December 13, 2017

Cotton prices rise on dollar’s surge.

Prices went up on the cotton market on Tuesday as the rupee continued to fall versus the dollar, dealers said. The official spot rates gained Rs 100 to Rs 6,700, they said. 

In the ready session, nearly 25000 bales of cotton changed hands between Rs 6100-Rs 7100, they said.

 

In Sindh, seed cotton prices were at Rs 2800-3300, in the Punjab, rates were at Rs 2800-3400, as per 40 kg, they said. According to the market sources, rate up on upward trend in the dollar's value. It is expected that trading activity may not pick up, as the buyers may be on the sidelines to observe latest developments, they said.

 

Adds Reuters: ICE cotton futures fell 1 percent on Monday, after hitting a seven-month peak in the previous session, as higher prices kept investors at bay ahead of a key monthly crop report. Cotton contracts for March settled down 0.72 cent, or 0.98 percent, at 73 cents per lb. They traded within a range of 72.8 cents and 73.83 cents a lb.

 

Total futures market volume fell by 8,587 to 23,432 lots. Data showed total open interest gained 1,688 to 253,097 contracts in the previous session. The following deals reported: 600 bales of cotton from Shahdadpur sold at Rs 6100/6200, 2000 bales from Khairpur at Rs 6500/6550, 1000 bales from Saleh Pat at Rs 6650/6800, 1400 bales from Rohri at Rs 6650/6700, 1000 bales from Dherki at Rs 7050/7100, 1800 bales from Ghotki at Rs 7050/7100, 600 bales from Mirpur Mathelo at Rs 7050/7100, 400 bales from Khanpur Meher at Rs 7050, 1200 bales from Khairpur at Rs 6500, 5000 bales from Khanpur Meher at Rs 7075/7100, 3200 bales from Rahim Yar Khan at Rs 7000/7100, 2200 bales from Sadiqabad at Rs 7000/7100, 1000 bales from Kot Sabzal at Rs 7100, 400 bales from Sanjanpur at Rs 7050, 2600 bales from Ahmedpur East at Rs 7000, 800 bales from Liaquatpur at Rs 6900, 1000 bales from D. G. Khan at Rs 6900, 200 bales from Muzzafargarh at Rs 6800, 600 bales from Mian Channu at Rs 6800, 2800 bales from Bahawalpur at Rs 6300/6600, 2600 bales from Faqirwali at Rs 6450/6475, 600 bales from Fort Abbas at Rs 6475, 1800 bales from Haroonabad at Rs 6400/6500, 1800 bales from Mianwali at Rs 6350/6675 and 400 bales from Chichawatni at Rs 6225, they said.