November 27, 2014 RECORDER REPORT
Prices likely to show improvement as the Trading Corporation of Pakistan (TCP) has started lifting cotton to stabilise the rates, dealers said on Wednesday. The official spot rate maintained overnight level at Rs 4,800, they added. In the ready session, over 20,000 bales of cotton changed hands between Rs 4450-5100, they said.
In Sindh, rates were unchanged at Rs 1600 and Rs 2400, in Punjab prices firmly held the overnight levels at Rs 2200 and Rs 2600, they said.
Some brokers said that apparently, the TCP is looking more active to stabilise prices but it is difficult to predict about the direction of market. Cotton analyst, Naseem Usman said that the mills were making deals to meet their demand and the ginners willing or unwilling selling to keep themselves away from further losses.
Reuters adds: Cotton futures rose on Tuesday in sympathy with climbing grains markets in Chicago and equities markets world-wide. The benchmark March cotton contract on ICE Futures US closed up 0.5 cent, or 0.9 percent, at 59.31 cents a lb, gaining throughout much of the session as it recovered from dropping to an over five-year low of 58.53 cents on Monday.
Trading volumes were again subdued ahead of the US Thanksgiving Day Holiday on Thursday when cotton trading would be closed.
The following deals reported: 200 bales from Bandhi at Rs 4500, 400 bales from Nawabshah at Rs 4500, 200 bales from Dadu at Rs 4775, 2000 bales from Upper Sindh at Rs 4850/4900, 400 bales from Dharanwala at Rs 4875, 1200 bales from Haroonabad at Rs 4875/4900, 400 bales from Hasilpur at Rs 4900, 200 bales from Chistian at Rs 4900, 400 bales from Fort Abbas at Rs 4925, 800 bales from Faqirwali at Rs 4925, 400 bales from Multan at Rs 4950, 400 bales from Mian Chano at Rs 4950, 400 bales from Tonsa Sharif at Rs 5000, 1000 bales from Ahmedpur at Rs 5000, 1400 bales from Alipur at Rs 5000, 1000 bales from Dera Ghazi Khan at Rs 5000-5050, 600 bales from Liaquatpur at Rs 5025, 2000 bales from Rahim Yar Khan at Rs 5025-5050, 1000 bales from Rajanpur at Rs 5025-5050, 1400 bales from Layyah at Rs 5025-5050, 3000 bales from Sadiqabad at Rs 5050, 1000 bales from Yazman Mandi at Rs 5050, 1000 bales from Feroza at Rs 5075, 1400 bales from Mianwali at Rs 5100 and 1600 bales from Bahawalpur at Rs 5000-5050, they said. (Source: Business Recorder)