Friday, October 1, 2010

Commodity News Snapshot-Pakistan

KARACHI (October 01, 2010): The rupee failed to break the jinx on Thursday, hitting all-time low versus the dollar on both open and interbank markets, dealers said. The rupee lost eight paisa against the dollar for buying at 86.28. It shed seven paisa for selling at 86.32, they said.

ISLAMABAD: Federal Minister for Information and Broadcasting Qamar Zaman Kaira has said the country has 2.5 million tonnes of wheat and 4.2 million tonnes of rice in reserve due to the judicious storage of the last year.

ISLAMABAD (October 01, 2010): Government has decided to restrict wheat procurement to the public sector in an effort to build strategic reserves at an indicative issue price of Rs 975 per 40 kg for the year 2010-11. Sources revealed to Business Recorder that the Economic Co-ordination Committee (ECC) of the Cabinet in its meeting held on September 21, 2010, had constituted a high level committee to review the existing purchase policy of wheat and in the next meeting it recommended restricting wheat purchase for maintaining strategic reserves to the public sector.
KARACHI (October 01, 2010): Official spot rate fell on the cotton market on Thursday, as a result of modest improvement in supplies of phutti, dealers said. The Karachi Cotton Association (KCA) official spot rate dropped sharply at Rs 7,050; they said. In the ready business, around 20,000 bales of cotton changed hands between Rs 6,700-7,100; they said.

KARACHI (October 01, 2010): Another consignment of sugar import by Trading Corporation of Pakistan (TCP) has arrived on Thursday. According to detail MV "UNICORN 1" carrying 7,000 tons sugar has berthed at KPT and started discharging from 28-09-2010. While two more ships, MV "INDIAN FORTUNE" carrying 20,000 tons and MV "CAPE YORK" with 20,500 ton are scheduled to arrive on October 2, 2010 and October 6 respectively.

FAISALABAD (October 01, 2010): DCO Faisalabad, Naseem Sadiq has asked the management of sugar mills in default to immediately pay the arrears of sugarcane growers otherwise stern legal action would be taken against them. He said that the matter of the payment of dues should be settled amicably before the starting of next crushing season. He was presiding over a joint meeting of representatives of sugar mills and farmers.

International News

KUALA LUMPUR (October 01, 2010): Malaysian palm oil rose 1.19 percent on Thursday, booking its first quarterly gain in a year as a global economic recovery fuelled demand and erratic weather patterns meant an uncertain grain crop outlook world-wide.

LONDON: Oil topped $79 a barrel, hitting a fresh seven-week high on Thursday after data in the United States offered hope for a pick-up in economic activity in the world’s largest economy.

NEW YORK (October 01, 2010): Raw sugar futures settled lower on Wednesday, after the spot contract swung up to a seven-month high, bringing its premium to a three-month top just before it will expire Thursday. Arabica coffee futures consolidated from Tuesday's steep rally while cocoa negated the day's trend, with the US market closing at a six-week top.

NEW YORK (October 01, 2010): ICE raw sugar futures fell on Thursday after the spot contract swung to a seven-month high on Wednesday, with expectations of a good-sized delivery tonnage at the October expiry. Arabica coffee futures edged up in thin volumes, consolidating from Tuesday's steep rally, while cocoa edged lower on Thursday, the last trading day of the third quarter of 2010.

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