Yellow metal shine on account of strong demand from China

Karachi, May 22, 2013 (PPI-OT): The yellow metal shine on account of strong demand from China, the world’s second-biggest gold consumer after India, and Federal Reserve officials allayed investor concerns that the U.S. central bank will soon exit its bullion-friendly bond purchases.

Malaysian palm oil futures rose to the highest in more than one month on Wednesday, as investors pinned their hopes on demand recovery ahead of the Muslim holy month of Ramadan.

Cotton futures already headed for their biggest monthly drop since September will fall further to the lowest price since late January, according to technical analysis by Michael T. Sweeney at broker Marex Spectron.

After a five-month rally that sent cotton to an 11-month high of 93.93 cents a pound on March 15, prices on ICE Futures U.S. fell below a 50-day moving average of 85.47 cents on April 8. The commodity slid 1.1 percent last month and was down 4.1 percent in May as of yesterday, when it closed at 83.86 cents, the first settlement this year below the 100-day moving average.

Settlement Prices at PMEX were as follows with volumes at Rs. 3.50 billion with 11,426 lots traded:

GOLD: USD 1,385.00 /t oz
SILVER: USD 22.560 /t oz
CRUDE OIL: USD 95.69 / barrel
IRRI-6: Rs. 3,575 /100 kg
Palmolein: Rs. 4,380 / Mound
Sugar: Rs. 45.34/kg
Wheat: Rs. 3,174/100 kg
ICotton: US cents/pound 84.65

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

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