Cotton market: sustained demand helps boost rates amid modest trading
Sustained demand for quality lint, boosted the rates on the cotton market on Monday in the process of modest trading, dealers said. The official spot rate was unchanged at Rs 5000, dealers said. In the ready session, over 4,000 bales of cotton changed hands between Rs 4625 and Rs 5275, they said. The prices of seed cotton in Sindh were at Rs 1900 and Rs 2350 and in Punjab rates were at Rs 2000 and Rs 2650, they said.
Copyright Business Recorder, 2015
Market sources said that thin business activity was seen as mills and spinners kept on the sideline owing to tight supply of best quality. Cotton experts, Naseem Usman said that falling trend in the world oil prices and firmness of dollar may help improving the demand by the importing countries.
The ginners who have not enough unsold stock were trying to increase rates ahead of the Pakistan Cotton Ginners Association (PCGA) fortnightly arrivals figure. The following deals reported: 800 bales of cotton from Bahawalpur at Rs 4625-4640, 600 bales from Khanewal at Rs 4700-5275, 800 bales from Vehari at Rs 4700-5250, 600 bales from Maroot at Rs 4625, 400 bales from Fort Abbas at Rs 5050, same figure from Hasilpur at Rs 5075 and 600 bales from Sadiqabad at Rs 5200-5275, they added.