Commodity News Snapshot-Pakistan

Gold at new high of Rs 40,700 per tola

KARACHI (September 21, 2010): Spiralling trend in the global bullion market on Monday pushed the gold prices here to a fresh high of Rs 40,700 per tola, trader said. On Saturday, gold was available at Rs 40,600 per tola. It posted a Rs 100 rise in a single-day trading to the new high. Likewise, the yellow metal price per 10 gram reached Rs 34,885, up from Rs 34,757, traders added.

THE RUPEE: all-round slide

KARACHI (September 21, 2010): All-round decline was seen on the currency market on Monday as a result of higher demand for the US currency, dealers said. The rupee extended its fall, dropping 12 paisa versus dollar for buying at 85.84 and shedding 13 paisa for selling at 85.88, they said.

Cotton prices moving towards all-time high level on tight supplies

KARACHI (September 21, 2010): Prices may set new highs on the cotton market as buyers were busy on Monday in fresh deals in anticipation of further rise in the rates, dealers said. The Karachi Cotton Association (KCA) official spot rate was raised by Rs 150 to Rs 7,100, they said. In the ready business, approximately, 9000 bales of cotton changed hands between Rs 7000-7500, they said.

Rising international cotton prices

Indian traders cancel export orders of Pakistan

KARACHI: Cotton prices have shot up seven percent in about a week in the country propelled by talks that India has stopped export of fibre to Pakistan.

In the international market, New York cotton October futures closed at $1.10 per pound and December futures at $1.20 per pound, a lint analyst said Monday.

20 sugar sale points to be set up in Islamabad

ISLAMABAD (September 21, 2010): Islamabad Capital Territory (ICT) administration will set up 20 sugar sale points in the city and rural areas of Islamabad for providing the commodity to the citizens at cheaper rates. Deputy Commissioner Islamabad, Amer Ali Ahmed said that the administration would set up 20 sugar sale points in all the sectors as well as in rural areas for which arrangements are being finalised.

1.13 million tons of wheat was procured, National Assembly told

ISLAMABAD (September 21, 2010): The provinces and the Pakistan Agriculture Services and Storage Corporation (Passco) had procured 1.13 million tons of wheat during 2010. In a written reply to a question, the Minister for Food and Agriculture, Nazar Muhmmad Gondal, on Monday informed the National Assembly that wheat production for 2009-10, as per second estimate, was 23.86 million tons.

Damaged wheat stocks in Sindh: Food officers asked to carry out survey

KARACHI (September 21, 2010): The Sindh government has directed the district food officials to conduct a survey of the procured wheat damaged recently by the floodwater to ascertain the real loss of the commodity, it is learnt. Sources told Business Recorder on Monday that the Food Department has recently instructed its district officials and inspectors to conduct a survey to ascertain the losses caused to stocked wheat in the province.

Bullion Rates

KARACHI (September 21, 2010): Gold and silver rates in rupees per 10 grams prevailing in major cities on Monday (September 20, 2010).

International News

Malaysian palm oil at five-week top

KUALA LUMPUR (September 21, 2010): Global vegetable oil markets surged on Monday as investors took positions on concerns a dry spell may curb grain output in the Americas. Agriculture markets have been moving higher on concerns erratic weather across the globe will limit supplies for the food sector, potentially stoking inflation in China.

US MIDDAY: sugar eases

NEW YORK (September 21, 2010): ICE benchmark raw sugar futures eased back from a seven-month high early on Monday, as nearby demand and adverse weather underpinned prices. ICE arabica futures were lower but remained within sight of a 13-year peak, while cocoa edged down. The ICE October raw sugar futures contract expires on September 30.

Gold hits all-time high: Dollar slips, stocks up

NEW YORK (September 21, 2010): World stocks jumped and the dollar slipped on Monday as investors speculated the Federal Reserve could signal further economic. Gold rose slightly on Monday as funds kept buying the metal on a weaker dollar and a report showing US homebuilder sentiment stayed in the doldrums. Spot gold hit a record $1,283.70 an ounce, then pared gains. It stood at $1,277.60 an ounce at 3:16 pm (1916 GMT).

