Monday, September 27, 2010

Commodity News Snapshot-Pakistan

KARACHI (September 27, 2010): The rupee may continue its fall with gradual pace, after hitting record low at 86.01 against dollar on the currency market during the week ended on September 24, 2010. On the interbank market, the rupee lost 25 paisa versus dollar for buying and selling at 85.97 and 86.01.

KARACHI (September 27, 2010): Firmer condition ruled on the cotton market partly for local limit mostly on world trend account during the past week ended on September 25, 2010 spot rate touched record Rs 7250 but could not hold the gains, by close of the week market condition forced KCA to cut the rate drastically to Rs 6850. Buyers remain active through out the week.

KARACHI (September 27, 2010): Weather has started changing to moderately hot in day time and cold in night time which is considered quite ideal for maturity of cotton. With the increase in arrivals of seed-cotton, more and more ginning factories are going into operation.

LAHORE (September 26, 2010): Despite a short fall of about 1.5 million tons in rice production due to devastating floods, Pakistan will be able to export rice worth $2 billion during FY 2010-2011. Former Chairman Rice Exporters Association of Pakistan (Reap) and a prominent rice exporter, Azhar Akhtar, told Business Recorder on Saturday that Pakistan has about 0.8 million tons of milled rice worth $800 millions as a carryover of the previous crop.

KARACHI (September 26, 2010): A delegation of Rice Exporters Association of Pakistan (Reap) is expected to leave for Kenya soon to resolve the issue of Pakistani rice held at Kenyan port. The delegation headed by Reap Vice Chairman Rafiq Sulaman is expected to hold meetings with the officials of Kenyan Ministry of Trade, Commissioner of Kenyan Revenue Authority, Director of Kenyan Board of Standard and the Kenyan rice importers during this visit.

International News

LONDON (September 26, 2010): Gold prices shot above 1,300 dollars for the first time and silver nailed a 30-year high last week as traders exited the US currency for safe-haven investments on worries about fragile economic recovery. Gold and silver rallied as investment demand propelled precious metals higher.

LONDON (September 26, 2010): Commodities have disappointed many investors over the last year but there are still gains to be made by trading spreads across and within commodity markets. VOC Capital Management, a small, specialist commodity-only fund manager based in London's Mayfair district, sees big profits in spreads in sugar, grains and natural gas, and expects to harvest yields by trading energy futures against base metals.

SINGAPORE (September 26, 2010): A small quantity of Indian white sugar changed hands for nearby shipment, but consumers shunned Thai origin because of high prices, dealers said on Wednesday. Indonesia's plan to buy nearly half a million tonnes of white sugar for shipment next year had yet to stir the physical market, with premiums for Thai whites steady at $200 above London futures - not far from a July record at $250.

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