12042016Sun
Last update: Sun, 04 Dec 2016 09pm

Cotton and Textiles

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Pakistan Cotton Ginners Association (PCGA) has issued the figures of cotton arrival up to December 1st, 2016. Seed cotton (Phutti) equivalent to over 9,778,451 bales of cotton have reached ginneries across Pakistan as of November 15, showing an increase of 13.28 per cent compared to corresponding period last year when ginneries received 8,631,933 bales.
Volume of business came down on the cotton market on Saturday following the better-than-expected Pakistan Cotton Ginners Association (PCGA) fortnightly report, dealers said. The official spot rate was unchanged at Rs 6300, dealers said. In Sindh, seed cotton prices were at Rs 2600 and Rs 3300, they said, in Punjab, phutti rates were at Rs 2800 and Rs 3550, as per 40 kg, they added.
Cotton futures edged higher on Friday, after dipping to a two-week low earlier in the session, in thin-volume trading amid a softer dollar. The natural fiber market also marked its second successive weekly decline having slipped about 0.3 percent for the week. "I think we were simply down on follow-through selling from yesterday," said Louis Rose, an independent cotton trader and consultant with Risk Analytics in Memphis, Tennessee.
Firmness persisted on the cotton market on Friday as buyers remained in the forefront of buying spree to replenish their stock, dealers said. The official spot rate was unchanged at Rs 6300, dealers said. In Sindh, seed cotton prices were at Rs 2600-3300, they said that in Punjab, phutti rates were at Rs 2800 and Rs 3550, as per 40 kg, they added.
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Cotton futures fell for the seventh time in nine sessions on Thursday, by about 1 percent, on speculator selling as US weekly export sales declined. The sell-off followed the market's failure to repeat recent highs, said Keith Brown, principal at cotton brokers Keith Brown and Co in Moultrie, Georgia. Export data from the US Department of Agriculture showed net upland sales of 202,300 running bales of cotton for last week, down 21 percent from the previous week.
The following were the fluctuations observed during the day: