Thursday, August 26, 2010

Commodity News Snapshot-Pakistan

ISLAMABAD (August 26, 2010): Sugar price is expected to skyrocket to about Rs 90 per kg in the coming weeks as stocks with sugar mills are inadequate, said a market player on Wednesday. Currently, sugar price in Pakistan is higher than in India, Sri Lanka and Bangladesh but lower than Afghanistan. A ministerial committee, headed by the Minister for Industries and Production, Hazar Khan Bijarani, which met last week, did not reach any agreement on a plan to deal with the rising sugar prices.

KARACHI (August 26, 2010): Three major crops-sugarcane, cotton and rice-have been badly hit by the recent floods as the standing crops on some 1.4 million acres have been badly damaged in Sindh, it is learnt. The field staff of Agriculture Department has submitted a district-wise crop damage report after conducting survey of all 23 districts of the province to find out the agricultural loss to the standing Kharif crops in the province by flash floods, sources told Business Recorder on Wednesday.

KARACHI: The Karachi cotton market witnessed a firm trading session while quality lint remained an issue on the trading floor amid strong physical prices, traders at the Karachi Cotton Association (KCA) said Wednesday.

KARACHI (August 26, 2010): Steady trend was seen on the cotton market on Wednesday as buyers showed no reluctance in new deals on short crop news after historical floods in the country, dealers said. The Karachi Cotton Association (KCA) official spot rate was inert at Rs 6,450, they said. In the ready business nearly 9000 bales of cotton changed hands between Rs 6400-7000, they said.

KARACHI: The dollar lost strength against the rupee in the interbank market, dealers said on Wednesday. The dollar commenced the day’s trading at Rs 85.66 for buying, lost three paisas and closed at 85.63 for buying and Rs 85.68 for selling. The euro regained its strength versus the rupee, as it started the day’s trading at Rs 108.19 for buying, gained 48 paisas and closed at Rs 108.67 for buying and Rs 108.87 for selling. The British currency appreciated against the rupee, as it started the day’s trading at Rs 131.97 for buying, rose 14 paisas and closed at Rs 132.11 for buying and Rs 132.31 for selling.

KARACHI (August 26, 2010): Gold and silver rates in rupees per 10 grams prevailing in major cities on Wednesday (August 25, 2010).


MULTAN (August 26, 2010): Former Federal Minister Alhaj Sikandar Hayat Bosan has said that recent devastating floods across the country have caused damage worth Rs 250 billion to the agriculture sector with maximum losses suffered by the small farmers of around Rs 100 billion, while some facing total annihilation of their crops.

KARACHI (August 26, 2010): The Food Department is not in agreement with the contents of a news item carried by Business Recorder on Wednesday regarding damage of over 0.3 million tonnes of wheat stock by the recent flood and torrential rains. It is categorically stated that after taking into consideration of the monsoon rains and the damage probably caused by it in consequent thereupon.

Precious metals rose for a second day as the dollar fell against the euro and raised concern over economic growth that hit equities, stimulating interest in the metal as a safe haven.

Gold is benefitted from renewed investor demand for safe-haven assets as evidence of a slowing economy mounts, which in turn has dragged global equities to their lowest since early July, when a recovery in risk appetite led prices to retreat from June's record highs.

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