Tuesday, September 14, 2010

Commodity News Snapshot-Pakistan

KARACHI (September 14, 2010): The rupee tended lower against dollar on the currency market owing higher demand for the US currency during the week ended on September 9, 2010. On the interbank market, the rupee shed five paisa versus dollar for buying and selling at 85.70 and 85.75.

KARACHI (September 14, 2010): Trading in cotton sustained despite firmer prices world-wide as spot rate indicated on the opening day at Rs 6400 per maund. Prices in ready business and the of take fluctuated moderately and sot rate remained pegged at Rs 6400. At Least for the next four days there would be no business activity, Happy Eid.

MULTAN (September 14, 2010): The cotton output in the country is likely to be lower by 18.5 percent because of floods, PCGA Chairman Haji Muhammad Akram told here on Monday. "Iam expecting loss of 18.5 per cent of cotton due to recent flood in Punjab and Sindh," he said that government had targeted 14.11 million bales but now only 11.5 million bales production is expected.

LAHORE (September 14, 2010): The value-added textile industry has demanded imposing ban on exports of cotton from the country to secure the future of billions of dollars textile industry in Pakistan. Ejaz Khokhar, former Chairman of Pakistan Readymade Garments Manufacturers & Exporters Association (Prgmea), told Business Recorder that the value-added textile industry was planning to launch an aggressive campaign for ban on exports of cotton from the country, a raw material for textile industry products.

KARACHI (September 14, 2010): The country may face worst sugar crisis in coming days as the local sugar stocks, lying with mills across the country, has completely exhausted, it is reliably learnt. The Ministry of Industries and Production (MoI&P), the Ministry of Food and Agriculture (Minfa) and the Ministry of Commerce (MoC) have called an emergency meeting on September 16 for devising a strategy to meet crisis.

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