Tuesday, September 21, 2010

Commodity News Snapshot-Pakistan

KARACHI (September 21, 2010): Spiralling trend in the global bullion market on Monday pushed the gold prices here to a fresh high of Rs 40,700 per tola, trader said. On Saturday, gold was available at Rs 40,600 per tola. It posted a Rs 100 rise in a single-day trading to the new high. Likewise, the yellow metal price per 10 gram reached Rs 34,885, up from Rs 34,757, traders added.
KARACHI (September 21, 2010): All-round decline was seen on the currency market on Monday as a result of higher demand for the US currency, dealers said. The rupee extended its fall, dropping 12 paisa versus dollar for buying at 85.84 and shedding 13 paisa for selling at 85.88, they said.
KARACHI (September 21, 2010): Prices may set new highs on the cotton market as buyers were busy on Monday in fresh deals in anticipation of further rise in the rates, dealers said. The Karachi Cotton Association (KCA) official spot rate was raised by Rs 150 to Rs 7,100, they said. In the ready business, approximately, 9000 bales of cotton changed hands between Rs 7000-7500, they said.

Indian traders cancel export orders of Pakistan
KARACHI: Cotton prices have shot up seven percent in about a week in the country propelled by talks that India has stopped export of fibre to Pakistan.

In the international market, New York cotton October futures closed at $1.10 per pound and December futures at $1.20 per pound, a lint analyst said Monday.

ISLAMABAD (September 21, 2010): Islamabad Capital Territory (ICT) administration will set up 20 sugar sale points in the city and rural areas of Islamabad for providing the commodity to the citizens at cheaper rates. Deputy Commissioner Islamabad, Amer Ali Ahmed said that the administration would set up 20 sugar sale points in all the sectors as well as in rural areas for which arrangements are being finalised.

ISLAMABAD (September 21, 2010): The provinces and the Pakistan Agriculture Services and Storage Corporation (Passco) had procured 1.13 million tons of wheat during 2010. In a written reply to a question, the Minister for Food and Agriculture, Nazar Muhmmad Gondal, on Monday informed the National Assembly that wheat production for 2009-10, as per second estimate, was 23.86 million tons.

KARACHI (September 21, 2010): The Sindh government has directed the district food officials to conduct a survey of the procured wheat damaged recently by the floodwater to ascertain the real loss of the commodity, it is learnt. Sources told Business Recorder on Monday that the Food Department has recently instructed its district officials and inspectors to conduct a survey to ascertain the losses caused to stocked wheat in the province.
KARACHI (September 21, 2010): Gold and silver rates in rupees per 10 grams prevailing in major cities on Monday (September 20, 2010).

International News

KUALA LUMPUR (September 21, 2010): Global vegetable oil markets surged on Monday as investors took positions on concerns a dry spell may curb grain output in the Americas. Agriculture markets have been moving higher on concerns erratic weather across the globe will limit supplies for the food sector, potentially stoking inflation in China.

NEW YORK (September 21, 2010): ICE benchmark raw sugar futures eased back from a seven-month high early on Monday, as nearby demand and adverse weather underpinned prices. ICE arabica futures were lower but remained within sight of a 13-year peak, while cocoa edged down. The ICE October raw sugar futures contract expires on September 30.

NEW YORK (September 21, 2010): World stocks jumped and the dollar slipped on Monday as investors speculated the Federal Reserve could signal further economic. Gold rose slightly on Monday as funds kept buying the metal on a weaker dollar and a report showing US homebuilder sentiment stayed in the doldrums. Spot gold hit a record $1,283.70 an ounce, then pared gains. It stood at $1,277.60 an ounce at 3:16 pm (1916 GMT).

LONDON: Oil edged higher on Monday towards $74 a barrel, after dropping 3.7 percent last week, as investors looked ahead to a Federal Reserve meeting and the prospect of further moves to increase money supply. US crude for October, which expires on Tuesday, was up 40 cents at $74.06 a barrel by 1340 GMT, while ICE Brent for November was up eight cents at $78.29.

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