twice jumped sharply, all items, including the imported ones, had a retreat.

The coarse grain guwar, demand of which has increased sharply, supplies of which could not increase proportionately, cumulatively jumped by Rs 44, maximum in any week.

Til Sindh was another commodity, which fluctuated on every operational day and cumulative loss was around Rs 60.

Gram garda, on the gram sector was revised downward sharply by Rs 50, white gram beetle and gram dal beetle dropped Rs 25 each following regular supplies. Chhola was quoted at Rs 2200 to 2700.

Basmati new and Irri-9 Punjab were two varieties were on the whole rice sector which also were subjected to downward revision on the same ground by Rs 25 each.

On the cereals side, moong Sindh and Punjab went down by Rs 40 and Rs 50 respectively. Masoor dal imported declined Rs 25 on supplies in the pipeline, wheat also was revised by Rs 5. Among seeds and other less important commodities groundnut Punjab shed Rs 10, N.T. Sawgin lost Rs 6 to 50, Nawabshah and Mirpur declined Rs 15, Dadulane gave in sharply by Rs 45.