Monday, August 30, 2010

Commodity News Snapshot-Pakistan

Trading in cotton sustained despite fluctuating prices to meet the orders in hand making a balance. The spot rate leap was restricted, which opened unchanged at Rs 6300, in trading process it enhanced by Rs150 at Rs 6450 and week closing was seen at the same level on August 28,2010.

Peak of the monsoon rains and floods is over and monsoon weather is on its last leg. However, after effects of the inclement weather would be there for longer time. Continued humid weather and growth of unwanted weeds, vegetation and grass in the fields may prompt attacks of plant pests and diseases in next month.

The country's import of pulses has witnessed a sharp decline of 22 percent in July 2010, which the importers attributed to soaring global prices, while flood continues to ravage standing crops. "Cost of pulses has posted more or less 50 percent increase globally and subsequently locally," said President Karachi Chamber of Commerce and Industry (KCCI), Abdul Majeed Haji Muhammad

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