KARACHI: Cotton price fall shows no signs of abating amid higher arrivals of phutti (seed cotton) and slow off-take of lint. Spinners and exporters on Saturday generally preferred to take cautious approach by restricting their activity.
Many deals on ready counter were transpired below Rs5,000 a maund, which means growers continue to get lower return.
Though the Trading Corporation of Pakistan (TCP) has entered into contracts for the procurement of around 500,000 bales, not a single bale has been purchased so far as sampling is still going on, brokers said.
Phutti prices in Sindh are Rs1,600-2,400 per 40kg and Rs2,200 -2,550 in Punjab. Prices in both provinces have slipped below Rs5,000.
The New York cotton market partly recovered its overnight losses, but overall world cotton prices continue to be under pressure.
The Karachi Cotton Association (KCA) spot rates were firm at previous level.
These major deals changed hands on ready counter: 600 bales Khanewal at Rs4,850 to Rs4,925, 600 bales Gojra at Rs4,950, 800 bales Yazman Mandi at Rs5,000, 1,400 bales Bahawalpur at Rs5,025 to Rs5,050, 3,000 bales Rahimyar Khan at Rs5,025 to Rs5,100, 1,000 bales Ahmedpur at Rs5,050, 1,000 bales Liaquatpur at Rs5,050, 3,500 bales Rajanpur at Rs5,050, 2,000 bales Fazilpur at Rs5,050, and 1,000 bales Sadiqabad at Rs5,050.
The following are Saturday’s new crop Karachi Cotton Association (KCA) official spot rates for local dealings in Pak rupees for base grade 3 staple length 1-1/16” micronair value between 3.8 to 4.9 NCL.
Published in Dawn, November 23rd, 2014
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