Wednesday, September 29, 2010

Commodity News Snapshot-Pakistan

KARACHI (September 29, 2010): No recovery was seen in the value of the rupee versus dollar on the currency market on Tuesday, dealers said. The rupee drifted lower in terms of the US currency, shedding 12 paisa for buying and selling at 86.14 and it also lost 10 paisa for selling at 86.18, they said. In the second Asian trade struggling dollar got a reprieve, helped by a report that the Federal Reserve was weighing a more open-ended, smaller-scale bond buying programme compared with 2009.

KARACHI (September 29, 2010): Persisting demand pushed the prices further higher on the cotton market on Tuesday, dealers said. The Karachi Cotton Association (KCA) official spot rate was raised further by Rs 100 to Rs 7250, they said. In the ready business nearly 20,000 bales of cotton changed hands between Rs 4200-7450, they said.

MULTAN (September 29, 2010): Peerzada Abdul Ali Zakir Usmani President of Anjuman Kashtkaran Punjab (Farmers Association of Punjab) has urged the government to allow tax-free import of raw sugar to meet the shortage of sugarcane supply to sugar mills by November. He said that in the backdrop of ongoing sugar crisis in the country the retail price of sugar increased from Rs 45 per kilo to Rs 85 per kilo in a short span of time.

International News

SINGAPORE: Oil prices rose to near $77 a barrel Wednesday in Asia after a report showed U.S. crude supplies dropped last week, suggesting demand may be improving.
LONDON: Gold fell on Tuesday as investors paused for breath and awaited economic data after betting the metal up to a record $1,300 an ounce in the previous session.

NEW YORK (September 29, 2010): US gold futures settled on Tuesday near its new all-time high driven up as three reports argued for further quantitative easing by central banks that drove the euro up against the dollar and set off stop-loss buy orders in both markets, traders said. COMEX December gold futures closed up $9.70 at $1,308.30 an ounce on the COMEX division of the NYMEX.

LONDON (September 29, 2010): Liffe December white sugar rises $0.90 to end at $645.00 per tonne on Tuesday. Market underpinned by adverse weather in key producers such as Brazil, Central America, India and Australia. Liffe December cocoa ended 7 pounds lower at 1,893 pounds a tonne. Market remains under pressure, weighed by a favourable outlook for West African main crop.

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