02 November 2011

Bangladeshi court hearing faces delays...

Despite the generally depressed sentiment currently, one or two cash intermediaries continue to remain optimistic and give some indications that prove they remain willing to speculate on a poor market. Many are now anticipating a very quiet and lacklustre November as there are the Eid holidays in Pakistan and Bangladesh, following this week’s Diwali festivities.

Adding to the uncertainty in the local markets is the announcement that the Bangladeshi court hearing has been delayed until two weeks time. This will ensure that Bangladesh will remain closed and absent from the market until at least the end of November, given the amount of time usually required to grant an extension and to obtain the necessary signatures on the court papers. This puts extra pressure on the breakers from India as they remain the influential buyers for the foreseeable future. The only good news to report this week is the strengthening of the Indian rupee against the U.S. Dollar, which has brought a welcome boost to local prices.

Source: Clarksons.net. 31 October 2011

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