Cotton prices likely to improve after WTO news
Last Updated on Tuesday, 30 November 1999 05:00
Thursday, 02 February 2012 10:13
Economic Updates -
Pak Major Financial News
Cotton prices may show slight increase after the World Trade Organisation (WTO) news, in which it is giving concession to the Pak Textile goods, dealers said on the cotton market on Wednesday.
A WTO committee meeting on Wednesday approved a European Union (EU) waiver on duties for 75 products from Pakistan, a scheme intended to boost textile exports to help Pakistan recover from massive floods in 2010.
The official spot rate was unchanged at Rs 5,700, they said.Prices of seedcotton in Sindh were at Rs 1800-2450 and in the Punjab rates were at Rs 2000-2750, they said.In ready dealings, activity improved as approximately 15,000 bales of cotton changed hands at Rs 4,400-6000, they said.
Some analysts said that the after the World Trade Organization (WTO), news cotton prices may show increase in the near future.Naseem Usman, cotton analyst said that it is an encouraging news for the cotton trader in Pakistan because this factor to give boost to the business, which is on decline due to world recession.
Some brokers said that during the last sessions, leading mills were on the sidelines in expectations of further decline in prices.But, despite the fact that in the absence of the Trading Corporation of Pakistan (TCP), the prices stabilised, not drifting lower sharply.
In the meantime, despite the strong opposition by the All Pakistan Textile Association (APTMA) against intervention, the prices depict slight stability but it is likely that rates may come down marginally in the near future, they said.
According to the Reuters, the NY cotton futures ended lower for a second session as easing supply worries and a dollar rise amid economic worries prompted investors to sell.
Cotton ended up nearly 2 percent January for its second consecutive monthly gain, as better sentiment in the commodity complex lifted cotton after a 10 percent drop in November.Benchmark March cotton on ICE Futures US eased 0.9 cents at 93.25 cents per lb, in a range between 93.11 to 95.29 cents.
The following deals were reported: 200 bales of cotton from Mir Pur Khas at Rs 4400, 200 Shahdad Pur at Rs 4400, 400 bales of cotton from Sanghar at Rs 4400, 400 bales of cotton from Matyari at Rs 4950, 1000 bales of cotton from Dadu at Rs 4850, 600 bales of cotton from Jahanian 5325, 200 bales of cotton from Haroonabad at Rs 5400, 400 bales of cotton from Murid wala bales of cotton from bales of cotton from bales of cotton from at Rs 5450, 800 bales of cotton from Vehari 5500/5800, 1000 bales of cotton from Hasil Pur at Rs 5550, 400 bales of cotton from Multan at Rs 5600, 2000 bales of cotton from Fort Abbas at Rs 5650/5700, 400 bales of cotton from Rahim Yar Khan at Rs 5700, 400 bales of cotton from Yazman Mandi at Rs 5700, 400 bales of cotton from Khan Pur at Rs 5700, 200 bales of cotton from Kabbir wala at Rs 5775, 400 bales of cotton from Chichawatni at Rs 5800, 1000 bales of cotton from Mian Wali at Rs 5800/5900, 2400 bales of cotton from Ali Pur at Rs 5900, 1000 bales of cotton from Khanewal at Rs 5900, 600 bales of cotton from Shujabad at Rs 5900, 1000 bales of cotton from Ghazi Ghat at Rs 6000, 1000 bales of cotton from Jam Pur at Rs 6000, they said.
Courtesy: Business Recorder