Prices up amid improved activity on cotton market
March 31, 2013
Prices went higher on the cotton market on Saturday amid improved business and it was more likely that the activity might pick up as traders participating in cotton fair in China returned back, dealers said. The official spot rate was unchanged at Rs 6,900, they said. Rates of seed cotton in Sindh were unchanged at Rs 2,200 and 2,800, in the Punjab prices were also inert at Rs 2,200 and Rs 3,200, they said.
In the ready business, over 8,000 bales of cotton changed hands between Rs 6,200 and Rs 7300, they said. Cotton analyst, Naseem usman said that cotton sowing delayed in Sindh and the Punjab due to unfavourable weather in the country. This year, the United States cutting down 20 percent sowing to stabilise prices and instead of cotton, the US was preparing to cultivate other crops, such as soya and corn due to rising demand, other analysts said. The ginners had only seven lakh of unsold stock, which was not enough because the country was already facing shortage of that commodity, they said.
The following deals were reported: 300 bales of cotton from Shahdadpur sold at Rs 6,500, 4,000 bales of cotton from Nawabshah (credit) at Rs 7,600, 200 bales from Lodhran at Rs 6,200, 1,200 bales from Bahawal Pur at Rs 6,400-7,000, 400 bales from Vehari at Rs 6,450, 200 bales from Layyah at Rs 6,450, same figure from Garhama Raja at Rs 6,700, 1,000 bales from Yasman Mandi at Rs 6,850-7,000 and 968 bales from Mir Pur Dewan (conditional) at Rs 7,300, 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-Karachion 29.03.2013 =========================================================================== 37.324 Kgs 6,900 155 7,055 7,055 NIL --------------------------------------------------------------------------- Equivalent --------------------------------------------------------------------------- 40 Kgs 7,395 155 7,550 7,550 NIL ===========================================================================
Source Business Recorder
Published: Zarai Media Team