Jun 17, 2017
KARACHI: Mills were busy in fresh buying of quality lint at the present levels because prices are matching with the present levels, dealers said on the cotton market on Wednesday. The official spot rate maintained overnight level at Rs 6000, dealers said. In Sindh, seed cotton prices were unchanged at Rs 2200-3150, they said, in Punjab, phutti rates inert at Rs 2800 and Rs 3350, as per 40 kg, they added. In ready business, over 34,000 bales of cotton changed hands between Rs 5500-6275, they said.
Cotton analyst, Naseem Usman said that the supply of seed cotton was strong and it is expected that prices will hold the present levels till the end of current year. Sharing the same views, other experts said that this factor is encouraging ginners and growers, because current rates of seed cotton are matching with their psychological levels. Main buyers were trying to lay hand over the fine cotton as much as they can, they said that fall in fine quality cotton is inducing them to continue purchase of cotton.
Adds Reuters: Cotton futures rose for the second straight session on Tuesday, climbing over 1.5 percent with buying in China triggered by concerns about crop damage due to bad weather there.
The following deals reported: 1000 bales from Sanghar at Rs 5550, 800 Shahdadpur at Rs 5550, 800 bales from Tando Adam at Rs 5500/5550, 600 bales from Khipro at Rs 5600, 200 bales from Nawabshah at Rs 5700, 1400 bales from Khairpur at Rs 5975/6000, 2000 bales from Salehpat at Rs 6000/6100, 2000 bales from Rohri at Rs 6000/6200, 1000 bales from Dharki at Rs 6225/6275, 1000 bales from Mirpur Mathilo at Rs 6225/6275, 800 bales from Ghotki at Rs 6275, 1200 bales from Mianwali at Rs 6000, 1000 bales from Kassowal at Rs 6100, 1000 bales from Khanewal at Rs 6100, 1600 bales from Mianchano at Rs 6100, 400 bales from Karor Pacca at Rs 6125, 400 bales from Shadan Lund at Rs 6125, 3200 bales from Layyah at Rs 6150, 1000 bales from Hasilpur at Rs 6175/6250, 400 bales from Shujabad at Rs 6200, 2200 bales from Haroonabad at Rs 6200, 1600 bales from Fort Abbas at Rs 6200/6220, 1000 bales from Chistian at Rs 6200/6220, 800 bales from Jalalpur at Rs 6200/6225, 600 bales from Faqirwali at Rs 6200/6225, 200 bales from Sher Sultan at Rs 6210, 600 bales from Mohammedpur Dewan at Rs 6215, 800 bales from Maroot at Rs 6220, 600 bales from Yazman Mandi at Rs 6225, 400 bales from Noorpur at Rs 6225 and 800 bales from Sadiqabad at Rs 6250/6275, dealers said. (Source: Business Recorder)