Cotton market: minor change in rates amid selective buying
Little changes were seen on the cotton market on Saturday amid continued selective buying by mills, dealers said. The official spot rate maintained overnight level at Rs 4,800, they added. In the ready session, over 20,000 bales of cotton changed hands between Rs 4675-5100, they said.
In Sindh, rates were at Rs 1600 and Rs 2400, in Punjab prices of low type picked up Rs 100 to at Rs 2200 while the best quality shed Rs 50 to Rs 2600, they said. Market sources said that activity is not picking up owing to lack of motivating factors, the Trading Corporation of Pakistan’s (TCP) intervention in the market could not yield any result, they added. China is sidelined now-a-days as it has already huge stock of cotton, poor demand the world over is causing bearish trend in the cotton business, cotton analyst, Naseem Usman said.
Reuters adds: Cotton futures eked out a gain after hitting a two-week high in thin trade on Friday, with support from a weekly US government export sales report showing a renewed buying appetite. The most-active March cotton contract on ICE Futures US rose to 60.71 cents a lb before paring gains to finish up 0.05 cent, or 0.08 percent, at 60.08 cents a lb.
The following deals reported: 1000 bales of cotton from Khairpur (BCI) at Rs 4675, 400 bales from Rohri (BCI) at Rs 4850, 600 bales from Faqirwali at Rs 4800, 400 bales from Chistian at Rs 4800, 600 bales from Haroonabad at Rs 4800, 200 bales from Karampur at Rs 4800, 800 bales from Fort Abbas at Rs 4800, 600 bales from Gojra at Rs 4850, 400 bales from Alipur at Rs 4900, 1200 bales from Yazman Mandi at Rs 4900-5000, 400 bales from Uch Sharif at Rs 4900-5000, 400 bales from Lodhran at Rs 4900, 600 bales from Ahmedpur at Rs 4900, 400 bales from Alipur at Rs 4900, 1000 bales from Noorpur at Rs 4900, 1000 bales from Layyah at Rs 5000, 3000 bales from Rahim Yar Khan at Rs 5000-5050, 1400 bales from Fazilpur at Rs 5000-5050, 1200 bales from Rajanpur at Rs 5000-5050, 2000 bales from Sadiqabad at Rs 5000-5050, 2000 bales from Khanpur at Rs 5000-5050 and 1000 bales from Mianwali at Rs 5100, they said.