RECORDER REPORT |
4 November 2017
KARACHI: Rates stabilised on the cotton market on Monday amid issuance of the Pakistan Cotton Ginners Association (PCGA) fortnightly data, dealers said. The official spot rate was unchanged at Rs 6,600, they said. In Sindh, seed cotton prices were down by Rs 50 to Rs 2800-3250, in the Punjab, rates also shed the same amount to Rs 2800-3400, as per 40 kg, they said.
According to the Pakistan Cotton Ginners Association (PCGA), arrival of seed cotton (Phutti) at the ginning factories across Pakistan was recorded at 10.13 million or 10,132,074 bales till Dec 1, 2017, showing an increase of 3.62 per cent compared to corresponding period of last year. Whereas as many as 960 ginning factories, out of total 1300, were operational in the country converting seed cotton (Phutti) into bales of lint, far above the number of factories operational during corresponding period of last year.
Cotton analyst, Naseem Usman said that prices held the present levels after issuance of the PCGA report. He also observed that rates may not fluctuate sharply because prices firmed in the international market. The following deals reported: 800 bales of cotton from Khairpur at Rs 6500, 800 bales from Rohri at Rs 6550, 400 bales from Saleh Pat at Rs 6550, 600 bales from Jalalpur at Rs 6675 and 800 bales from Khanewal at Rs 6800, they said. 4 (Source: Business Recorder)