08242016Wed
Last update: Wed, 24 Aug 2016 07am

Cotton and Textiles

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Prices stabilised on the cotton market on Tuesday amid modest trade, dealers said. The official spot rate was up by Rs 50 to Rs 6,600, dealers said. In Sindh, seed cotton prices were unchanged at Rs 3300-3500 and in Punjab rates of Phutti fell by Rs 100 to Rs 3100-3450, in Balochistan, best quality of seed cotton was available at Rs 3650, per 40 kg, they said.
Cotton futures rose marginally on Tuesday to trade in a tight range, even as weekly crop progress data from the US government offered limited support to prices. "The markets are trying to hang on to this uptrend line going back to February and it's anybody's guess whether it'll be successful or not," said Peter Egli, director of risk management at British merchant Plexus Cotton.
The following were the fluctuations observed during the day:

The textile experts at Amtex Limited Tuesday said talks of the company having to receive a huge amount on account of sales tax refund were just "rumours". Monday Amtex appeared as the day's second most-traded stock with its value shooting up to Rs 2.54 at close from the previous Rs 1.89 per share.
Prices of seed cotton touched the season's new high at Rs 3500 on the cotton market on Monday amid persistent demand for quality cotton, dealers said. The official spot rate was unchanged at Rs 6,550, dealers said. In both Sindh and Punjab, seed cotton prices were higher by Rs 100 to Rs 3300-3500, as per 40 kg, respectively, they said.
Cotton futures registered their biggest intraday percentage gain in 11 days on Monday as investors covered short positions ahead of a weekly crop progress report from the US Department of Agriculture. "We're seeing some short covering," said Jobe Moss, a broker with MCM Inc in Lubbock, Texas.
The following were the fluctuations observed during the day: