Wednesday, October 6, 2010

Commodity News Snapshot-Pakistan

ISLAMABAD (October 06, 2010): The Task Force on Agriculture (TFA) has proposed increase in wheat support price from Rs 950 to Rs 1,000 per 40 kg for the upcoming season. A meeting of the Task Force on Agriculture, presided over by Minister for Food and Agriculture (Minfa) Nazar Muhammad Gondal, was held here on Thursday.

KARACHI (October 06, 2010): The rupee maintained its climb, gaining sharply against dollar on the currency market on Tuesday, dealers said. The rupee rose by eight paisa in relation to dollar for buying and selling at 86.12 and 86.16, they said. Some improvement in the supply of dollars helped the rupee to make sharp gains versus US currency, they said.

MULTAN (October 06, 2010): The cotton crop arrivals at the ginneries across the country up to October 1, 2010 have been recorded at 2.617 million bales, showing a shortfall of 15 percent as compared to last year's 3.079 million bales. Pakistan Cotton Ginners Association (PCGA) Chairman Masud A Majeed, vice-chairman Shehzad Ali and chairman of ginners group Muhammad Akram said that the floods had damaged more than 2 million bales in southern Punjab and Sindh causing huge loss of about Rs 27 billion.

KARACHI: Trading remained firm amid strong physical prices while the spot rate eased on improved supply of cottonseed, traders at the Karachi Cotton Association (KCA), said Tuesday.
The mills purchased selective lots on competitive prices while ginners withholding fine lint offered their produce on slightly higher prices, floor brokers said.

The KCA revised the spot rate downward by Rs 50 per maund to Rs 7,050 per maund while physical prices remained on the higher side above Rs 7,200 per maund, traders said.

LAHORE (October 06, 2010): Chairman Pakistan Sugar Mills Association (PSMA), Javed Kayani has appreciated the open market tender for 50,000 tons of sugar by Trading Corporation of Pakistan (TCP). He said that in order to keep sugar prices within reasonable limits PSMA had forewarned the government in October 2009 to import 1.2 million tons of sugar to meet with anticipated shortages but unfortunately TCP was unable to import the desired quantity.

KARACHI (October 06, 2010): Gold prices on Tuesday hit a new record high of Rs 43, 000 per tola mark after global market touched another historic level of $1337 an ounce, traders said. Gold was available for Rs 42, 500 per tola a day before and went up to a record high of Rs 43, 000 per tola. Similarly, the price of gold per 10 grams reached a fresh peak of Rs 36, 857 up from Rs 36, 428, according to traders.

International News

LONDON: Oil prices rose on Tuesday, building on a week of gains after Japan announced a surprise cut in interest rates, raising expectations of further boosts for other major economies.

The Bank of Japan cut its overnight rate target to a range between zero and 0.1 percent from 0.1 percent and pledged to buy five trillion yen ($60 billion) worth of assets in an attempt to stimulate the world’s third-largest oil-consuming nation.

US crude futures for November rose more than $1 to a high of $82.58, the highest since Aug 6, before slipping back a little to trade at $82.47, up $1.00, by 1326 GMT. ICE Brent for November gained 65 cents to $83.93.

* Copper at new 26-month high on easing expectations

LONDON: Gold climbed 1.8 percent, its biggest one-day rise since May 11, to record highs on Tuesday as the dollar fell versus the euro and as recent volatility in the currency markets boosted demand for the metal as a safe store of value.

Spot gold hit a high of $1,340.20 an ounce and was bid at $1,337.50 an ounce at 1549 GMT, against $1,315.20 late on Monday. US gold futures for December delivery reached a peak of $1,341.70 and were later up $21.90 at $1,338.70.

NEW YORK (October 06, 2010): ICE raw sugar futures rallied on technical buying early on Tuesday and moved closer to last week's seven-month high, while arabica coffee firmed, underpinned by a weakening dollar, but still well below a recent 13-year high. Cocoa was little changed in light volumes, with the focus on the start of main crop harvesting in West Africa.

LONDON (October 06, 2010): Liffe front-month, December white sugar ended $17.60 higher at $623.60 per tonne on Tuesday. Rise driven largely by technical buying, and upside could be limited by improved crop prospects in Brazil and India. Liffe second-month January robusta coffee ended $5 higher at $1,666 per tonne. Market looking to consolidate after Monday's steep fall, with the focus on expectations for an ample harvest in top producer Vietnam.

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