Cotton Market: Prices Up On Rising Fresh Demand

Cotton Market: Prices Up On Rising Fresh Demand
Prices picked up modestly as pace of trading activity improved on the cotton market on Saturday following the persistent demand by mills and spinners, dealers said. The official spot rate was up by Rs 50 Rs 5,650 dealers said. In the Punjab, prices of seed cotton showed no change at Rs 3100 and Rs 3400, they said. In the ready business, over 7000 bales of cotton changed hands between Rs 5200 and Rs 6000, they said.
According to market sources mills and spinners both were keen to take part in trading, so that prices moved higher and may manage to keep stable trend in times to come. Cotton analyst, Naseem Usman said that the ginners who were hopeful to take better profit in the near future, now showing flexibility after the Trading Corporation of Pakistan’s (TCP) entry into the market. Cautious buyers were busy in forward buying after delay in early sowing after rains in cotton belt, other brokers said.
Reuters adds: At the week-end, the US dollar was on track for its biggest weekly percentage decline against the yen since the 2008 financial crisis in the aftermath of the Bank of Japan’s decision not to ease policy further, while strong euro zone growth data boosted the euro. The dollar was last down 1.27 percent against the yen at 106.71 yen on Friday, near an 18-month low of 106.67 touched earlier in the US session. The greenback was down about 4.5 percent against the yen for the week, putting it on track for its biggest weekly loss since October 2008.
The dollar also tumbled against the euro, with the euro hitting its highest against the dollar in two and a half weeks, at $1.1459. The euro was last up 0.86 percent against the dollar at $1.1449. The following deals reported: 3000 bale from Ghotki at Rs 6000, 600 bales from Hasilpur at Rs 5200, same number from Dera Ghazi Khan at Rs 5500, 200 bales from Maroot at the same rate, same figure from Rahim Yar Khan at Rs 5950 and 1300 bales from Khanpur at the same rate, dealers said.