Oil edges up near $74 a barrel

LONDON: Oil edged higher on Monday towards $74 a barrel, after dropping 3.7 percent last week, as investors looked ahead to a Federal Reserve meeting and the prospect of further moves to increase money supply. US crude for October, which expires on Tuesday, was up 40 cents at $74.06 a barrel by 1340 GMT, while ICE Brent for November was up eight cents at $78.29.

Commodity News Snapshot-Pakistan

THE RUPEE: divergent trend

KARACHI (September 20, 2010): The rupee moved both ways on currency market during the week ended on September 17, 2010. On the interbank market, the rupee showed no major change against dollar for buying and selling at 85.72 and 85.75 despite higher demand for the US currency.

Short supply, globally rising prices cause panic buying shooting spot rate to Rs 6,950, in ready business to Rs 7,250

KARACHI (September 20, 2010): Nearly panic lifting in cotton was marked on the very opening day of the market after Eid holidays for India's change in perception to hold back cotton exports up to October 1, 2010 - which pushed spot rate by Rs 550 higher by the close of the week on September 18-2010. The prices in ready business touched the peak of Rs 7,250.

Cotton market fast approaching saturation point

KARACHI (September 20, 2010): The Pakistan Cotton Ginners' Association (PCGA) have released their fortnightly cotton arrival and disposal report which placed seed cotton arrivals equivalent to 1,447,596 bales, total unsold bales at 202,676 bales (14.0% of total arrivals) and fortnightly flow at 452,405 bales (Per day Average 30,160 bales).

FAO official says: floods devastated crops, irrigation system, livestock

MULTAN (September 20, 2010): FAO Country Head Mauji Damianie has said that the recent flood damages assessment report shows that in all the four provinces of Pakistan and Azad Jamu Kashmir (AJK), an area of 1,313,756 hectares of field crops was reportedly destroyed.

Gold hits new high of Rs 40,600 per tola

KARACHI (September 19, 2010): Global gold value surge continues pushing gold prices to a new peak of Rs 40,600 per tola on the local market on Saturday, a trader said. Gold trading began today after one day of markets closure, (because the city mourned the assassination of an MQM leader - Dr Imran Farooq in London) with Rs 40,550 per tola and Rs 34,757 per 10-gram on the local market.

 

International News

Thai white sugar premiums hold near record levels

SINGAPORE (September 19, 2010): Premiums for Thai white sugar held near record levels on steady purchases from Southeast Asia, but consumers turned their back on raws as futures prices surged to a 7-month high, dealers said on Friday. There were no offers for the widely-traded high polarisation, or Hi-pol Thai raws, for prompt shipment. Trading of raw sugar for the Japanese market, or J-spec, slowed to a trickle after some cargoes were traded at record premiums last week.

Gold strikes record high close to $1,300

LONDON (September 19, 2010): Gold prices struck record highs close to 1,300 dollars last week as investors sought alternatives to the dollar amid heightened fears about the fragile state of the US economic recovery. Gold prices hit an all-time peak of 1,282.97 dollars an ounce on Friday as the dollar waned on mounting expectations that the Federal Reserve will pump more money into the flagging US economy.

 

Philippine rice output seen 3.2 million tonnes

MANILA (September 19, 2010): The Philippines' unmilled rice output will be about 3.2 million tonnes below target in 2010, but stockpiles are ample and imports for 2011 will be lower than this year's record levels, the head of the national grains agency said. "There will be an expected shortfall in production of palay (unmilled rice) of about 3.2 million tonnes and the harvest is delayed," Angelito Banayo, the head of the National Food Authority (NFA) told Reuters in an interview at his office in Quezon City.

Commodity News Snapshot-Pakistan

105,000 tons of sugar: TCP unable to open LC

Despite finalisation of sugar import contracts a month ago, the Trading Corporation of Pakistan (TCP) has been unable to open Letter of Credit (LC) for import of 105,000 tons of sugar because of shortage of funds. Sources told Business Recorder on Tuesday that at present the corporation is facing acute shortage of some Rs 4 to 5 billion to open LC of the last tender.

