October 17, 2017

Sustained buying fails to dent cotton prices steeply.

Sustained purchasing of lint failed to dent rates on the cotton market on Monday in the process of trading, dealers said. The official spot rate was inert at Rs 6100, they said.

In the ready session, around 30,000 bales of cotton changed hands between Rs 5450-6250, they said. In Sindh seed cotton prices were unchanged at Rs 2700-3000, in the Punjab rates depicted no variation at Rs 2800-3050, as per 40 kg, they said.


According to the market sources, strong demand by mills and spinners helped the rates to maintain present levels. Cotton analyst, Naseem Usman said that there were high anticipations regarding the fall in rates, but in fact, quality factor did not allow ginners to bring down prices. It's peak season so that arrivals are steady and the buyers were laying land over the fine quality lint to replenish their stock.


The following deals were reported to have hanged hands on the ready counter: 2000 bales from Rohri at Rs 6150/6200, 5000 bales from Khairpur 6125/6175, 1000 bales from Ghotki at Rs 6200/6250, 1000 bales from Dharki at Rs 6200/6250, 1000 bales from Shahdadpur at Rs 5450/5850, 2000 bales from Sanghar at Rs 5450/5800, 400 bales from Khipro at Rs 5450, 200 bales from Chani Goth at Rs 6200, 1200 bales from Dera Ghazi Khan at Rs 6200, 400 bales from Muhammadpur Deewan at Rs 6200, 600 bales from Noorpur Nauranga at Rs 6200, 1800 bales from Rajanpur at Rs 6200, 200 bales from Jalalpur at Rs 6175, 200 bales from Ahmedpur at Rs 6150, 200 bales from Layyah at Rs 6150, 200 bales from Mian Channu at Rs 6150, 1800 bales from Burewala at Rs 6125/6150, 1800 bales from Mianwali at Rs 6100/6125, 400 bales from Multan at Rs 6130, 200 bales from Vehari at Rs 6125, 200 bales from Faqirwali at Rs 6100, 400 bales from Chichawatni at Rs 6100, 200 bales from Bahawal Nagar at Rs 6100, 600 bales from Bahawalpur at Rs 6075, 400 bales from Hasilpur at Rs 6075, 600 bales from Fort Abbas at Rs 6075, 400 bales from Marot at Rs 6075, 400 bales from Chistian at Rs 6050, 400 bales from Khanewal at Rs 6075, 200 bales from Haroonabad at Rs 6050 and 2000 bales from Rahim Yar Khan at Rs 6200/6250, they said.