AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Karachi, April 23, 2013 (PPI-OT): Chinese economic statistics reveals influence on silver. The Standard and Poor’s GSCI Index of 24 raw materials fell 0.8 percent to 605.96 as of 11:10 a.m. London time. Cash Silver tumbled as much as 3.5%. Metals have shown high sensitivity to Chinese data. Even a cent change in growth expectations has alarming results. Growth in major economies would affect demand and therefore have implications on investor views, as depicted in prices.
Ups and downs continue for gold. Its sensitivity to the dollar is becoming prominent. However, the recent shock has led Pakistan’s traders to rethink on gold as a safe bet. But gains come from managing volatility, a core facet of what a derivative provides. Thus, investors may view the recent trend as a rare opportunity to learn and gain.
Looks like the weather has its role to play in markets: Freezing weathers in the U.S, the world’s biggest exporter, may lead to Farmers abandoning 25 percent of their hard, red winter wheat, the most common variety grown, according to the average of 11 analyst estimates compiled by Bloomberg.
Settlement Prices at PMEX were as follows with volumes at Rs. 3.06 billion with 15,470 lots traded:
GOLD: USD 1,416.50 /t oz
SILVER: USD 22.798 /t oz
CRUDE OIL: USD 88.44 / barrel
IRRI-6: Rs. 3,420 /100 kg
Palmolein: Rs. 4,195 / Mound
Sugar: Rs. 45.68/kg
Wheat: Rs. 2,942/100 kg
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