India’s announcement to curb imports on gold leaves investors bearish

Karachi, June 14, 2013 (PPI-OT): India’s announcement to curb imports on gold leaves investors bearish. Bullion is on track for the first annual drop since 2000 as some investors lose faith in it as a store of value. While the slump into a bear market in April hurt billionaire hedge fund manager John Paulson and producer Newcrest Mining Ltd. (NCM), it spurred purchases of coins and jewellery worldwide.

Statoil ASA (STL) and Tullow Oil Plc (TLW) are finishing a well aimed at achieving the first commercial oil discovery in Mozambique, the East African country where explorers have made the century’s largest natural gas finds.

The partners’ Cachalot well off Mozambique is drilling past potential gas fields and looking for crude discoveries further under the seabed, Tullow Exploration Director, Angus McCoss said in an interview yesterday. The well is expected to be finished later this month

Wheat traders are the most bearish since at least November as the outlook for bigger harvests in the Black Sea region, Australia and Europe is raising competition for export markets and sending prices lower.

Settlement Prices at PMEX were as follows with volumes at Rs. 3.73 billion with 12,939 lots traded:

GOLD: USD 1,379.1 /t oz
SILVER: USD 21.648 /t oz
CRUDE OIL: USD 96.98 / barrel
IRRI-6: Rs. 3,728 /100 kg
Palmolein: Rs. 4,464 / Mound
Sugar: Rs. 45.14/kg
Wheat: Rs. 3,229/100 kg
ICotton: US cents/pound 91.88

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