The supply of kinoo has started increasing to Punjab’s wholesale markets from farms, while the quality and taste of the fruit is also improving, a trader said on Tuesday.
“Kinoo and other citrus fruit supplies have increased to 35 to 40 trucks per day to Karachi’s wholesale markets from 10 to 15 trucks about a week ago,” Haji Shahjahan Shaikh, president of Karachi Wholesale Market of Vegetables and Fruits at Super Highway, said.
He said that the supply of the fruit will increase in January.“Karachi’s wholesale markets will receive about 100 to 125 trucks of the fruit everyday in January,” he said. “One truck contains 15 tons of citrus fruit.” He added that wholesale markets have been selling a single box with 80 to 100 kinoos for Rs500 to Rs700, depending on its size and quality.
“Pakistan is estimated to produce 2.1 million tons of kinoo this year, which would be 17 percent higher than 1.8 million tons produced last year,” he said.
Gold gains on weaker dollar
Gold edged up to a near one-week high on Tuesday as the dollar weakened, but trading was subdued as investors turned their attention to a US Federal Reserve policy meeting next week.
Volumes in the futures market and the physical market were thin as investors waited on the sidelines for a clearer outlook on the US central bank´s commodity-friendly monetary stimulus measures.
Spot gold had risen 0.4 percent to $1,245.06 an ounce by 0728 GMT. Earlier in the session, it climbed to $1,247 – its highest since Dec. 4.
The metal had logged gains over the last two sessions on short-covering, technical-selling and some fund-buying. “The short-term bullishness is unlikely to last through next week as speculators are likely to trade with more caution closer to the last FOMC meeting of the year,” said Joyce Liu, investment analyst at Phillip Futures Pte Ltd, referring to the Federal Open Market Committee.
Brent rises towards $110
Brent crude rose toward $110 a barrel on Tuesday, recouping some of the previous session´s sharp losses, as data from China reaffirmed signs of stabilising growth and fuel demand in the world´s second-largest oil consumer.
China´s implied oil demand rose 1.5 percent in November to about 9.94 million barrels per day (bpd) from October and was the highest level in five months, according to Reuters calculations based on government data.
Brent crude for January gained 20 cents to $109.55 a barrel by 0751 GMT, after a 2 percent drop on Monday, its biggest daily loss since Nov. 1 when it fell 2.7 percent.
US crude futures were at $97.69 a barrel, up 35 cents, after their first decline in seven sessions on Monday.”
If you look at the sequential growth, China´s oil demand is stabilising,” said Sijin Cheng, analyst at Barclays Capital.
Cotton trading improves
By our correspondent
Trade turnover of cotton improved to 23,400 bales (155 kilograms each), as the majority of spinning mill-owners returned to the local markets, a dealer said on Tuesday. “The spinning mill-owners are returning to cotton markets in search for quality cotton. The situation helped in improving trade turnover,” a broker at the Karachi Cotton Exchange said. He said that some of the local markets have started reporting quality issues though Pakistan is all set to produce bumper crop this year. Traders exchanged a total of 23,400 bales at Rs6,400 to Rs6,750 per maund (37.324 kilograms) as compared to 7,800 bales traded at Rs6,350 to Rs6,750 per maund a day ago, the Karachi Cotton Association (KCA) reported. Meanwhile, the KCA kept its cotton spot (average) rate unchanged for the second consecutive day at Rs6,450 per maund. At New York cotton market, December futures contract lowered by 0.05 cents per pound to 80.36 cents, while March futures contract went up by 0.03 cents per pound to 80.69 cents, it said.
Palm oil edges up
Malaysian palm oil futures edged up on Tuesday as investors took positions just ahead of a key industry report on stocks and output in the world´s second-largest producer, but weak exports put a lid on gains. Exports of Malaysian palm oil products for Dec. 1-10 plunged nearly 20 percent compared with the same period last month, cargo surveyor Intertek Testing Services showed, as demand to top consumers India and China weakened.
Palm oil shipments to Europe also fell steeply as buyers cut back purchases of the tropical oil that solidifies in winter.Industry regulator Malaysian Palm Oil Board (MPOB) will release official data on Malaysia´s November stocks, production and exports after Tuesday´s midday break. Market participants expect palm inventories to rise due to weaker export demand last month.
Source: The NEWS