Wednesday, August 25, 2010

Commodity News Snapshot - Pakistan

ISLAMABAD: Pakistan is likely to receive 77,500 tonnes of white sugar from India and Brazil next week, adding to national stocks of 155,948 tonnes, a spokesman for the Trading Corporation of Pakistan (TCP) said Tuesday. Three vessels will be bringing in 77,500 tonnes of white sugar from the two countries during the next 10 days, spokesman TCP said.

* Small farmers suffer loss of Rs 98bn, while some face total annihilation of their crops

ISLAMABAD: The devastating floods across the country have caused damage worth Rs 244.6 billion to the agriculture sector with maximum losses suffered by the small farmers of around Rs 98 billion, while some facing total annihilation of their crops.

ISLAMABAD: Cotton alone contributes nearly 65 percent of the foreign exchange earnings of Pakistan and the Bt cotton varieties (IR 3701 and IR 1524) developed by Pakistan Atomic Energy Commission’s (PAEC) Biotech Centre, NIBGE hopefully will help in achieving cotton vision 2015 of government. The object is to boost production to 20 million bales by 2015, an official of PAEC said.

Textile sector to spend $1.01bn on import

KARACHI: The government and private sector’s estimates of cotton loss in recent flash flood in Sindh and Punjab reflect a loss of 1.4 million bales, Pakistan Cotton Ginners Association (PCGA) said Tuesday.

KARACHI: The Karachi cotton market observed a firm trading session amid increasing spot rate and better volumes, Karachi Cotton Association (KCA) traders said on Tuesday.

The KCA revised the spot rate upward by Rs 150 per maund to Rs 6,450 per maund on fair demand by the buyers, especially the spinning sector, floor brokers said. KCA senior trader Shakeel Ahmad said, “The prices increased reflecting the rising demand from buyers other than from leading mills and spinners.”

MULTAN (August 25, 2010): Fifteen members of Pakistan Cotton Ginners Association (PCGA)'s central executive committee were elected unopposed for the year 2010-11. According to election commission, total 16 candidates filed their candidature for the 15 vacant seats of executive committee. Of them ex-chairman Haji Muhammad Ibrahim withdrew his candidature.

KARACHI (August 25, 2010): Prices showed upward trend on the cotton market on Tuesday due to pre-Eid purchasing by the mills, dealers said. The Karachi Cotton Association (KCA) official spot rate was raised by Rs 150 to Rs 6,450, they said. In the ready business nearly 16000 bales of cotton changed between Rs 6300-7100, they said.

ISLAMABAD (August 25, 2010): The floods have damaged up to 675,000 tons wheat lying under open sky, Agriculture Ministry officials said. They said that according to initial estimates Pakistan has sustained loss of $20.25 million by the flood. Sources said that the flood had damaged different crops sown on 1.72 million hectares.

KARACHI (August 25, 2010): Mixed price pattern was seen on the local currency market on Tuesday in process of trading, dealers said. On the interbank market the rupee fell by four paisa in relation to dollar for buying at 85.64 and it also slid by three paisa for selling at 85.68, moneychangers said. In the second Asian trade euro hit a nine-year low against yen on Tuesday as the loss of key technical support led speculators to short the currency in the hope of forcing stop-loss sales against both yen and dollar.

KARACHI: Gold slipped by Rs 128 to Rs 33,214 per 10 grams in local bullion market Tuesday, as its international price also declined to $ 1,217.50 an ounce, market sources said.

KARACHI (August 25, 2010): The country's oil imports rose to the highest-ever level of 1.9 million tons in July 2010 as compared to 1.6 million tons in the same month in 2009, showing a growth of 20 percent on year-on-year basis. "The major reason for such high growth in oil import volumes is mounting demand of furnace oil, a major fuel for thermal power generation as its imports grew by 51 percent on yearly basis to 0.7 million tons," analysts said.

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