Prices come down on cotton market

Prices of seedcotton in Sindh held the overnight level at Rs 1800-2400

September 15, 2012: A slight improvement was seen in phutti arrivals, which caused a modest fall in rates on the cotton market on Friday, dealers said. Official spot rate was unchanged at Rs 5650, they said. In the ready business, over 5000 bales of cotton changed hands between Rs 5600-5725, they said.

Prices of seedcotton in Sindh held the overnight level at Rs 1800-2400 and in the Punjab rates were at Rs 2000-2400, they added. Some experts said that phutti arrivals may improve further in coming days as heavy rains are not likely in both Sindh and Punjab. They also said that wet cotton is available these days and this factor may bring down prices in days to come.

An increase in estimate for the world stockpile by the US government, may also cause a decline in the rates slightly, if the country provides basic facilities to the textile industry, this will help in tackling the world competition and achieving the foreign exchange earning, they said. According to the Reuters, the US cotton futures bounced back up from below 73 cents on Thursday after US data revealed the country’s biggest weekly export sales since June, reducing a record surplus and strengthening weak demand. The benchmark December contract posted its first rise after three days of losses, settling up 0.3 percent at 73.53 cents per lb, hitting a session high of 74.13. Trading volumes were average at around 14,000 lots, half of the previous session’s hefty traffic.

The following deals reported: 1000 bales of cotton from Shahdad Pur sold at Rs 5650, 500 bales from Sanghar at Rs 5650, 500 bales from Mir Pur Khas at Rs 5650, 400 bales from Burewala at Rs 5600-5625, 200 bales from Bahawal Pur at Rs 5600, 600 bales from Vehari at Rs 5600-5675, 200 bales from Gaggo Mandi at Rs 5625, 400 bales from Mian Chano at Rs 5625/5725, 200 bales from Sahiwal at Rs 5625, 200 bales from Adda Floor at Rs 5650, 200 bales from Chaniot at Rs 5650, 200 bales from Samandari at Rs 5700, 200 bales from Haroonabad at Rs 5725 and 200 bales from Arif Wala at Rs 5725, said.

 

===========================================================================
The KCA Official Spot Rate for Local Dealings in Pak Rupees
---------------------------------------------------------------------------
FOR BASE GRADE 3 STAPLE LENGTH 1-1/32"
---------------------------------------------------------------------------
MICRONAIRE VALUE BETWEEN 3.8 TO 4.9 NCL
===========================================================================
Rate              Ex-Gin   Upcountry   Spot Rate    Spot Rate    Difference
For      	  Price     Ex-Karachi  Ex. KHI. As   Ex-Karachion 13.09.2012
===========================================================================
37.324 Kgs        5,650       155        5,805         5,805            NIL
---------------------------------------------------------------------------
Equivalent
---------------------------------------------------------------------------
40 Kgs            6,055       155        6,210         6,210            NIL
===========================================================================

 

Courtesy: BR

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More