Cotton Market: Prices Further Rise On Sustained Buying
On the back of strong mills and some exporters’ buying prices moved up further on the cotton market on Saturday, dealers said. The official spot rate rose by Rs 25 to Rs 6000, dealers said. Phutti rates in Sindh were firm at Rs 2900-3250, they said. In the Punjab seed cotton prices were at Rs 3000-3250, as per 40 kg, they said.
In ready business, approximately, 33,000 bales of cotton changed hands between Rs 5750 and Rs 6300, they said. Cotton analyst, Naseem Usman said that prices gained strength owing to Phutti arrivals came down slightly during the holidays on account of Youm-e-Ashur. But now, Phutti arrivals will pick up by the next week, he said.
Persistent buying by mills and spinners continued partly because of tension between India and Pakistan, he added. This is a main factor, which is propelling buyers to build-up their stocks with the local cotton. Besides, the rates are firm in line with the global track, other experts said.
Reuters adds: Cotton futures rose for a third straight session to hit a more than two-week high on Friday on positive export sales data from the US Department of Agriculture and rains in West Texas, the country’s top producing region.
The following deals reported: 1200 bales from Shadadpur at Rs 5750-5950, 400 bales from Kotri at Rs 5800, 200 bales from Sinjoro at Rs 5925, same figure from Kazi Ahmed at Rs 6050, 2000 bales from Nawabshah at Rs 6050-6200, 400 bales from Daur at Rs 6075, 800 bales from Bandri at Rs 6075-6200, same figure from Sakrand at Rs 6075-6225, 400 bales from Shahpur Chakar at Rs 6100, 3000 bales from Saleh Pat at Rs 6200-6250, same number from Raori at the same price, 200 bale from New Saeedabad at Rs 6275, 4000 bales from Khairpur at Rs 6250-6300, 200 bales from Arifwala at Rs 6200, same figure from Vehari at Rs 6200, 400 bales from Shahiwal, same figure from Bahawal Nagar, 6000 bales from Burewala all done at the same rate, 400 bales from Chistian at Rs 6250-6275, 800 bales from Shahdadpur at Rs 6250-6275, 1400 bales from Mianwali at Rs 6250-6300, 800 bales from Faqirwali, 1000 bales from Fort Abbas, same number from Khanewal, 600 bales from Chichawatni, 800 bales from Yazman Mandi all finalised at the same rate, same number from Bahawalpur, 400 bales from Mian Chano, 800 bales from Rahim Yar Khan, 2600 bales from Haroonabad all done at Rs 6275-6300, 800 bales from Layyah at Rs 6300, 200 bales from Mohammadpur Dewan, same figure from Ghazi Ghat, 400 bales from Fazilpur and same figure from Rajanpur all done at the same price, dealers said.
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