Friday, August 27, 2010

Commodity News Snposhot -

National News

ISLAMABAD (August 27, 2010): Senate Standing Committee on Industries and Production on Thursday was informed that Pakistan has faced 25 million dollars loss due to delay in the import of sugar. The Committee was also informed that Pakistan can face 19 million dollars loss in future if sugar is not imported in time.

LAHORE (August 27, 2010): The Punjab Food Department will be holding auction for wheat affected due to rain and flood waters at its different storage centres on August 27 (Friday). Sources in the provincial food department told Business Recorder here on Thursday that earlier the auction was scheduled for August 25, but the department did not receive any suitable bid.

KARACHI (August 27, 2010): More rains in some parts of country, helped cotton prices halt sharp losses amid good trading, dealers said on the cotton market on Thursday. The Karachi Cotton Association (KCA) official spot rate was inert at Rs 6,450, they said. In the ready business nearly 11000 bales of cotton changed hands between Rs 6350-6800, they said.

LAHORE (August 27, 2010): Chairman Pakistan Cotton Forum (PCF) Seth Muhammad Akbar has asked the government to take urgent precautionary measures to save cotton crops from further damage. He said the cotton crop in Punjab has entered into its most crucial phase where picking of each extra boll would matter. Therefore, timely preventive measures are required to save the cotton crops.

LAHORE (August 27, 2010): Barring a short-lived spike early this week which later petered out, cotton prices have more or less remained steady over the past one week or so. Some volatility creeps in and the market becomes fidgety due to uncertainty bred by rains and floods of gargantuan proportions which have created chaos and havoc over a large part of the country since last one month.

KARACHI (August 27, 2010): Besides displacing millions of people and loss of the lives and property, the current floods have caused a loss of at least Rs 76.067 billion to the standing crops in the Sindh so far, it is learnt.

KARACHI (August 27, 2010): Slight fluctuations were seen on the currency market on Thursday in process of trading, dealers said. The rupee shed four paisa against dollar for buying at 85.64 and it also slid by two paisa for selling at 85.67, moneychangers said.

International News

KUALA LUMPUR (August 27, 2010): Malaysian crude palm oil futures rebounded on Thursday from one-month lows hit the previous day due to technical buying and firmer oils markets. Crude oil rose for a second day in Asian hours as investors bought back into the market after it hit 11-week lows, but analysts said the fundamental outlook was still bearish with ample stocks to cover any rebound in demand.

CHICAGO (August 27, 2010): US wheat futures fell 4 percent to their lowest level in a week on Wednesday on a wave of technical selling after Egypt bypassed US supplies in its latest purchase, traders said. "I think its a technical blow-off," said Mike Krueger, president of The Money Farm, a grain market advisory service near Fargo, North Dakota. "When wheat goes, it goes in a hurry. It is running into these sell stops and it just blows right through them."

* Copper rallies, helped by a weaker dollar

LONDON: Gold steadied on Thursday, having hit its highest level in two months earlier in the day, after US unemployment data beat expectations, boosting the dollar and other risk-linked assets such as equities.

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