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Prices higher on cotton market on exporter buying

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Economic Updates - Pak Major Financial News

Exporters' demand pushed the rates higher on the cotton market on Thursday amid cautious selling by ginners, dealers said.

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

Prices of seedcotton in Sindh were at Rs 1800-2400 and in the Punjab at Rs 2200-2700, they said.

In ready dealings approximately 16,000 bales of cotton changed hands at Rs 4,600-6100, they added.

Market sources said that mills and exporters were active buyers on rising expectations that business activity will pick up in the coming days.

Duty-free concession by European Union (EU) to the country's textile sector causing an increase in business volume and rise in the prices, as well, they said.Many in the market are in surprise as the local prices are firm or gaining ground with gradual pace despite the fall in the NY cotton futures these days, brokers said.

Naseem Usman said that the Pakistan Cotton Ginners Association (PCGA)'s fortnightly latest figure may touch 14 million bales the next week.

He also said the cotton prices may depict firmness in the coming days.On Wednesday the NY cotton futures finished lower ahead of a government crop report shortly as major funds moved positions out of the spot month and into back contracts, analysts said.

Benchmark March cotton on ICE Futures US declined 0.95 cent, or one percent, to finish at 93.62 cents per lb, dealing from 93.52 to 95.79 cents, Reuters adds.

The following deals were reported: 1326 bales of cotton from Nawabshah sold at Rs 5000, 400 bales of cotton from Shahdad Pur at Rs 5000, 400 bales of cotton from Panu Aqil at Rs 5800, 400 bales of cotton from Mir Pur Khas at Rs 4600, 1000 bales of cotton from Chichawatni (Low Grade) at Rs 4600, 2000 bales of cotton from Vehari at Rs 5450/5600, 400 bales of cotton from Multan at Rs 5450, 400 bales of cotton from Lodhran at Rs 5600, 800 bales of cotton from Dunia Pur at Rs 5600-5700, 1000 bales of cotton from Bahawal Pur at Rs 5675/5700, 400 bales of cotton from Haroonabad at Rs 5700, 1400 bales of cotton from Khanewal at Rs 5725/6000, 400 bales of cotton from Melsi at Rs 5800, 1000 bales of cotton from Sadiqabad at Rs 5800, 600 bales of cotton from Chani Goth at Rs 5800, 600 bales of cotton from Chichawatni at Rs 5950, 1000 bales of cotton from Rahim Yar Khan at Rs 6000, 1000 bales of cotton from Mian Wali at Rs 6000, 1400 bales of cotton from Rajan Pur at Rs 6100.

Courtesy: Business Recorder

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