Friday, September 17, 2010

Commodity News Snapshot-Pakistan

ISLAMABAD (September 17, 2010): The federal government has decided in principle to waive the 25 percent Regulatory Duty (RD) on import of raw sugar to plug in the expected shortage next year. However, the quantity of raw sugar import is yet to be finalised, well-informed sources told Business Recorder.

LAHORE (September 17, 2010): Sugarcane Growers Association (SGA) Convenor Javed Malik has urged the federal government to act swiftly in the interest of consumers (common men) and allow tax free import of raw sugar to meet any possible shortage of sugarcane and stabilise the sugar prices in the open market.

KARACHI (September 17, 2010): Gold prices continued to reach new peak of Rs 40, 550 per tola on the local market following a global market surge to $1273 an ounce on Thursday, traders said. Gold price crossed the last high of Rs 40, 275 per tola as market closed on new historic high with increase of Rs 275. Price of gold per 10 grams also hit a fresh high of Rs 34, 757 up from Rs 34,521 in a single day trading, traders said.

ISLAMABAD: Ministerial Committee set up by economic coordination committee (ECC) on sugar Thursday formed a sub-committee to decide within a week the details of the quantity, timing and modus operandi of import of raw sugar for the season 2010-11.

KARACHI: Lint prices continued to rise on higher demand by leading buyers while trading activities remained range bound with strong physical price at Karachi Cotton Association (KCA), traders said Thursday.

International News

LONDON (September 17, 2010): Liffe December white sugar ended $15.00 higher at $608.20 per tonne on Thursday, supported by worries over the impact of drought on Brazilian yields. Liffe December cocoa ended 31 pounds higher at 1,884 pounds a tonne. Market rebounding after falling to lowest level in more than one year earlier in the week but favourable outlook for crops in West Africa should keep a lid on prices.

NEW YORK (September 17, 2010): Sugar futures retreated on profit-taking Thursday from a 6-1/2 month top in the face of a resurgent dollar after Japan weakened its currency for the first time in six years. The rest of the complex consolidated, with cocoa futures pressured by favourable prospects for crops in West Africa, the world's premier cocoa-growing region.

LONDON (September 17, 2010): UK wheat exports during July, the first month of the 2010/11 marketing year, were 251,733 tonnes, up 52 percent from 165,636 tonnes in the same month last year, customs data showed on Wednesday. The total included an unusual sale of 58,314 tonnes to Vietnam. The only sale of UK wheat to a customer in Asia during the 2009/10 season was 49,500 tonnes to the Philippines.

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