By admin       2017-11-23

Seed cotton prices went up on the cotton market on Wednesday in the process of moderate trading activity, dealers said. The official spot rate was inert at Rs 6,500, they said. In the ready session, over 22,000 bales of cotton changed hands between Rs 6175-6985, they said. In Sindh seed cotton prices posted fresh gains at Rs 2800-3300, in the Punjab rates followed same pattern at Rs 2800-3450, as per 40 kg, they said. Some experts said that mills and spinners did not show any hesitant in finalising new deals owing to the fears of short crop of lint cotton. According to the Pakistan Central Cotton Committee (PCCC), cotton picking has accelerated in Punjab and better yield are being harvested. Pest infection is being managed through various chemistries, so as a whole no significant losses have been reported. The PCCC also reported that during the same period in Sindh districts Pink Boll Worm and heavy rains damaged quality of cotton. Whereas, cotton related officials urged the government to begin sowing of pure quality seed of cotton. Cotton analyst, Naseem Usman said that import of cotton from India may bring prices down in the coming days. Adds Reuters: ICE cotton futures slipped on Tuesday, snapping a four-day streak of gains as investors took profits after a rally fuelled by short-covering pushed prices to over two-month highs earlier in the session. Cotton contracts for March settled down 0.71 cent, or 1.00 percent, at 70.14 cents per lb. It traded within a range of 69.53 and 71.34 cents a lb, its highest since September 12. Total futures market volume fell by 2,798 to 49,306 lots. Data showed total open interest gained 3,934 to 227,888 contracts in the previous session. The following deals were reported to have changed hands on the ready counter: 600 bales from Tando Adam at Rs 6200/6300, 200 bales from Kazi Ahmed at Rs 6200, 1600 bales from Ghotki at Rs 6800/6900, 1600 bales from Dherki at Rs 6900, 800 bales from Rohri at Rs 6550/6600, 800 bales from Salehpat at Rs 6550/6600, 1000 bales from Khairpur at Rs 6450/6500, 800 bales from Mirpur Mathiro at Rs 6800/6900, 200 bales from Mian Channu at Rs 6985, 5200 bales from Rahim Yar Khan at Rs 6900/6950, 800 bales from Sadiqabad at Rs 6950, 400 bales from Fazilpur at Rs 6950, 600 bales from Liaquatpur at Rs 6900/6925, 200 bales from MP Dewan at Rs 6900, 200 bales from Bahawalpur at Rs 6800, 600 bales from Fort Abbas at Rs 6600, 3200 bales from Mianwali at Rs 6600, 200 bales from Yazman Mandi at Rs 6600, 800 bales from Haroonabad at Rs 6175/6550 and 1000 bales from Vehari at Rs 6400, they said.

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