January 3, 2018
KARACHI: Prices maintained rising trend on the cotton market on Tuesday in the process of trading activity, dealers said.
The official spot rate was higher by Rs 100 to Rs 7600, they said. In ready session, over 15,000 bales of cotton changed hands between Rs 6600-8000, they said. A deal of 2000 bales of cotton from Khanpur done at Rs 8100, they said. In Sindh and Punjab, cotton prices were at Rs 2900-3600, as per 40 kg, they said.
According to the market sources prices were going up with the passage of time and it appears that if quality cotton persisted, the rates may gain further in the coming days. Cotton analyst, Naseem Usman said that the Pakistan Cotton Ginners Association (PCGA) arrival figures may clear the situation in the coming days. Other experts attributed the fall in daily business to ginners; stern attitude toward rates. In the other words, the spinners were keen to fresh deals but ginners were not ready to oblige them, they added.
The international markets were closed due to New Year holidays, in India, prices drifted lower on slight improvement in supply position. The following deals reported: 1000 bales of cotton from Dherki at Rs 8000, 800 bales from Khanpur Meher at Rs 8000, 400 bales from Ghotki at Rs 8000, 400 bales from M. P. Mathelo at Rs 8000, 400 bales from Liaquatpur at Rs 8000, 800 bales from D.G. Khan at Rs 6600, 5200 bales from Khanewal at Rs 7175/7600, 1600 bales from Haroonabad at Rs 6750/7500, 800 bales from Chichawatni at Rs 6800/7400, 400 bales from Burewala at Rs 7200 and 400 bales from Mianwali at Rs 6900, they said. (Source: Business Recorder)