Panic selling by ginners seen on cotton market after PCGA report

cotton-marketNovember 05, 2013

Dry and hot weather caused increase in seed cotton arrivals, at the same time prices fell more on the cotton market on Monday, dealers said. The official spot rate was down by Rs 100 to Rs 6450, they said. Price of seed cotton of low type in Sindh per 40 kg were lower by Rs 200 to Rs 1600 while the fine variety was unchanged at Rs 2800, in Punjab rates low quality was unchanged at Rs 2600 while the best type depicted softness, losing Rs 50 to Rs 2900, dealers said. In the ready session, around 25,000 bales of cotton changed hands between Rs 5,200-6625, they said.

Leading analysts were of the view that the steady seed cotton arrivals are the basic reason behind the fresh decline in the prices. An official of the Pakistan Cotton Ginners Association (PCGA), commenting on an upward trend in phutti arrivals said that total production may be 12.5 million bales of cotton.

He also said that dry and hot weather caused early maturing of bowls but it is most likely that with the passage of time, seed cotton arrivals may depict fall in the coming days. Cotton analyst, Naseem Usman said that PCGA report showing that about 7.6 million bales have reached at the ginneries till October 1, 2013.

The following deals reported as 1000 bales of cotton from Mir Pur Khas at Rs 5200-5300, 200 bales from Kazi Ahmed at Rs 6200, 1200 bales from Khair Pur at Rs 6475-6500, 2000 bales from Khair Pur (BCI) at Rs 6500-6525, 800 bales from Upper Sindh at Rs 6475-6500, 1600 bales from Upper Sindh (BCI) at Rs 6500-6525, 1600 bales from Pir Mehal at Rs 6375-6400, 2000 bales from Hasil Pur at Rs 6400, 400 bales from Arif wala at Rs 6400, 1000 bales from Burewala at Rs 6450, 1600 bales from Mailsi at Rs 6400-6450, 600 bales from Toba Tek Sing at Rs 6400-6425, 400 bales from Chistian at Rs 6450, 2000 bales from Haroonabad at Rs 6450-6500, 1200 bales from Bahawal Nagar at Rs 6450-6500, 1200 bales from Jhang at Rs 6450-6475, 1200 bales from Bahawal Pur at Rs 6450-6500, 1000 bales from Rahim Yar Khan at Rs 6500, 1000 bales from Sadiqabad at Rs 6500, 1200 bales from Rajan Pur at Rs 6550 and 1200 bales from Mian Wali at Rs 6550-6625, they added.

 

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The KCA Official Spot Rate for Local Dealings in Pak Rupees
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FOR BASE GRADE 3 STAPLE LENGTH 1-1/32"
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MICRONAIRE VALUE BETWEEN 3.8 TO 4.9 NCL
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Rate              Ex-Gin   Upcountry   Spot Rate    Spot Rate    Difference
For      	  Price    Ex-Karachi  Ex. KHI. As   Ex-Karachion 02.11.2013
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37.324 Kgs        6,450       155        6,705        6,605            -100
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Equivalent
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40 Kgs            6,912       155        7,175        7,067            -108
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Courtesy Business Recorder

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