AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Karachi, June 24, 2013 (PPI-OT): Exchange traded products drop by another $55 billion. After the Fed planned to reduce stimulus, speculators have reduced long positions by 29%, leading to an ease in demand pressure on gold. Fed Chairman Ben S. Bernanke said last week that the central bank may slow its bond-buying program if the U.S. economy continues to improve, driving bullion to its lowest price since 2010. Gold, which tumbled into a bear market in April, is poised for more declines, according to Credit Suisse Group AG and Societe Generale SA.
The cash crunch in China sparks fears of a restrained growth pattern which may further lead to less imports by the world’s largest oil consumer. The People’s Bank of China said the nation should fine-tune its policies as a cash squeeze in the banking system risks exacerbating an economic slowdown.
The U.S. and 10 other countries pledged June 22 to increase support for rebel forces in Syria. Hedge funds and other large speculators boosted net-long positions in Brent and West Texas Intermediate crude last week.
KSE-100 Index was at 21477.16 with a negative change of 221.19 and volume of 77,181,240 shares. High and Low were 21835.72 and 21466.48 respectively
Settlement Prices at PMEX were as follows with volumes at Rs. 3.57 billion with 15,435 lots traded:
GOLD: USD 1,282.5 /t oz
SILVER: USD 19.643 /t oz
CRUDE OIL: USD 93.46 / barrel
IRRI-6: Rs. 3,770 /100 kg
Palmolein: Rs. 4,469 / Mound
Sugar: Rs. 46.59/kg
Wheat: Rs. 3,395/100 kg
ICotton: US cents/pound 86.29
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