Prices gain momentum on strong demand
Prices gained momentum on the cotton market on Thursday amid strong demand of quality, dealers said. The official spot rate was higher by Rs 100 to Rs 6100, dealers said. In Sindh, seed cotton prices were unchanged at Rs 2200-3150, they said, however, in Punjab, phutti rates picked up Rs 100 to Rs 2900 and Rs 3400, as per 40 kg, they added.
In ready business, over 60,000 bales of cotton changed hands between Rs 5000-6325, they said. According to the market sources, continued buying of quality lint pushed the rates further higher. Fears of interruption in supply of best quality, pushed the leading buyers to keep purchasing, cotton analyst, Naseem Usman said.
Steady trend in the world markets was also a factor behind the fresh rise in the rates, he added. NY cotton futures gaining ground during the last several sessions, besides, China also back to the market with interest in fresh purchasing of cotton, other analysts said. Dollar’s appreciation in the global market and local small investors’ buying interest played an important role in recent firmness.
Adds Reuters: Cotton futures jumped nearly two percent on Wednesday, the biggest one-day percentage gain in over a month, on tightening of supply in India and concerns of crop damage due to adverse weather in China.
The following deals reported: 3000 bales from Shahdadpur at Rs 5000/5600, 800 bales from Sanghar at Rs 5500/5550, 2000 bales from Khairpur at Rs 6050, 1400 bales from Salehpat at Rs 6100/6200, 1800 bales from Rohri at Rs 6100/6200, 1600 bales from Dharki at Rs 6250/6300, 2000 bales from Ghotki at Rs 6250/6300, 200 bales from Sarhad at Rs 6325, 500 bales from Chichawatni at Rs 6000, 600 bales from Vehari at Rs 6000, 200 bales from Tiba Sultan at Rs 6125, 1000 bales from Khanewal at Rs 6125, 3000 bales from Chistian at Rs 6200/6275, 1000 bales from Hasilpur at Rs 6200/6300, 200 bales from Tonsa Sharif at Rs 6225, 1200 bales from Lodhran at Rs 6240/6300, 400 bales from Shadan Lund at Rs 6250, 800 bales from Faqirwali at Rs 6250, 600 bales from Maroot at Rs 6250, 2200 bales from Rajanpur at Rs 6250/6275, 3400 bales from Fort Abbas at Rs 6250/6275, 1400 bales from Shujabad at Rs 6250/6275, 2200 bales from Fazilpur at Rs 6250/6300, 1000 bales from Yazman Mandi at Rs 6250/6300, 7500 bales from Rahim Yar Khan at Rs 6250/6350, 800 bales from Dera Ghazi Khan at Rs 6275/6300, 3200 bales from Khanpur at Rs 6275/6300, 5200 bales from Haroonabad at Rs 6275/6300, 2400 bales from Liaquatpur at Rs 6275/6300, 5800 bales from Sadiqabad at Rs 6275/6300, 2200 bales from Bahawalpur at Rs 6275/6325 and 2200 bales from Ahmedpur at Rs 6275/6325, dealers said.
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