Thursday, September 30, 2010

Commodity News Snapshot-Pakistan

KARACHI (September 30, 2010): Dollar buying pressure kept the rupee lower on the local currency market on Wednesday in process of trading, dealers said. The rupee lost six paisa against the dollar for buying at 86.20 and it also shed seven paisa at 86.25, they said. In the third Asian trade, the ailing dollar looked vulnerable to further losses against a swathe of currencies as falling Treasury yields and disappointing US data fuelled talk that US policy needed further easing.
KARACHI (September 30, 2010): Rates came down on the cotton market on Wednesday after the news that India would begin cotton export from November, dealers said. The Karachi Cotton Association (KCA) official spot rate was unchanged at Rs 7250, they said. In ready business, around 20,000 bales changed hands at Rs 4200-7400, they said.

ISLAMABAD (September 30, 2010): Timely availability of critical agriculture inputs will be essential to prevent drastic losses in yield, says the Food and Agriculture Organisation of the United Nations (FAO). According to the executive brief on Pakistan released by FAO, the organisation has received 20.5 million dollars against the requested amount of 107 million dollars under the revised PFERP to assist flood affected people by providing seed, livestock, fisheries and forestry interventions.

International New

LONDON (September 30, 2010): Gold hit its 10th record high in 12 trading days on Wednesday as investors worried that aggressive measures by the Federal Reserve to prop up the US economy could undermine the dollar and spark inflation. Spot gold hit a record $1,313.20 and was bid at $1,308.65 an ounce at 1443 GMT, against $1,307.40 late in New York on Tuesday. US gold futures for December delivery rose $1.70 an ounce to $1,310.10.

NEW YORK (September 30, 2010): US gold futures settled on Tuesday near its new all time high above $1,311 an ounce 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. Range ran from $1,276.20 to $1,311.80, a record high.

LONDON: Oil hovered above $76 a barrel on Wednesday, paring losses after US government data showed crude and oil products stocks fell last week.

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