Sugar price increased by Rs five per kg in Peshawar

In less than a month's time, the price of sugar has been increased by Rs 5 per kilogram at the wholesale market in the provincial capital. Two weeks ago, the price of a 50-kilogram sack of sugar was Rs 3,840, which is now being sold at Rs 4,030. Similarly, sugar was being sold at Rs 76 per kg in the wholesale market and has mounted to Rs 81 per kg.

Provinces yet to announce cane support price: crushing may not start from October 1

Although, the country is already facing shortage of sugar due to low production of sugarcane crop last year, the provinces seem reluctant to announce the minimum support price for the crushing season 2010-11, which according to Sugarcane Factories Act 1950 should commence from October 1.

Major portion of allotted wheat quota: Lahore, Rawalpindi flour millers asked to lift from nearby cities' godowns

Punjab food department has asked the flourmills of Lahore and Rawalpindi to lift the major portion of their allotted wheat quota from the godowns situated in nearby cities at their own expense.

Wheat prices register increase

KARACHI: Without any plausible reason wheat prices have surged in the open market of Karachi in the post-Eidul Fitr period creating apprehension among consumers regarding increase in flour rates during the next few days.

THE RUPEE: all-round fall

All-round decline was seen on the currency market on Tuesday as a result of higher demand for the US dollars, dealers said. All the markets reopened after a 4-day closure, including banks, so the rupee was able to retain its outgoing week level versus dollar and euro, losing modestly in both interbank and open market, analysts said.

Over two million cotton bales destroyed by floods: Aptma

KARACHI (September 15, 2010): While expressing his views in connection with the damage to the cotton crop as a result of floods, M. Yasin Siddik, Chairman APTMA Sindh-Balochistan Region said that before the floods Pakistan was expecting a bumper crop of 14 million bales compared to 12.8 million bales produced last year.

Upward trend prevails on cotton market in post-holidays session

Upward trend was seen on the cotton market on Tuesday during the post-holidays session, dealers said. The Karachi Cotton Association (KCA) official spot rate was jumped by Rs 150 to Rs 6,550, they said. In the ready business, prices went up sharply and nearly 6,600 bales of cotton changed hands between Rs 6600-6750, they said.

Crops over 6 million acres in 11 districts of Punjab damaged

Crops over more than six million acres in 11 districts of the Punjab province have been damaged by the flood and a loss of more than Rs 87 billion has been suffered. This has been informed at a meeting chaired by the Punjab Chief Minister Shahbaz Sharif here on Tuesday to review a proposed relief package for the growers who suffered losses due to the flood.

Sindh estimates Rs 446.8 billion damage to agriculture, infrastructure

Sindh government has estimated Rs 446.8 billion damages to agriculture and infrastructure in the province by the devastating floods. The provincial government would provide interest-free loans to the flood-hit people of severely affected districts for agricultural rehabilitation. So far the provincial government has disbursed some Rs 2 billion in flood-hit areas of the province to provide food and medical treatment to the survivors.

Commodity News Snapshot-Pakistan

THE RUPEE: falling trend

KARACHI (September 14, 2010): The rupee tended lower against dollar on the currency market owing higher demand for the US currency during the week ended on September 9, 2010. On the interbank market, the rupee shed five paisa versus dollar for buying and selling at 85.70 and 85.75.

Trading on cotton market sustains despite high prices; rates, volumes remain range bound in shortened week

KARACHI (September 14, 2010): Trading in cotton sustained despite firmer prices world-wide as spot rate indicated on the opening day at Rs 6400 per maund. Prices in ready business and the of take fluctuated moderately and sot rate remained pegged at Rs 6400. At Least for the next four days there would be no business activity, Happy Eid.

Cotton output likely to drop by 18.5 percent

MULTAN (September 14, 2010): The cotton output in the country is likely to be lower by 18.5 percent because of floods, PCGA Chairman Haji Muhammad Akram told here on Monday. "Iam expecting loss of 18.5 per cent of cotton due to recent flood in Punjab and Sindh," he said that government had targeted 14.11 million bales but now only 11.5 million bales production is expected.

Value-added textile industry demands ban on cotton exports

LAHORE (September 14, 2010): The value-added textile industry has demanded imposing ban on exports of cotton from the country to secure the future of billions of dollars textile industry in Pakistan. Ejaz Khokhar, former Chairman of Pakistan Readymade Garments Manufacturers & Exporters Association (Prgmea), told Business Recorder that the value-added textile industry was planning to launch an aggressive campaign for ban on exports of cotton from the country, a raw material for textile industry products.

