A broad array of commodities hit multiyear highs as producers of metals and agricultural goods are finding it increasingly more difficult to meet robust demand. >>>>> More
Showing posts with label Gold. Show all posts
Showing posts with label Gold. Show all posts
Thursday, November 11, 2010
Commodities Soar As Surging Demand Meets Dwindling Supplies
A broad array of commodities hit multiyear highs as producers of metals and agricultural goods are finding it increasingly more difficult to meet robust demand. >>>>> More
Wednesday, November 10, 2010
Gold hits record in rush to commodities
SOFTS HIT HIGHS
Raw sugar futures on ICE set a 30-year high on Tuesday while arabica coffee climbed to a 13-year peak. The sugar market has surged in recent months, with prices more than doubling since May, as expectations for a rise in output failed to materialize due to bad weather, sparking concern over low stocks.
March raw sugar futures on ICE rose to a peak of 32.68 cents a lb, a 30-year high for the benchmark front month, before easing back to 32.63 cents. >>>>>> More
Thursday, October 7, 2010
Commodity News Snapshot-Pakistan
KARACHI (October 07, 2010): Sharp recovery was witnessed on the currency market on Wednesday as the rupee maintained its surge mainly because of easy supply of the US currency, dealers said. The rupee was sharply higher by 14 paisa in relation to the greenback for buying and selling at 85.98 and 86.02, they said. In the third Asian trade dollar stayed near eight-month lows on the euro and edged towards a 15-year trough on the yen, hurt by expectations of Federal Reserve easing after Japan lined up its own reflation tools.
Prices remain firm on exporters' buying on cotton market
Prices remain firm on exporters' buying on cotton market
KARACHI (October 07, 2010): Prices showed firmness on the cotton market on Wednesday as exporters' buying helped the rates to retain the overnight levels, dealers said. The Karachi Cotton Association (KCA) official spot rate was inert at Rs 7,050; they said. In the ready business, nearly 20,000 bales of cotton changed hands between Rs 6,850-7,100; they said.
KARACHI (October 07, 2010): Following the directives of the Economic Coordination Committee (ECC), the Trading Corporation of Pakistan on Wednesday offloaded 24,800 tons imported sugar in open market to stabilise soaring commodity prices. The ECC on September 21, decided to offload 50,000 tons of imported sugar in the open market to overcome sugar crisis, as provinces had completely failed to sell subsidies imported sugar in domestic market at low rates during Ramazan, following which sugar price hit peak level of Rs 82-84 per kg in retail market.
KARACHI (October 07, 2010): The prices of gold and silver on Wednesday struck new highs of Rs 43, 350 per tola and Rs 650 per tola respectively on the local market, traders said. Gold reached the record high mark of Rs 43, 000 per tola a day before on the local market, surpassed to a new rise of Rs 43, 350. Similarly, the price of gold 10-gram exceeded to the highest ever level of Rs 37, 157 from previous high of Rs 36, 857, according to traders.
KARACHI (October 07, 2010): Gold and silver rates in rupees per 10 grams prevailing in major cities on Wednesday (October 06, 2010).
International News
KUALA LUMPUR (October 07, 2010): Palm oil prices hit a near one-week high on Wednesday on expectations of a new round of central bank action to ginger up weakening economies although a record US soy crop dragged on sentiment. Hopes of central banks easing monetary policies weighed on the greenback, as it would make dollar-priced commodities such as Malaysian palm oil and US soyaoil cheaper for big customers like China and India.
LONDON: Gold rose to record highs for a second day in a row on Wednesday as investors punished the dollar ahead of the Federal Reserve’s possible resumption of special measures to protect the flagging economy.
LONDON: Crude oil reached a fresh five-month high after the release of US government figures that showed a large fall in product inventories. Markets responded to this sign of high product demand by pushing up prices, despite simultaneous data showing a higher than expected rise in crude oil stocks.
MILAN (October 07, 2010): European wheat futures jumped on Tuesday on the back of strong gains in US grain futures and other commodities, shrugging off a rally in the euro that could hamper Europe's wheat competitiveness on world markets. Benchmark November on Euronext milling wheat futures closed at 205.75 euros ($283.3) a tonne, up 6.50 euros or 3.26 percent after hitting an intraday high of 206.00 euros. The next resistance level is estimated at 208 euros.
Tuesday, September 28, 2010
Commodity News Snapshot-Pakistan
KARACHI (September 28, 2010): All-round slide was seen on the currency market on Monday due to strong demand for the greenback, dealers said. The rupee extended the overnight fall, losing five paisa more versus dollar for buying at 86.02 and shed seven paisa for selling at 86.08, they said. In the first Asian trade dollar edged up from five-month lows as euro ran into profit-taking, and it dug in against yen as intervention jitters lent support.
MULTAN (September 28, 2010): Thousands of farmers of south Punjab would be forced to come on roads and protest against government because floods had played havoc in 450 villages of Muzaffargarh and Rajanpur district and their 2 million bales of cotton worth Rs 74 billion has destroyed.
KARACHI (September 28, 2010): Firmness prevailed on the local cotton market on Monday as prices recovered due to short supply and high demand, dealers said. The Karachi Cotton Association (KCA) official spot rate was raised by Rs 300 to Rs 7150, they said. In the ready business, nearly 10,000 bales of cotton changed hands between Rs 7100-7300, they said.
KARACHI (September 28, 2010): The Pakistan Sugar Mills Association (PSMA) has asked the government to import 500,000 tons of raw sugar and impose complete ban on export of gur (raw sugar) to overcome likely sugar crisis in the country. In a letter, exclusively available to Business Recorder, PSMA Chairman Iskander M Khan has requested the Planning Commission to allow import of 500,000 tons of raw sugar and impose a ban on export of gur for avoiding another crisis.
