Tuesday, October 5, 2010

Commodity News Snapshot-Pakistan

KARACHI (October 05, 2010): The rupee managed to retain its weekend's firmness against dollar on the currency market on Monday, dealers said. The rupee inched up by one paisa in relation to dollar for buying at 86.20 and two paisa for selling at 86.24, they said. In first Asian trade, the dollar surged higher in a short-covering rally against yen, which retreated against other currencies as investors unwound some long yen positions ahead of a Bank of Japan (BoJ) policy meeting this week.
KARACHI (October 05, 2010): Firmness prevailed on cotton market on Monday as prices held the previous levels due to short crop news, dealers said. The Karachi Cotton Association (KCA) official spot rate was unchanged at Rs 7100, they said. In ready business, nearly 17,000 bales changed hands at rates between Rs 6900 and Rs 7200, they said.

KARACHI (October 05, 2010): Gold prices on Monday swelled to Rs 42,500 per tola from record high but silver price reached new peak of Rs 640 per tola on the local market, traders said. Gold was available for Rs 42, 600 on Saturday, which dipped by Rs 100 to Rs 42, 500, traders said, adding that gold price per 10-gram went down to Rs 36,428 from Rs 36,514.
KARACHI (October 05, 2010): Gold and silver rates in rupees per 10 grams prevailing in major cities on Monday (October 04, 2010).

International News

LONDON (October 05, 2010): Liffe front-month, December white sugar falls $14.1 to end at $606.00 per tonne on Monday. Dealers said sugar could drop further to entice physical buyers after a sharp rally to a seven-month high last week. Liffe second-month cocoa ended 19 pounds lower at 1,867 pounds a tonne, with the market focused on the start of West African main crop harvesting.

LONDON (October 05, 2010): Gold steadied on Monday, supported near record highs as investors fretted about the outlook for the dollar amid speculation of further US monetary easing, but with a recovery in the US unit keeping a lid on gains. Spot gold was bid at $1,315.55 an ounce at 1347 GMT, against $1,315.60 late in New York on Friday. It touched a record $1,320.80 an ounce in that session.

LONDON: Oil eased from a two-month high on Monday. By 1155 GMT, US crude fell 14 cents to $81.44 a barrel, after touching $81.87 earlier, the highest level since Aug 6. Prices have risen about 10 percent since the Sept 21 close at around $73.50.

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