Worst sugar crisis imminent: emergency meeting on September 16

KARACHI (September 14, 2010): The country may face worst sugar crisis in coming days as the local sugar stocks, lying with mills across the country, has completely exhausted, it is reliably learnt. The Ministry of Industries and Production (MoI&P), the Ministry of Food and Agriculture (Minfa) and the Ministry of Commerce (MoC) have called an emergency meeting on September 16 for devising a strategy to meet crisis.

Commodity News Snposhot -

National News

Government faces $25 million loss due to delay in sugar import: Senate body informed

ISLAMABAD (August 27, 2010): Senate Standing Committee on Industries and Production on Thursday was informed that Pakistan has faced 25 million dollars loss due to delay in the import of sugar. The Committee was also informed that Pakistan can face 19 million dollars loss in future if sugar is not imported in time.

Wheat damaged by rain, floods being auctioned today

LAHORE (August 27, 2010): The Punjab Food Department will be holding auction for wheat affected due to rain and flood waters at its different storage centres on August 27 (Friday). Sources in the provincial food department told Business Recorder here on Thursday that earlier the auction was scheduled for August 25, but the department did not receive any suitable bid.

Cotton prices avert sharp fall due to fresh partial rains in Sindh, Punjab

KARACHI (August 27, 2010): More rains in some parts of country, helped cotton prices halt sharp losses amid good trading, dealers said on the cotton market on Thursday. The Karachi Cotton Association (KCA) official spot rate was inert at Rs 6,450, they said. In the ready business nearly 11000 bales of cotton changed hands between Rs 6350-6800, they said.

Government urged to take preventive measures to save cotton crops

LAHORE (August 27, 2010): Chairman Pakistan Cotton Forum (PCF) Seth Muhammad Akbar has asked the government to take urgent precautionary measures to save cotton crops from further damage. He said the cotton crop in Punjab has entered into its most crucial phase where picking of each extra boll would matter. Therefore, timely preventive measures are required to save the cotton crops.

Cotton market remains steady

LAHORE (August 27, 2010): Barring a short-lived spike early this week which later petered out, cotton prices have more or less remained steady over the past one week or so. Some volatility creeps in and the market becomes fidgety due to uncertainty bred by rains and floods of gargantuan proportions which have created chaos and havoc over a large part of the country since last one month.

Flash floods destroy crops worth Rs 72 billion

KARACHI (August 27, 2010): Besides displacing millions of people and loss of the lives and property, the current floods have caused a loss of at least Rs 76.067 billion to the standing crops in the Sindh so far, it is learnt.

THE RUPEE: dollar marginally up

KARACHI (August 27, 2010): Slight fluctuations were seen on the currency market on Thursday in process of trading, dealers said. The rupee shed four paisa against dollar for buying at 85.64 and it also slid by two paisa for selling at 85.67, moneychangers said.

International News

Malaysian palm oil rebounds

KUALA LUMPUR (August 27, 2010): Malaysian crude palm oil futures rebounded on Thursday from one-month lows hit the previous day due to technical buying and firmer oils markets. Crude oil rose for a second day in Asian hours as investors bought back into the market after it hit 11-week lows, but analysts said the fundamental outlook was still bearish with ample stocks to cover any rebound in demand.

US wheat futures fall to one-week low

CHICAGO (August 27, 2010): US wheat futures fell 4 percent to their lowest level in a week on Wednesday on a wave of technical selling after Egypt bypassed US supplies in its latest purchase, traders said. "I think its a technical blow-off," said Mike Krueger, president of The Money Farm, a grain market advisory service near Fargo, North Dakota. "When wheat goes, it goes in a hurry. It is running into these sell stops and it just blows right through them."

Gold steadies after US jobless claims fall

* Copper rallies, helped by a weaker dollar

LONDON: Gold steadied on Thursday, having hit its highest level in two months earlier in the day, after US unemployment data beat expectations, boosting the dollar and other risk-linked assets such as equities.