Rains curtail trade activity on cotton market

February 05, 2013

Business activity came down on the

Cotton Market
Cotton Market

market on Monday as ginners raised asking prices after fresh rains in both Punjab and Sindh, dealers said. Official spot rate was unchanged at Rs 6,100. In Sindh rates were at Rs 1,800-2,800, while in Punjab prices were higher at Rs 2,000-3,000, they said. In ready business, over 6,000 bales of cotton changed hands between Rs 5900-6200, they added.

Market sources said that just after the rains the ginners in Sindh and Punjab raised the prices, but the mills did not oblige them as they were anticipating that sporadic rains might stop in a couple of days and then the buyers would keep rates at certain level, they said. In the meantime, Cotton Analyst Naseem Usman said that ginners were likely to adopt cautious attitude as supply was short of demand.

The following deals were reported: 200 bales from Shah Pur Chakar at Rs 5,950, same figure from Shah Pur at the same rate, 1,000 bales from Kandro (conditional) at Rs 6,100, 600 bales from Burelawa at Rs 5,900, 1,000 bales from Faqir Wali at Rs 5,900-6,000, same figure from Haroonabad at Rs 5,900-6,100, 2,000 bales from Khanewal at Rs 5,950-6,100 and 600 bales from Burewala (conditional) at Rs 6,200, they 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-Karachi on 02.02.2013 =========================================================================== 37.324 Kgs 6,100 155 6,255 6,255 NIL ————————————————————————— Equivalent ————————————————————————— 40 Kgs 6,537 155 6,692 6,692 NIL ===========================================================================

Courtesy: BR

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