Thursday, September 23, 2010

Commodity News Snapshot-Pakistan

ISLAMABAD (September 23, 2010): The estimated loss to agriculture sector of Pakistan in recent flash floods is over Rs 275-300 billion. The representatives of farmers, cotton industry and leather industry while talking to Business Recorder said that the recent floods have caused severe damage to the standing crops along with shortage of livestock hence the government should provide maximum assistance for revival of the agro-economy.

ISLAMABAD: The federal cabinet was on Wednesday informed that the country had sufficient stock of wheat, rice and pulses despite massive crop losses in floods.

KARACHI (September 23, 2010): Over 800 containers of Pakistani rice worth $8.0 million have been held at the Kenyan port as the authorities refused to release them until laboratory analysis reports. Kenyan customs have imposed restrictions that all rice imported into the country will not be released from the port until laboratory analysis reports (LAR) in respect to grading have been received in the station of clearance.
KARACHI (September 23, 2010): The dollar was trading at 86 versus the rupee on the open market, it, however, shed its gains on the interbank market on Wednesday in process of trading, dealers said. The rupee fell in terms of dollar, shedding five paisa for buying at 85.90 and it also dropped by 15 paisa for selling at 86.10, they said.

KARACHI (September 23, 2010): Following the Economic Co-ordination Committee (ECC) decision, the state run grain trader is all set to offload 50,000 tons imported white sugar in open market, a high official told Business Recorder on Wednesday. The ECC on Tuesday decided to offload imported sugar in the open market, after provinces failed to sell subsidised imported sugar in domestic market at low rates during Ramazan, following which sugar price surged to peak level of Rs 86 per kg in open market.

KARACHI (September 23, 2010): Improved business was seen on the cotton market on Wednesday as exporters entered the market to make deals, dealers said. The Karachi Cotton Association (KCA) official spot rate did not show further rise, holding the overnight level at Rs 7,250, they said. In the ready business approximately, 13000 bales of cotton changed between Rs 7050-7400, they said.

KARACHI (September 23, 2010): Gold on Wednesday touched a fresh peak of Rs 41,150 per tola while silver price equalised its previous record high of Rs 620 per tola on the local market, trader said. Gold was selling for Rs 40,750 per tola a day before and went up hitting a new high of Rs 41,150 on the local market, posting a rise of Rs 400. Price of gold per 10 gram touched Rs 35,271, up from Rs 34,942, they said.
KARACHI (September 23, 2010): Gold and silver rates in rupees per 10 grams prevailing in major cities on Wednesday (September 22, 2010).

International News

KUALA LUMPUR (September 23, 2010): Malaysian palm oil and its rival US soyaoil recorded small gains on Wednesday as traders waited for more news on weather in key grain producing regions in the Americas and Asia. Chinese financial markets are closed for the rest of this week, giving few cues to vegetable oil trade.

HAMBURG (September 23, 2010): US wheat futures rose by more than one percent in European and Asian trade on Wednesday, buoyed by a weaker dollar as well as a fresh tender by Egypt, the world's largest wheat importer. The US Federal Reserve's determination to prevent deflation, revealed on Tuesday, also lent support, given that investors often buy commodities as a hedge against inflation.

LONDON: Oil fell below $75 a barrel on Wednesday, reversing earlier gains after government inventory data showed a rise in crude and oil product stocks.

* Silver also hit a 2½-yr peak, edges closer to its highest in 30 yrs

LONDON: Gold hit record highs for a fifth consecutive session on Wednesday after the Federal Reserve signalled it stood ready to inject fresh cash into the economy, knocking the dollar and whetting investor appetite for bullion.

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