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Activity down, prices marginally low on cotton market in absence of TCP's action

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Economic Updates - Pak Major Financial News

Most of the leading mills kept on the sidelines but exporters showed interest in buying of fine quality, dealers said on cotton market on Thursday.

The official spot rate was inert at Rs 5,800, they said.

Prices of seedcotton in Sindh were at Rs 1900-2400 and in the Punjab at Rs 2200-2750, they said.

In ready dealings, about 10,000 bales of cotton changed hands at Rs 4,600-6000, they said.

Some leading mills were inactive after fall in New York futures, but on the other hand, exporters were took part in fresh buying of fine type, other analysts said.

Commenting on the slowed down activity, Naseem Usman said that mills did not take fresh interest in buying as Trading Corporation of Pakistan (TCP) still did not take any practical move to stabilise.The Pakistan Cotton Ginners Association (PCGA) time and again asked the government to take measure to halt increase in falling trend in the prices, he said and added but it is still in the pipeline.

Other analysts attributed the decline in the rates to holiday in China and downward trend in the NY cotton futures, they also said that prices may continue soft trend in the coming days.Reuters adds: on Wednesday NY cotton futures closed easier on technical selling by investor sales for the second straight session, and analysts said momentum pointed to more losses over the next few days.

Benchmark March cotton on ICE Futures US fell 1.26 cents, or 1.2 percent, to settle at 96.92 cents per lb after trading from 98.05 to 94.59 cents which marked the lowest since January 13.

The contract had been on a steady uptrend that began after it hit a 17-month low on December 14.

Volume traded on Wednesday amounted to about 23,600 lots, more than 50 percent over the 30-day norm, according to preliminary Thomson Reuters data.

The following deals were reported: 400 bales of cotton from Sanghar sold at Rs 4600, 400 bales of cotton from Hyderabad at Rs 4600, 400 bales of cotton from Tando Adam at Rs 4800, 400 bales of cotton from Panu Aqil at Rs 5900, 600 bales of cotton from Bahawal Pur at Rs 5500/5850, 400 bales of cotton from Multan at Rs 5500, 200 bales of cotton from Hasil Pur at Rs 5600, 400 bales of cotton from Haroonabad at Rs 5600, 400 bales of cotton from Arif Wala at Rs 5600, 400 bales of cotton from Kabir Wala at Rs 5750, 400 bales of cotton from Chani Goth at Rs 5750, 400 bales of cotton from Vehari at Rs 5765, 1200 bales of cotton from Rahim Yar Khan at Rs 5800/6000, 800 bales of cotton from Ahmed Pur at Rs 5900, 400 bales of cotton from Rajan Pur at Rs 6000, 400 bales of cotton from Ali Pur at Rs 6000, 400 bales of cotton from Khanewal at Rs 6000, 1800 bales of cotton from Mian Wali at Rs 6000, 400 bales of cotton from Khan Pur at Rs 6000.

Courtesy: Business Recorder

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