Monday, September 20, 2010

Commodity News Snapshot-Pakistan

KARACHI (September 20, 2010): The rupee moved both ways on currency market during the week ended on September 17, 2010. On the interbank market, the rupee showed no major change against dollar for buying and selling at 85.72 and 85.75 despite higher demand for the US currency.

KARACHI (September 20, 2010): Nearly panic lifting in cotton was marked on the very opening day of the market after Eid holidays for India's change in perception to hold back cotton exports up to October 1, 2010 - which pushed spot rate by Rs 550 higher by the close of the week on September 18-2010. The prices in ready business touched the peak of Rs 7,250.

KARACHI (September 20, 2010): The Pakistan Cotton Ginners' Association (PCGA) have released their fortnightly cotton arrival and disposal report which placed seed cotton arrivals equivalent to 1,447,596 bales, total unsold bales at 202,676 bales (14.0% of total arrivals) and fortnightly flow at 452,405 bales (Per day Average 30,160 bales).

MULTAN (September 20, 2010): FAO Country Head Mauji Damianie has said that the recent flood damages assessment report shows that in all the four provinces of Pakistan and Azad Jamu Kashmir (AJK), an area of 1,313,756 hectares of field crops was reportedly destroyed.

KARACHI (September 19, 2010): Global gold value surge continues pushing gold prices to a new peak of Rs 40,600 per tola on the local market on Saturday, a trader said. Gold trading began today after one day of markets closure, (because the city mourned the assassination of an MQM leader - Dr Imran Farooq in London) with Rs 40,550 per tola and Rs 34,757 per 10-gram on the local market.
International News

SINGAPORE (September 19, 2010): Premiums for Thai white sugar held near record levels on steady purchases from Southeast Asia, but consumers turned their back on raws as futures prices surged to a 7-month high, dealers said on Friday. There were no offers for the widely-traded high polarisation, or Hi-pol Thai raws, for prompt shipment. Trading of raw sugar for the Japanese market, or J-spec, slowed to a trickle after some cargoes were traded at record premiums last week.

LONDON (September 19, 2010): Gold prices struck record highs close to 1,300 dollars last week as investors sought alternatives to the dollar amid heightened fears about the fragile state of the US economic recovery. Gold prices hit an all-time peak of 1,282.97 dollars an ounce on Friday as the dollar waned on mounting expectations that the Federal Reserve will pump more money into the flagging US economy.

MANILA (September 19, 2010): The Philippines' unmilled rice output will be about 3.2 million tonnes below target in 2010, but stockpiles are ample and imports for 2011 will be lower than this year's record levels, the head of the national grains agency said. "There will be an expected shortfall in production of palay (unmilled rice) of about 3.2 million tonnes and the harvest is delayed," Angelito Banayo, the head of the National Food Authority (NFA) told Reuters in an interview at his office in Quezon City.

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