By admin       2017-12-11

Subdued business was witnessed on the cotton market on Friday as some leading buyers relaxed on issuance of import permit to Indian cotton, dealers said. The official spot rate was unchanged at Rs 6,600, they said. In ready session, over 6,000 bales of cotton changed hands between Rs 6400-7000, they said. In Sindh, seed cotton prices were same at Rs 2700-3200, in the Punjab, rates also held the overnight levels at Rs 2700-3300, as per 40 kg, they said. Market sources said that there was no panic for buying of lint cotton as the Plant Protection Department (PPD) has now began to issue import permit to Indian cotton, starting from January 1 to March 30. Cotton analyst, Naseem Usman observed that trading activity may not show any visible improvement in the near future, in the meantime, buyers who want to cover their immediate requirement will make deals, if rates match with their psychological levels. Adds Reuters: ICE cotton futures climbed 2 percent on Thursday, touching a seven-month high, as investors rolled over their position to the March contract after expiry of December, with stronger cotton shipments pushing the prices up further. "December cotton expired yesterday at 75.17 cents and March was at a discount to that ... so March is coming up to where December concluded," said Keith Brown, principal at cotton brokers Keith Brown and Co in Moultrie, Georgia. Cotton contracts for March settled up 1.51 cents, or 2.08 percent, at 74.23 cents per lb. It traded within a range of 72.1 and 74.27 cents a lb - its highest level since May 4. The contract also posted its biggest one-day percentage rise since November 20. Total futures market volume rose by 15,818 to 34,322 lots. Data showed total open interest gained 668 to 249,869 contracts in the previous session. The following deals reported: 1000 bales of cotton from Saleh Pat at Rs 6575/6700, 400 bales from Kot Sabzal at Rs 7000, 1200 bales from Rahim Yar Khan at Rs 6800/6900, 200 bales from Sadiqabad at Rs 6900, 400 bales from Khanpur at Rs 6800/6900, 600 bales from Alipur at Rs 6900, 400 bales from Shujabad at Rs 6800, 200 bales from Liaquatpur at Rs 6800 and 2000 bales from Haroonabad at Rs 6400, they said.

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