Wednesday, September 22, 2010

Commodity News Snapshot-Pakistan

1.08mt seeds for 25mt wheat required
ISLAMABAD: To achieve the wheat production target of 25 million tonnes, the country requires about 1,085,400 metric tonnes of wheat seeds for the upcoming Rabi Season (October to March) 2010-11, it was learnt on Tuesday.

KARACHI (September 22, 2010): Gold prices on Tuesday continued soaring up to a new record level of Rs 40, 750 per tola on the local market, traders said. Gold was available at Rs 40,700 per tola a day before and closed with Rs 50 increase while price of gold 10-gram also reached a new high of Rs 34,928 up from Rs 34,885, they said.
KARACHI (September 22, 2010): Sharp decline was seen in the value of the rupee against dollar on the interbank market on Tuesday due to rising demand for the US currency, dealers said. Amid persisting dollar buying, the rupee was not able to resist its slide, dropping 11 paisa for buying and selling at 85.95 and 85.99, they said.

ISLAMABAD (September 22, 2010): The Economic Co-ordination Committee (ECC) of the Cabinet on Tuesday decided to withdraw 25 percent regulatory duty on import of raw sugar and allowed private sector to import the commodity. The decision to this effect was taken by the ECC meeting presided over by Finance Minister Dr Abdul Hafeez Sheikh here.

KARACHI (September 22, 2010): The Trading Corporation of Pakistan (TCP) is to scrap another sugar import tender of 100,000 tons awarded to China-based company in May 2010, it is learnt. Sources told Business Recorder on Tuesday that China-based company Yunnan, participating in two sugar import tenders, had offered lowest bids and later finalised two separate deals with the TCP for supply of 200,000 tons of sugar.
KARACHI (September 22, 2010): Trading activity improved on the cotton market on Tuesday as mills extended buying on expectations of corrective measures and concessions by the government to boost exports, dealers said. The Karachi Cotton Association (KCA) official spot rate was raised by Rs 150 for the second day in a row to Rs 7,250, they said.
KARACHI (September 22, 2010): Gold and silver rates in rupees per 10 grams prevailing in major cities on Tuesday (September 21, 2010).

International News

KUALA LUMPUR (September 22, 2010): Most vegetable oil prices dipped on Tuesday as traders booked some profits after concerns of dry weather in the Americas and frost in China and Canada drove markets up the previous day. Malaysia's December palm oil dropped 1.3 percent to close at 2,674 Malaysian ringgit, easing from a five-week high on Monday. The most active May soyaoil contract on China's Dalian Commodity Exchange fell 0.2 percent after touching a record high the previous day.

NEW YORK (September 22, 2010): ICE benchmark raw sugar futures fell from a seven-month high and closed lower on Monday, unable to sustain their rally, while arabica coffee logged its biggest one-day drop in four weeks. Cocoa futures finished down.
LONDON: Oil fell to around $74 a barrel on Tuesday on concerns over the outlook for the global economy ahead of a key Federal Reserve meeting on US monetary policy.

NEW YORK (September 22, 2010): Gold prices climbed to a fourth consecutive record high on Tuesday after the US Federal Reserve inched nearer to taking new steps to stimulate the US economy. Spot gold rose to a new record of $1,290.70 an ounce by 3:56 pm EDT (1956 GMT) from $1,272 prior to the Fed announcement.

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