Fears that Syrian unrest may spread in Middle East has led to an upward surge in prices for crude oil

Karachi, June 17, 2013 (PPI-OT): Fears that the Syrian unrest may spreading in the middle east, has led to an upward surge in prices for crude oil on speculations that supplies may be disrupted. Developments include Iranian President-elect Hassan Rohani’s vow to improve ties with the world carried him to a surprise first-round election win.

Crop planting increases in India as a result of the monsoon season. The early arrival of rainfall has helped ease a drinking water shortage and relieved crops threatened by the worst drought in four decades in India’s western region. A bumper harvest may help Asia’s third-biggest economy curb food prices and revive economic growth from the lowest level in a decade.

Gold declined in London before the U.S. Federal Reserve starts a two-day meeting as investors weighed when the central bank will taper asset purchases. The Federal Open Market Committee starts its two-day policy meeting tomorrow.

Fed Chairman Ben S. Bernanke said last month the central bank, which is buying $85 billion of Treasuries and mortgage securities a month to spur the economy, could pare quantitative easing if the U.S. economy improves sustainably. The dollar was little changed versus six major currencies after falling to the lowest level since February last week.

Settlement Prices at PMEX were as follows with volumes at Rs. 3.29 billion with 13,773 lots traded:

GOLD: USD 1,385.2 /t oz
SILVER: USD 21.838 /t oz
CRUDE OIL: USD 98.5 / barrel
IRRI-6: Rs. 3,729 /100 kg
Palmolein: Rs. 4,463 / Mound
Sugar: Rs. 45.10/kg
Wheat: Rs. 3,277/100 kg
ICotton: US cents/pound 88.04

For more information, contact:
Sarang Abbasi
Asst. Manager, Risk and Analytics
Pakistan Mercantile Exchange
9th Floor, PRC Towers, 32-A,
Lalazar Drive M.T.Khan Road,
Karachi, Pakistan.
Cell: +92-03215148905
Fax: +92-35611263
UAN: +92-21-111-623-623, 99210650-61
Web: www.pmex.com.pk