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Cotton buying intensifies

Updated September 12, 2017

KARACHI: Buying spree was witnessed during the first half on Monday due to fears of surge in prices. There was uncertainty that Hurricane Irma may cause severe devastation in the US state of Florida as well as the adjoining cotton growing state of Georgia.

However, reports indicate the hurricane is slowing down as well as a change in its direction averted damage in Georgia, and eventually helped ease pressure on cotton market.

The New York Cotton Exchange remained steady amid profit selling while China and India closed firm.

It was interesting to note that during first half of the trading session cotton prices firmed, however the buyers were cautious during second half of the trading session.

Phutti (seed cotton) arrival was reported to have slightly improved which also helped to keep prices at week-end level.

The KCA revised upwards its spot rates by Rs50 to Rs6,150. However, the deals on the ready counter were mostly finalised at overnight levels.

The following major deals were reported on Monday: 1,400 bales, Kotri, at Rs6,050 to Rs5,100; 2,000 bales, Sanghar, at Rs6,050 to Rs6,100; 3,000 bales, Shahdadpur, at Rs6,050 to Rs6,150; 2,000 bales, Mirpurkhas, at Rs6,050 to Rs6,150; 1,000 bales, Khipro, at Rs6,100; 2,000 bales, Tando Adam, at Rs6,100 to Rs6,150; 1,600 bales, Hyderabad, at Rs6,100 to Rs6,125; 1,600 bales, Nawa­b­shah, at Rs6,200 to Rs6,225; 1,000 bales, Kandiyaro, at Rs6,225 to Rs6,250; 2,000 bales, Khairpur, at Rs6,250; 1,000 bales, Haroon­abad, at Rs6,300; 1,200 bales, Burewala, at Rs6,300; 1,000 bales, Baha­walpur, at Rs6,300; 1,400 bales, Vehari, at Rs6,300; 1,200 bales, Hasilpur, at Rs6,300 to Rs6,350; 800 bales, Rajanpur, at Rs6,350; and 800 bales, Chicha­watni, at Rs6,300.

Published in Dawn, September 12th, 2017