ISLAMABAD (September 28, 2010): The Trading Corporation of Pakistan (TCP) has been directed by the federal government to auction 50,000 tons of imported sugar in the open market to generate funds for opening of letters of credit (LCs) for the remaining contracted quantity of sugar, sources close to Secretary, Industries, told Business Recorder here on Monday.
LAHORE (September 28, 2010): Besides achieving self-sufficiency in wheat production, Pakistan should also maintain its reserves to tackle food problems during natural calamities. This was stated by Dr Noor-ul-Islam, Director General Agriculture (Research), AARI while addressing a meeting of agricultural scientists, held to finalise Annual Research Programme of Wheat 2010-2011.
KARACHI (September 28, 2010): Gold and silver rates in rupees per 10 grams prevailing in major cities on Monday (September 27, 2010).
International News
KUALA LUMPUR (September 28, 2010): Malaysian palm oil hit a 15-month high and other global vegetable oil markets rallied on Monday as traders bet on top buyers China and India snapping up more cargoes in the months to come. An industry conference in Mumbai forecast India will buy a record amount of vegetable oil in the new marketing year and China's Ministry of Commerce revised up its estimate for September soy imports.
· Silver at 30-year high; copper stalls ahead of $8,000
LONDON: Gold powered to a record high at $1,300 an ounce on Monday, with investors pouring more cash into the market on global economic health worries and the possibility of further quantitative easing to stimulate growth.
LONDON: Oil fell below $76 a barrel on Monday, tracking weak stock markets, as the outlook for global economic recovery and future energy demand remained uncertain.
NEW YORK (September 28, 2010): Raw sugar futures closed at a seven-month high for the second straight day on Monday, while arabica coffee and US cocoa also finished higher. The spot October raw sugar contract surged 0.65 cent or 2.6 percent to close at 26.09 US cents per lb, with most-active March up 0.58 cent to end at 24.98 cents, the highest settlement for the second position since February.
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.
Thursday, September 23, 2010
Commodity News Snapshot-Pakistan
ISLAMABAD (September 23, 2010): The estimated loss to agriculture sector of Pakistan in recent flash floods is over Rs 275-300 billion. The representatives of farmers, cotton industry and leather industry while talking to Business Recorder said that the recent floods have caused severe damage to the standing crops along with shortage of livestock hence the government should provide maximum assistance for revival of the agro-economy.
ISLAMABAD: The federal cabinet was on Wednesday informed that the country had sufficient stock of wheat, rice and pulses despite massive crop losses in floods.
KARACHI (September 23, 2010): Over 800 containers of Pakistani rice worth $8.0 million have been held at the Kenyan port as the authorities refused to release them until laboratory analysis reports. Kenyan customs have imposed restrictions that all rice imported into the country will not be released from the port until laboratory analysis reports (LAR) in respect to grading have been received in the station of clearance.
KARACHI (September 23, 2010): The dollar was trading at 86 versus the rupee on the open market, it, however, shed its gains on the interbank market on Wednesday in process of trading, dealers said. The rupee fell in terms of dollar, shedding five paisa for buying at 85.90 and it also dropped by 15 paisa for selling at 86.10, they said.
KARACHI (September 23, 2010): Following the Economic Co-ordination Committee (ECC) decision, the state run grain trader is all set to offload 50,000 tons imported white sugar in open market, a high official told Business Recorder on Wednesday. The ECC on Tuesday decided to offload imported sugar in the open market, after provinces failed to sell subsidised imported sugar in domestic market at low rates during Ramazan, following which sugar price surged to peak level of Rs 86 per kg in open market.
KARACHI (September 23, 2010): Improved business was seen on the cotton market on Wednesday as exporters entered the market to make deals, dealers said. The Karachi Cotton Association (KCA) official spot rate did not show further rise, holding the overnight level at Rs 7,250, they said. In the ready business approximately, 13000 bales of cotton changed between Rs 7050-7400, they said.
KARACHI (September 23, 2010): Gold on Wednesday touched a fresh peak of Rs 41,150 per tola while silver price equalised its previous record high of Rs 620 per tola on the local market, trader said. Gold was selling for Rs 40,750 per tola a day before and went up hitting a new high of Rs 41,150 on the local market, posting a rise of Rs 400. Price of gold per 10 gram touched Rs 35,271, up from Rs 34,942, they said.
KARACHI (September 23, 2010): Gold and silver rates in rupees per 10 grams prevailing in major cities on Wednesday (September 22, 2010).
International News
KUALA LUMPUR (September 23, 2010): Malaysian palm oil and its rival US soyaoil recorded small gains on Wednesday as traders waited for more news on weather in key grain producing regions in the Americas and Asia. Chinese financial markets are closed for the rest of this week, giving few cues to vegetable oil trade.
HAMBURG (September 23, 2010): US wheat futures rose by more than one percent in European and Asian trade on Wednesday, buoyed by a weaker dollar as well as a fresh tender by Egypt, the world's largest wheat importer. The US Federal Reserve's determination to prevent deflation, revealed on Tuesday, also lent support, given that investors often buy commodities as a hedge against inflation.
LONDON: Oil fell below $75 a barrel on Wednesday, reversing earlier gains after government inventory data showed a rise in crude and oil product stocks.
* Silver also hit a 2½-yr peak, edges closer to its highest in 30 yrs
LONDON: Gold hit record highs for a fifth consecutive session on Wednesday after the Federal Reserve signalled it stood ready to inject fresh cash into the economy, knocking the dollar and whetting investor appetite for bullion.
LONDON: Gold hit record highs for a fifth consecutive session on Wednesday after the Federal Reserve signalled it stood ready to inject fresh cash into the economy, knocking the dollar and whetting investor appetite for bullion.
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