Cotton market: ginners facing losses despite TCP intervention
No extraordinary trading activity was seen on the cotton market on Friday as mills did routine buying to meet their needs, dealers said. The official spot rate halted further losses, showing no change at Rs 4,650, they said. The seed cotton prices in Sindh were unchanged at Rs 1500 and Rs 2400, in Punjab prices were also inert at Rs 2000 and Rs 2500, they said.
Nearly 20,000 bales of cotton changed hands between Rs 6450 and Rs 4975, they added. Cotton analyst, Naseem Usman said that the ginners were happy with current direction of price after the starting of procurement plan by the Trading Corporation of Pakistan (TCP). Cotton yarn prices also on the decline, causing huge losses to the traders, other experts said. The New York cotton futures were stable on Thursday.
The following deals reported: 1000 bales from Khairpur at Rs 4650, 1000 bales from Chichawatni at Rs 4800-4650, 400 bales from Tiba Sultanpur at Rs 4550, same figure from Bahawal Nagar at Rs 4600, same number from Chistian at Rs 4650, 1000 bales from Haroonabad at the same rate, 200 bales from Gojra at the same rate, 1000 bales from Fort Abbas at Rs 4700, 600 bales from Mian Chano at Rs 4700, 1200 bales from Ahmedpur at Rs 4700-4750, 200 bales from Tonsa Sharif at Rs 4750, 200 bales from Vehari at Rs 4750, 600 bales from Alipur at Rs 4700-4800, 400 bales from Duniyapur at Rs 4700, 2000 bales from Bahawalpur at Rs 4700-4800, 400 bales from Jahania at Rs 4750, 200 bales from Jalalpur at Rs 4750, 800 bales from Yazman Mandi at Rs 4750, 400 bales from Fazilpur at Rs 4775, 400 bales from Rajanpur at Rs 4800, 400 bales from Layyah at Rs 4800, 2000 bales from Rahim Yar Khan at Rs 4800-4950, 3000 bales from Sadiqabad at Rs 4850-4950 and 600 bales from Mianwali at Rs 4900-4975, they added.
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