Mills did not show any reluctance in purchasing of cotton on the local
market on Wednesday amid hovering fears of more price flare-up in days
to come, dealers said. The official spot rate was unchanged at Rs 8,600,
they added. In the ready session, around 8000 bales of cotton changed
hands between Rs 7550-8800, they said. Prices of seed cotton in Sindh
were at Rs 3000-3500, in Punjab seed cotton prices at Rs 3000-3600 and
in Balochistan prices were at Rs 3200-3500, they said.
According
to the market sources, sustained increase in daily essential items
forced buyers to make new deals without any delay. In the meantime, the
mills who have already bought cotton to meet their needs were on the
sidelines but some are still busy in replenishing their stock.
Whereas,
the ginners were ready to oblige them as prices were matching with
their psychological levels, they said, Cotton analyst Naseem Usman said
that sowing has started in Badin, Digri and parts of Lower Sindh,
Adds Reuters: ICE
cotton futures hit their highest level in 2019 on Tuesday due to
unfavourable weather conditions in West Texas, the biggest
cotton-growing region in the United States, amid hopes of progress in
US-China trade talks.
The front-month cotton contract on ICE
Futures US, settled up 0.16 cent, or 0.21 percent, at 77.89 cents per
lb. after hitting the highest price for the year, at 77.98 cents,
earlier in the session. Total futures market volume fell by 8,616 to
24,990 lots. Data showed total open interest fell 258 to 224,778
contracts in the previous session.
The following deals reported:
400 bales of cotton from Ghotki at Rs 8800, 200 bales from Mirpur
Mathelo at Rs 8750, same figure from Rohri at Rs 8600-8700, 600 bales
from Khanpur Mirus at Rs 8400, 400 bales from Sakrand at Rs 8450, same
figure from Kotri at Rs 8400, 1200 bales from Rahim Yar Khan at Rs 8800,
600 bales from Chani Goth at Rs 8750, 800 bales from Ahmedpur East at
Rs 8100-8200, 1000 bales from Bahawalpur at Rs 8000, 800 bales from
Faqeerwali at Rs 7800 and 400 bales from Bahawal Nagar at Rs 7550, they
said.
Source: Business Recorder, Pakistan Thursday, 28 March 2019