Commodity News Snapshot-Pakistan

  THE RUPEE: new low hit versus dollar

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.

 DNA of agriculture sector shows Rs 300 billion loss: Gondal

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. 

Prices fell slightly on cotton market last week

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.

Problems at Kenyan ports: rice exporters leaving for Kenya on October 4

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

Gold prices extend record-breaking run; crude oil leaps higher

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.

 

India's soyabean output likely to rise

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.

Commodity News Snapshot-Pakistan

THE RUPEE: falling trend persists

KARACHI (September 30, 2010): Dollar buying pressure kept the rupee lower on the local currency market on Wednesday in process of trading, dealers said. The rupee lost six paisa against the dollar for buying at 86.20 and it also shed seven paisa at 86.25, they said. In the third Asian trade, the ailing dollar looked vulnerable to further losses against a swathe of currencies as falling Treasury yields and disappointing US data fuelled talk that US policy needed further easing.

Cotton prices drop on Indian export news

KARACHI (September 30, 2010): Rates came down on the cotton market on Wednesday after the news that India would begin cotton export from November, dealers said. The Karachi Cotton Association (KCA) official spot rate was unchanged at Rs 7250, they said. In ready business, around 20,000 bales changed hands at Rs 4200-7400, they said.

Timely availability of agriculture-inputs essential: FAO

ISLAMABAD (September 30, 2010): Timely availability of critical agriculture inputs will be essential to prevent drastic losses in yield, says the Food and Agriculture Organisation of the United Nations (FAO). According to the executive brief on Pakistan released by FAO, the organisation has received 20.5 million dollars against the requested amount of 107 million dollars under the revised PFERP to assist flood affected people by providing seed, livestock, fisheries and forestry interventions.

 

International New

Gold hits record high $1,313.20 in Europe

LONDON (September 30, 2010): Gold hit its 10th record high in 12 trading days on Wednesday as investors worried that aggressive measures by the Federal Reserve to prop up the US economy could undermine the dollar and spark inflation. Spot gold hit a record $1,313.20 and was bid at $1,308.65 an ounce at 1443 GMT, against $1,307.40 late in New York on Tuesday. US gold futures for December delivery rose $1.70 an ounce to $1,310.10.

US gold near new all time high

NEW YORK (September 30, 2010): US gold futures settled on Tuesday near its new all time high above $1,311 an ounce driven up as three reports argued for further quantitative easing by central banks that drove the euro up against the dollar and set off stop-loss buy orders in both markets, traders said. COMEX December gold futures closed up $9.70 at $1,308.30 an ounce on the COMEX division of the NYMEX. Range ran from $1,276.20 to $1,311.80, a record high.

Oil pares losses on US supply draw

LONDON: Oil hovered above $76 a barrel on Wednesday, paring losses after US government data showed crude and oil products stocks fell last week.

Commodity News Snapshot-Pakistan

THE RUPEE: dollar rise continues

KARACHI (September 29, 2010): No recovery was seen in the value of the rupee versus dollar on the currency market on Tuesday, dealers said. The rupee drifted lower in terms of the US currency, shedding 12 paisa for buying and selling at 86.14 and it also lost 10 paisa for selling at 86.18, they said. In the second Asian trade struggling dollar got a reprieve, helped by a report that the Federal Reserve was weighing a more open-ended, smaller-scale bond buying programme compared with 2009.

Upward trend persists on cotton market; spot rate raised Rs 7,250

KARACHI (September 29, 2010): Persisting demand pushed the prices further higher on the cotton market on Tuesday, dealers said. The Karachi Cotton Association (KCA) official spot rate was raised further by Rs 100 to Rs 7250, they said. In the ready business nearly 20,000 bales of cotton changed hands between Rs 4200-7450, they said.

Government urged to allow tax-free import of raw sugar

MULTAN (September 29, 2010): Peerzada Abdul Ali Zakir Usmani President of Anjuman Kashtkaran Punjab (Farmers Association of Punjab) has urged the government to allow tax-free import of raw sugar to meet the shortage of sugarcane supply to sugar mills by November. He said that in the backdrop of ongoing sugar crisis in the country the retail price of sugar increased from Rs 45 per kilo to Rs 85 per kilo in a short span of time.

International News

Oil rises to near $77 on unexpected US supply fall

SINGAPORE: Oil prices rose to near $77 a barrel Wednesday in Asia after a report showed U.S. crude supplies dropped last week, suggesting demand may be improving.

 

Gold falls off record, market awaits data

LONDON: Gold fell on Tuesday as investors paused for breath and awaited economic data after betting the metal up to a record $1,300 an ounce in the previous session.

 

Gold hits record high

NEW YORK (September 29, 2010): US gold futures settled on Tuesday near its new all-time high driven up as three reports argued for further quantitative easing by central banks that drove the euro up against the dollar and set off stop-loss buy orders in both markets, traders said. COMEX December gold futures closed up $9.70 at $1,308.30 an ounce on the COMEX division of the NYMEX.

 

Liffe sugar rises

LONDON (September 29, 2010): Liffe December white sugar rises $0.90 to end at $645.00 per tonne on Tuesday. Market underpinned by adverse weather in key producers such as Brazil, Central America, India and Australia. Liffe December cocoa ended 7 pounds lower at 1,893 pounds a tonne. Market remains under pressure, weighed by a favourable outlook for West African main crop.

Commodity News Snapshot-Pakistan

THE RUPEE: all-round slide

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.

 
Floods destroy cotton worth Rs 74 billion in South Punjab

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.

KCA raises spot rate to Rs 7,150 in stable trend on cotton market

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.

Ban on gur export to Afghanistan sought: government asked to import 0.5 million tons of raw sugar for mills

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.

Generating funds to open LCs: TCP directed to auction 50,000 tons of sugar in open market

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.

 

Need to maintain wheat production, reserves emphasised

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.

 

Bullion Rates

KARACHI (September 28, 2010): Gold and silver rates in rupees per 10 grams prevailing in major cities on Monday (September 27, 2010).

 

International News

Malaysian palm oil at 15-month high

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.

 

Gold hits record at $1,300 an ounce

·         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.

Oil falls below $76 a barel

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.

US MIDDAY: sugar soars

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.