Steady trend was seen on the cotton market on Thursday in the process of
improved trading activity, dealers said. The official spot rate was
unchanged at Rs 8300, they added. In ready session, around 8,000 bales
of cotton changed hands between Rs 8400-8575, they said. Rates of seed
cotton per 40 kg from Lower Sindh were at Rs 3700-4100 and in Punjab
prices were at Rs 3700-4200, they said.
In Sindh, Binola per
maund prices were at Rs 1450-1500 and in Punjab rates were at Rs
1500-1600, they said and adding that polyester fibre per kg rates were
at Rs 205 amid better demand, they said. According to the market
sources, ginners were showing some hesitance in selling of fine quality
at the present rate. Slight decline in arrivals of seed cotton,
propelling them to take a sideline and wait for further increase in
prices, they added.
The cotton analyst, Naseem Usman said that
monsoon rains are beneficial in the Punjab, but if rains continue for a
long time, this factor may damage the standing crop. Adds Reuters: ICE
cotton futures slumped to fresh three-year lows on Wednesday, pressured
by speculative selling on the back of projections for higher output amid
weaker demand for the natural fibre.
The most-active cotton
contract on ICE Futures US, the second-month December contract settled
down 0.57 cent, or 0.90 %, at 62.49 cents per lb. Earlier in the
session, the second month contract touched 62.32 cents, its lowest since
May 2016. Total futures market volume fell by 1,328 to 15,816 lots.
Data showed total open interest gained 799 to 191,112 contracts in the
previous session.
The following deals reported: 2400 bales of
cotton from Tando Adam at Rs 8450, 200 bales from Shahdadpur at Rs 8400,
1400 bales from Sanghar at Rs 8400/8450, 400 bales from Noabad at Rs
8400, 400 bales from Hyderabad at Rs 8450, 600 bales from Kotri at Rs
8400/8450, 200 bales from Jhole at Rs 8400, 1300 bales from Chichawatni
at Rs 8530/8575 and 200 bales from Haroonabad at Rs 8550, they said.
Source: Business Recorder, Pakistan Friday, 19 July 2019