KARACHI: Renewed buying interest was
witnessed on the cotton market on Tuesday as many spinners rushed back to
replenish stocks which helped stabilise prices.Resumption of picking
operations, improved phutti (seed-cotton) arrivals into ginneries after Ahusra
holidays helped change the cotton trading outlook.Readily available lint
allowed steady flow of buying orders, helping the market record moderate to
active trading. However, due to shortage of quality lots many spinners were
unable to get stocks of their choice.
The rising demand also helped phutti prices stabilise in the range of
Rs2,800-3,000 per 40 kg for both Sindh and Punjab varieties.According to market
reports, cotton prices could come under pressure once phutti arrival surges.On
the global front, Indian cotton prices suddenly dropped on reports of higher
production figures. It was one of the biggest falls recorded in a single day as
prices declined by Rs800 per candy (356kg). The last price quoted was Rs46,000
per candy.
New York cotton was steady and some profit selling was noted in late evening
trading while Chinese cotton markets remained closed owing to Independence Day
holidays starting from Oct 1 to 7.The Karachi Cotton Association (KCA) spot
rates were unchanged at overnight level.The following deals were reported to
have changed hands on ready counter: 1,000 bales, Sanghar, at Rs5,600 to
Rs5,800; 1,000 bales, Tando Adam, at Rs5,600 to Rs6,800; 800 bales, Moro, at
Rs6,000; 1,000 bales, Nawabshah, at Rs6,000 to Rs6,075; 3,000 bales, Khairpur,
at Rs6,075 to Rs6,100; 800 bales, Rohri, at Rs6,100; 800 bales, Saleh Pat, at
Rs6,100; 600 bales, Khanpur, at Rs6,100; 800 bales, Bahawalpur, at Rs6,125; 600
bales, Bahawalnagar, at Rs6,125; 400 bales, Mailsi, at Rs6,125; 800 bales,
Rajanpur, at Rs6,150 to Rs6,175; and 400 bales, Mohammadpur Dewan, at Rs6,150
to Rs6,175.
Source: Business Recorder, Pakistan Wednesday, 04 October 2017