Tuesday, September 28, 2010

Commodity News Snapshot-Pakistan

KARACHI (September 28, 2010): All-round slide was seen on the currency market on Monday due to strong demand for the greenback, dealers said. The rupee extended the overnight fall, losing five paisa more versus dollar for buying at 86.02 and shed seven paisa for selling at 86.08, they said. In the first Asian trade dollar edged up from five-month lows as euro ran into profit-taking, and it dug in against yen as intervention jitters lent support.

MULTAN (September 28, 2010): Thousands of farmers of south Punjab would be forced to come on roads and protest against government because floods had played havoc in 450 villages of Muzaffargarh and Rajanpur district and their 2 million bales of cotton worth Rs 74 billion has destroyed.
KARACHI (September 28, 2010): Firmness prevailed on the local cotton market on Monday as prices recovered due to short supply and high demand, dealers said. The Karachi Cotton Association (KCA) official spot rate was raised by Rs 300 to Rs 7150, they said. In the ready business, nearly 10,000 bales of cotton changed hands between Rs 7100-7300, they said.

KARACHI (September 28, 2010): The Pakistan Sugar Mills Association (PSMA) has asked the government to import 500,000 tons of raw sugar and impose complete ban on export of gur (raw sugar) to overcome likely sugar crisis in the country. In a letter, exclusively available to Business Recorder, PSMA Chairman Iskander M Khan has requested the Planning Commission to allow import of 500,000 tons of raw sugar and impose a ban on export of gur for avoiding another crisis.

ISLAMABAD (September 28, 2010): The Trading Corporation of Pakistan (TCP) has been directed by the federal government to auction 50,000 tons of imported sugar in the open market to generate funds for opening of letters of credit (LCs) for the remaining contracted quantity of sugar, sources close to Secretary, Industries, told Business Recorder here on Monday.

LAHORE (September 28, 2010): Besides achieving self-sufficiency in wheat production, Pakistan should also maintain its reserves to tackle food problems during natural calamities. This was stated by Dr Noor-ul-Islam, Director General Agriculture (Research), AARI while addressing a meeting of agricultural scientists, held to finalise Annual Research Programme of Wheat 2010-2011.

KARACHI (September 28, 2010): Gold and silver rates in rupees per 10 grams prevailing in major cities on Monday (September 27, 2010).

International News

KUALA LUMPUR (September 28, 2010): Malaysian palm oil hit a 15-month high and other global vegetable oil markets rallied on Monday as traders bet on top buyers China and India snapping up more cargoes in the months to come. An industry conference in Mumbai forecast India will buy a record amount of vegetable oil in the new marketing year and China's Ministry of Commerce revised up its estimate for September soy imports.
·         Silver at 30-year high; copper stalls ahead of $8,000
LONDON: Gold powered to a record high at $1,300 an ounce on Monday, with investors pouring more cash into the market on global economic health worries and the possibility of further quantitative easing to stimulate growth.

LONDON: Oil fell below $76 a barrel on Monday, tracking weak stock markets, as the outlook for global economic recovery and future energy demand remained uncertain.

NEW YORK (September 28, 2010): Raw sugar futures closed at a seven-month high for the second straight day on Monday, while arabica coffee and US cocoa also finished higher. The spot October raw sugar contract surged 0.65 cent or 2.6 percent to close at 26.09 US cents per lb, with most-active March up 0.58 cent to end at 24.98 cents, the highest settlement for the second position since February.

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