Steady trend witnessed on cotton market on Thursday

Karachi, June 07, 2013 (PPI-OT): The number of hedge funds investing in gold hasn’t been as low since 2010. Reasons include closure or shifts in strategy. With the recent downslide followed by low volatility, it isn’t surprising that major withdrawals have been made from hedge funds.

Investors still have their eyes on the Federal Reserve’s stance on stimulus. Physical demand in India leading to the government to curb imports to control the current account deficit.

Russia’s refiners are processing so much of the country’s Urals crude that exports via the Baltic Sea have tumbled to the lowest in 20 months, driving prices close to parity with Brent. Shipments from Primorsk, Russia’s largest port on the Baltic, will be 953,000 barrels a day in June,

In Pakistan, A steady trend was witnessed on the cotton market on Thursday as mills were active, which lifted the volume of daily business, dealers from upcountry centres said in telephonic talks. The official spot rate was inert at Rs 6,400, they said. In the ready business, nearly 6,000 bales of cotton sold between Rs 5350-6600, dealers said. Cotton arrivals were expected very soon, which propelled the mills to make deals of fine types.

Settlement Prices at PMEX were as follows with volumes at Rs. 4.12 billion with 15,543 lots traded:

GOLD: USD 1,411.50 /t oz
SILVER: USD 22.640 /t oz
CRUDE OIL: USD 95.34 / barrel
IRRI-6: Rs. 3,660 /100 kg
Palmolein: Rs. 4,382 / Mound
Sugar: Rs. 45.24/kg
Wheat: Rs. 3,210/100 kg
ICotton: US cents/pound 84.82

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