Monday, October 4, 2010

Commodity News Snapshot-Pakistan

KARACHI (October 04, 2010): The rupee touched a new low level versus dollar at 86.26 during the week ended on October 1, 2010. On the interbank market, the rupee lost 24 paisa against dollar for buying at 86.21, and 25 paisa for selling at 86.26.

ARTICLE (October 04, 2010): Minister for Food and Agriculture Nazar Muham-mad Gondal in an exclusive interview to Business Recorder's panel comprising Wasim Iqbal, Sohail Sarfraz, Mushtaq Ghumman and Abdul Rasheed Azad speaks a variety of issues. According to him, a preliminary Damage Needs Assessment (DNA) of agriculture sector reveals a loss of Rs 300 billion (3.4 billion dollars). He says he does not support importing raw sugar. 

KARACHI (October 04, 2010): Prices fell slightly on the cotton market last week despite the fact that supply was tight due to higher trend in the international market.

KARACHI (October 03, 2010): A seven member delegation of Rice Exporters Association of Pakistan (REAP) is leaving for Kenya on Monday to resolve the burning issues at Kenyan Ports being faced by Pakistani rice exporters during last couple of months. The delegation led by Rafique Suleman, former vice chairman REAP would hold meetings with Kenyan authorities to resolve this issue.

International News

LONDON (October 03, 2010): Gold rocketed to record peaks this week, boosted by the weak dollar, while crude oil raced higher as supportive economic data sparked hopes of improving world-wide energy demand. Many dollar-priced raw materials won support from the struggling greenback, which makes them cheaper for buyers using stronger currencies and so tends to stimulate demand.

NEW DELHI (October 03, 2010): India's soyabean output in 2010 is expected to rise 4.1 percent to 10.1 million tonnes on normal monsoon rains, a leading trade body said on Thursday. Good rains over growing areas have raised yields even though the area planted with the main summer oilseed crop fell as the soil remained too hard due to the late arrival of the rains.

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