Friday, September 24, 2010

Commodity News Snapshot-Pakistan

LAHORE (September 24, 2010): Punjab Government purchased 5.781 million metric tons wheat during previous year out of which 2.5 million metric tone wheat was purchased for Federal Government and stored in the go downs of Punjab food department.
KARACHI (September 24, 2010): Rates were almost unchanged on the currency market on Thursday due to easy supply of dollars, dealers said. The rupee slipped versus dollar, losing one paisa for buying at 85.90 and shedding two paisa at 85.95 for selling, they said. In the fourth Asian trade US dollar was on the defensive as speculation that the Federal Reserve will soon start printing more money drove down Treasury yields and kept the greenback pinned near a five-month low on euro.
KARACHI (September 24, 2010): Steady phutti arrivals pushed prices lower on the cotton market on Thursday in process of hectic buying from mills and exporters, dealers said. The Karachi Cotton Association (KCA) official spot rate was left at the overnight level at Rs 7,250, they said.

LAHORE (September 24, 2010): Cotton prices witnessed further losses as mills are only buying their immediate requirements and are looking for fibre values to temper down. This week, lint prices kept slipping after reaching near record levels on last Monday. This attitude of the local market also appears to be in tune with the cotton futures market in New York (ICE) which reached fifteen year peak levels on last Tuesday but fell on Wednesday. 

KARACHI (September 24, 2010): Gold and silver prices on Thursday remained steady at record highs of Rs 41, 150 and Rs 620 per tola on the local market, respectively, traders said. "Gold prices on the global market slipped to 1292 dollars an ounce today as the precious metal was quoted 1993 dollars on Wednesday, helping the local market remain unchanged at Rs 41, 150 per tola," said a leading trader.

International News

KUALA LUMPUR (September 24, 2010): Global vegetable oil markets made a little headway on Thursday on concerns over erratic weather curbing grain harvests across the globe. Traders are shifting their focus to a strengthening weather formation known as La Nina, which may affect the upcoming South American growing season for wheat, corn and soybeans.

NEW YORK (September 24, 2010): ICE raw sugar futures erased early losses on Thursday within sight of a seven-month peak, supported by concerns over global supply tightness, while arabica coffee and cocoa edged higher. Raw sugar futures remained below Monday's seven-month high of 25.60 cents a lb, basis front month.
LONDON: Gold held near record highs on Thursday, eyeing a breach of $1,300 an ounce, while silver flirted with 30-year peaks as the threat of currency devaluation lifted interest in the metals as a safe store of value.

LONDON: Oil fell to around $74 a barrel on Thursday after US data showed continued labour market weakness in the world’s biggest oil user, where fuel inventories have swollen to record levels.

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