September 06, 2019

Trade activity falls on cotton market.

Trade activity came down on the cotton market on Thursday as most of the buyers were on the sidelines owing to less interest in fresh deals, dealers said.

The official spot rate was higher by Rs 100 to Rs 8100, they added. In ready session, over 7000 bales of cotton changed hands between Rs 7750 and Rs 8615, they said.

 

Rates of seed cotton per 40kg in Sindh were at Rs 3000-3600, in Punjab prices were at Rs 3200-3900, they said. In Balochistan, seed cotton prices were at Rs 3600-3700, they said.

 

In Sindh, Binola prices per maund were at Rs 1400-1550 and in Punjab rates were at Rs 1550-1650, they said and adding that polyester fibre per kg rates were at Rs 180.

 

Market sources said that major buyers showed no interest in new deal due to quality factor.

 

Cotton analyst, Naseem Usman said that recent rains in country, hurt the standing cotton crop in the field.

 

Adds Reuters: ICE cotton futures inched up on Wednesday but were stuck in a small range because of a lack of demand for the natural fiber and improving crop conditions in the United States.

 

The cotton contract for December settled up 0.35 cent, or 0.60%, at 58.21 cents per lb as of 02:18 pm EDT (1849 GMT), after two straight sessions of losses. It traded within a range of 57.84 and 58.79 cents a lb.

 

Total futures market volume fell by 11,248 to 17,803 lots. Data showed total open interest gained 979 to 223,107 contracts in the previous session.

 

The following deals reported: 1000 bales of cotton from Tando Adam at Rs 7750, 800 bales from Shahdadpur at Rs 7750/7775, 400 bales from Jhol at Rs 7775, 400 bales from Kotri at Rs 7800, 200 bales from Maqsoodo Rind at Rs 7850, 1200 bales from Khanewal at Rs 8600/8615, 800 bales from Rajanpur at Rs 8425/8500, 600 bales from Vehari at Rs 8400/8500, 400 bales from Lodhran at Rs 8435, 200 bales from Burewala at Rs 8400, 800 bales from Chichawatni at Rs 8400, 400 bales from Haroonabad at Rs 8400, 400 bales from Shujabad at Rs 8400, 200 bales from Hasilpur at Rs 8300 and 200 bales from Gojra at Rs 8250, they said.

September 05, 2019

 

August 25, 2019

Forecast of more rains pushes cotton prices higher.

Forecast of more rains in both Sindh and Punjab pushed the rates further higher on the cotton market on Saturday in the process of trading activity, dealers said.

The official spot rate was unchanged at Rs 8000, they added. In ready session, over 7000 bales of cotton changed hands between Rs 8000 and Rs 8400, they said. Rates of seed cotton per 40kg in Sindh were at Rs 3300-3600, in Punjab prices were at Rs 3500-4100, they said. In Balochistan, seed cotton prices were at Rs 3600-3700, they said.

 

In Sindh and Punjab, Binola prices per maund were at Rs 1500-1600, they said and adding that polyester fibre per kg rates were at Rs 187. According to market sources, predictions of more rains in the country forced mills to make new deals to meet their needs. Where as, cotton analyst, Naseem Usman said that in the late evening, prices started showing weakness following the escalation of trade war between US and China. He said that cotton business will come under the impact of US-China trade war.

 

Besides, other brokers said that phutti arrivals will improve as the Hindu women pickers, celebrating religious festival, will come back on their work. Adds Reuters: ICE cotton futures fell over 1% on Friday on fears of escalation in a trade spat between the United States and China after US President Donald Trump threatened to counter a new round of retaliatory tariffs from Beijing.

 

Cotton contracts for December fell 0.71 cent, or 1.20 %, at 58.23 cents per lb at 01:43 pm EDT (1743 GMT). Total futures market volume rose by 511 to 17,439 lots. Data showed total open interest gained 528 to 216,481 contracts in the previous session.

 

Following deals were reported: 1000 bales of cotton from Shahdadpur at Rs 8000/8050, 2200 bales from Tando Adam at Rs 8000/8100, 400 bales from Mirpurkhas at Rs 8000, 600 bales from Nawabshah at Rs 8000/8050, 800 bales from Khanewal at Rs 8325/8400, 600 bales from Mian Channu at Rs 8325/8350, 600 bales from Pak Pattan at Rs 8200, 400 bales from Burewala at Rs 8100, 400 bales from Chichawatni at Rs 8100 and 200 bales from Hasilpur at Rs 8075, they said.

August 24, 2019

Cotton prices up on improved demand by mills.

Prices showed further improvement on the cotton market on Friday in the process of trading activity, dealers said. 

The official spot rate was higher by Rs 100 to Rs 8000, they added. In ready session, over 12000 bales of cotton changed hands between Rs 7850 and Rs 8300, they said. Rates of seed cotton per 40kg in Sindh were sharply higher by Rs 300 to Rs 3300-3600, in Punjab prices were at Rs 3500-4100, they said. In Balochistan, seed cotton prices were up by Rs 100 to Rs 3600-3700, they said.

 

In Sindh and Punjab, Binola prices per maund were at Rs 1500-1600, they said and adding that polyester fibre per kg rates were at Rs 187.

 

According to the market sources, phutti supply was halted by the absence of Hindu women pickers, who were on leave to celebrate a festival.

 

This factor helped the rates to go up, cotton analyst, Naseem Usman said. Besides, according to private sector estimate the cotton production target may be at about 12.5 million bales for the current year, he added.

 

Adds Reuters: ICE cotton futures fell over 1% on Thursday after weak export sales data, adding to worries over demand for the natural fiber, which has already been hurt by a drawn-out trade war between the United States and China.

 

Cotton contracts for December fell 0.85 cent, or 1.42%, to 59.09 cents per lb at 1 pm EDT (1700 GMT).

 

Total futures market volume fell by 7,749 to 11,595 lots. Data showed total open interest gained 2,308 to 215,953 contracts in the previous session.

 

Following deals were reported: 1600 bales from Shahdadpur at Rs 7900-8000, 1400 bales from Tando Adam, 1000 bales from Sanghar, 1400 bales from Nawabshah, 1000 bales from Hyderabad all done at the same rate, 2000 bales from Mirpurkhas at Rs 7850-8000, 200 bales from Shujaabad at Rs 8300, 200 bales from Samandari at Rs 8250, 600 bales from Burewala at Rs 8200, 1600 bales from Chihawatni, 600 bales from Haroonabad, 400 bales from Sadiqabad all finalised at the same rate, 200 bales from Hasilpur at Rs 8100-8200 and 800 bales from Vehari at Rs 8100, they said.