Growers hope rates to stabilise after TCP's move
Prices stabilised slightly on the cotton market on Thursday as the Trading Corporation of Pakistan (TCP) started purchasing from the ginners, dealers said. The official spot rate maintained overnight level at Rs 4,800, they added. In the ready session, over 23,000 bales of cotton changed hands between Rs 4675-5100, they said. In Sindh, rates were unchanged at Rs 1600 and Rs 2450, in Punjab prices firmly held the overnight levels at Rs 2100 and Rs 2650, they said.
Copyright Business Recorder, 2014
According to the market sources, expectations were rising among the growers about rise in the prices of cotton, oilcake prices showing gradual improvement, which is a good sign for the traders. Cotton analyst, Naseem Usman said that TCP purchasing, the phutti prices also went up modestly and we expect prices and trading activity to go up as rates were picking up in the international market.
Reuters adds: Cotton futures rallied on Wednesday, soaring above psychological resistance at 60 cents a lb on short-covering ahead of the US Thanksgiving Day holiday on Thursday. The most-active March contract on ICE Futures US closed up 0.72 cent, or 1.2 percent, at 60.03 cents a lb after jumping as high as 60.55 cents. Trading volumes picked up as buy-stops exaggerated the day's gains, but activity remained below average ahead of the holiday, when cotton trading on ICE will be closed.
The following deals reported: 1200 bales from Khairpur at Rs 4675, 1400 bales from Upper Sindh at Rs 4850-4975, 400 bales from Chichawatni at Rs 4750, 400 bales from Vehari at Rs 4800, 400 bales from Dahranwala at Rs 4850, 200 bales from Duniyapur at Rs 4875, 400 bales from Hasilpur at Rs 4900, 200 bales from Khiciwala at Rs 4900, 400 bales from Faqirwali at Rs 4900, 400 bales from Mongi Bangla at Rs 4900, 400 bales from Pul Bagar at Rs 4900, 1400 bales from Haroonabad at Rs 4900-4960, 400 bales from Bakhar at Rs 4900, 400 bales from Chistian at Rs 4900, 400 bales from Mian Chano at Rs 4900, 200 bales from Shujabad at Rs 4925, 400 bales from Gojra at Rs 4950, 2000 bales from Bahawalpur at Rs 4950-5000, 4000 bales from Ahmedpur at Rs 4975-5000, 1000 bales from Dera Ghazi Khan at Rs 4975-5000, 1000 bales from Alipur at Rs 5000, 2000 Liaquatpur at Rs 5000-5050, 600 bales from Layyah at Rs 5050, 1200 bales from Sadiqabad at Rs 5050 and 600 bales from Mianwali at Rs 5075-5100, they said.