By admin       2017-11-02

Rates gained momentum on the cotton market on Tuesday amid rising demand by mills, dealers said. The official spot rate was unchanged at Rs 6300, they said. In the ready session, over 25,000 bales of cotton changed hands between Rs 6200-6550, they said. In Sindh seed cotton prices were at Rs 2800-3100, in the Punjab rates were at Rs 2950-3250, as per 40 kg, they said. Market sources said that mills and spinners tried to make fresh deals to replenish their stock. Cotton analyst, Naseem Usman said that higher-than-expected cotton crop is likely this year, despite this the buyers were not reluctant in laying hands over the fine lint. He also said that the buyers were waiting for the outcome of Wednesday's Cotton Crop Assessment Committee (CCAC) meeting. Phutti arrivals may depict an upward trend in the Pakistan Cotton Ginners' Association (PCGA) fortnightly report. Adds Reuters: ICE cotton futures edged up on Monday as concerns of crop damage in top producer Texas persisted, ahead of crop progress data from the US government. Cotton contracts for December settled up 0.44 cent, or 0.65 percent, at 68.64 cents per lb. It traded within a range of 67.95 and 69.2 cents a lb. The contract registered its biggest one-day percentage gain since October 23. Total futures market volume rose by 5,282 to 25,975 lots. Data showed total open interest fell 6 to 231,356 contracts in the previous session. The following deals were reported to have hanged hands on the ready counter: 1000 bales of cotton from Ghotki at Rs 6450/6550, 1000 bales from Dherki at Rs 6450/6550, 2000 bales from Rohri at Rs 6300/6350, 2000 bales from Saleh Pat at Rs 6350/6400, 3600 bales from Rahim Yar Khan at Rs 6400/6450, 800 bales from Khanpur at Rs 6450, 400 bales from Rajanpur at Rs 6450, 400 bales from Sadiqabad at Rs 6450, 200 bales from Liaquatpur at Rs 6450, 400 bales from D. G. Khan at Rs 6400, 400 bales from Fazilpur at Rs 6400, 200 bales from Ghazi Ghat at Rs 6400, 1200 bales from Yazman Mandi at Rs 6350/6375, 400 bales from Alipur at Rs 6350, 600 bales from Shujabad at Rs 6350, 800 bales from Mianwali at Rs 6300/6325, 200 bales from Jangh at Rs 6300, 400 bales from Khanka Shareef at Rs 6300, 800 bales from Layyah at Rs 6200/6300, 200 bales from Bahwalpur at Rs 6250, 600 bales from Dharanwala at Rs 6250, 600 bales from Fort Abbas at Rs 6250, 1000 bales from Fort Abbas at Rs 6250, 2600 bales from Haroonabad at Rs 6200/6250, 400 bales from Hasilpur at Rs 6250, 600 bales from Khanewal at Rs 6250, 1200 bales from Chistian at Rs 6200, 100 bales from Gojra at Rs 6200 and 200 bales from Mongi Bangla at Rs 6200, they said.

Download App

# #

Member Login