Commodities fell for a third day, paced by declines in copper and oil

Karachi, May 23, 2013 (PPI-OT): Commodities fell for a third day, paced by declines in copper and oil, as manufacturing in China unexpectedly shrank for the first time in seven months and the head of the Federal Reserve hinted that stimulus may be tapered. Earlier bullion had fallen after Fed Chairman Ben Bernanke hinted at reducing an $85 billion bond-buying programme, hurting the metal’s appeal as a hedge against inflation but later on the yellow metal has bounced back.

The Standard and Poor’s GSCI Index (SPGSCI) of 24 commodities dropped as much as 1.2 percent to the lowest level in a week, and was 0.5 percent lower at 623.11 at 11:46 a.m. in London.

Malaysian palm oil futures rose on Thursday to their highest in more than a month, stretching gains to a third straight week as investors hoped for a recovery in demand ahead of the Muslim fasting month of Ramadan.

Settlement Prices at PMEX were as follows with volumes at Rs. 7.91 billion with 28,879 lots traded:

GOLD: USD 1,391.80 /t oz
SILVER: USD 22.496 /t oz
CRUDE OIL: USD 93.56 / barrel
IRRI-6: Rs. 3,624 /100 kg
Palmolein: Rs. 4,440 / Mound
Sugar: Rs. 45.23/kg
Wheat: Rs. 3,198/100 kg
ICotton: US cents/pound 83.54

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

Leave a Reply