Palm oil jumps to highest level on speculation that exports from Indonesia and Malaysia may increase ahead of the Muslim fasting month of Ramzan

Karachi, June 18, 2013 (PPI-OT): Fed’s stimulus anxiety keeps gold traders unsure. The U.S. central bank, which begins a two-day meeting today, currently buys $85 billion a month of Treasury and mortgage debt. Fed Chairman Ben S. Bernanke said last month the pace of monthly purchases could be reduced if the employment outlook shows sustained improvement. Data due today may show U.S. housing starts rose in May, economists said.

A Mongolian company has tapped one of the world’s most closed markets by taking a stake in a North Korean oil refinery, to help Asia’s fastest growing economy ease its energy reliance on Russia and China. HBOil JSC, an oil trading and refining company based in Ulaanbaatar, Mongolia, said it acquired 20 percent of the state-run entity operating North Korea’s Sungri refinery

Palm oil jumped to the highest level in almost three months on speculation that exports from Indonesia and Malaysia, the top producers, may increase ahead of the Muslim fasting month of Ramadan. The contract for September delivery climbed as much as 0.7 percent to 2,480 ringgit ($786) a metric ton on the Bursa Malaysia Derivatives,

Settlement Prices at PMEX were as follows with volumes at Rs. 1.6 billion with 8,640 lots traded:

GOLD: USD 1,375.9 /t oz
SILVER: USD 21.712 /t oz
CRUDE OIL: USD 97.6 / barrel
IRRI-6: Rs. 3,777 /100 kg
Palmolein: Rs. 4,512 / Mound
Sugar: Rs. 46.40/kg
Wheat: Rs. 3,276/100 kg
ICotton: US cents/pound 86.05

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