July 24, 2019

Persistent demand pushes cotton prices up.

Persistent demand pushed the rates of cotton higher on the cotton market on Tuesday in the process of trading activity, dealers said.

The official spot rate maintained weekend rising trend, gaining Rs 100 to Rs 8550, they added. In ready session, around 15,000 bales of cotton changed hands between Rs 8500-8725, they said. Rates of seed cotton per 40kg from Sindh and Punjab were at Rs 3700-4100, they said.

 

In Sindh and Punjab, Binola prices per maund were at Rs 1500-1550, they said and adding that polyester fibre per kg rates were at Rs 203 due to lack of buying interest, they said. According to market sources, in fact, Phutti arrivals in Sindh are satisfactory, but in Punjab arrivals of seed cotton affected by heavy rains as well as, shortage of trucks which are now diverted towards the haulage of sacrificial animals ahead of Eid-ul-Azha. Cotton analyst, Naseem Usman said that increase in rates may continue in the coming days due to shortage problem.

 

Adds Reuters: ICE cotton futures on Monday firmed above three-year lows hit last week as some speculators covered their short positions after intense selling with focus on US-China trade talks.

 

The most-active cotton contract on ICE Futures US, the second-month December contract, settled up 0.29 cent, or 0.46%, at 63.36 cents per lb. Total futures market volume fell by 2,021 to 19,812 lots. Data showed total open interest gained 1,838 to 197,259 contracts in the previous session. The following deals reported: 1600 bales of cotton from Sanghar at Rs 8600, 2200 bales from Tando Adam at Rs 8550/8650, 1200 bales from Shahdadpur at Rs 8550/8650, 800 bales from Mirpurkhas at Rs 8550, 800 bales from Hyderabad at Rs 8550/8600, 200 bales from Shahpur Chakar at Rs 8600, 400 bales from Jam Sahab at Rs 8500/8550, 200 bales from Khadro at Rs 8600, 400 bales from Sinjoro at Rs 8600, 600 bales from Mian Channu at Rs 8700, 2000 bales from Chichawatni at Rs 8700/8725, 800 bales from Hasilpur at Rs 8700, 1000 bales from Burewala at Rs 8650/8700, 300 bales from Jhang at Rs 8650/8675, 800 bales from Vehari at Rs 8650/8700, 200 bales from Ahmedpur East at Rs 8650, 200 bales from Pir Mehal at Rs 8700 and 200 bales from Gojra at Rs 8700, they said.