KARACHI, Nov 30: Cotton market on Friday showed firm trend as ginners raised their asking prices by Rs25 per maund after having exhausted a good part of their unsold stocks.
Fine varieties from the Punjab ginners were traded higher to Rs3,200 per maund and so did Sindh type amid active trading.
“We still have an unsold stock of above one million bales to meet the local demand for another two weeks before resuming purchases of phutti from the growers,” said a local ginner, adding “but decision on resumption of procurement operations will be taken by the PCGA possibly during the next couple of days”.
He said some of the ginners had reduced their selling prices during the last week’s suspension and others may also slash prices in line with the international markets.
“But our chief demand is a clean phutti without any adulteration including trash and watering,” some other ginners said, adding “how will they (growers) react to our demand will be known after the resumption of phutti procurement”.
But there was no official word on the current situation as their representative body was silent on the issue. Growers are not worried over the current standoff owing perhaps to short crop, some said.
Meanwhile, private sector exporters had registered contracts with foreign buyers totalling 57,605 bales of both old and current crop up to Nov 23, 2007 and had physically shipped about 40,000 bales during the same period.
Official spot rates were, however, did not show any change and were firmly held at Rs3,075 per maund.
New York cotton futures on the other hand came in for profit-selling at the overnight higher levells and were marked down by 0.54 and 0.89 cents per lb at 69.39 and 65.04 cents for both the maturing December and the forward March contracts respectively. Mill ready off-take was on the higher side but mostly in retail lots and there were not many big-deals.
SINDH VARIETY: 1,000 Shahdadpur at Rs3,100, 1,000 bales, Nawabshah at Rs3,100 to Rs3,110,300 bales, Daur and 400 bales, Mirpurkhas at Rs3,075.
PUNJAB TYPE: 1,000 bales, Muhammadpur Dewan, 2,000 bales, Nurpur and 2,200 bales, Fazalpur, 600 bales, Sardar Lund, 400 bales, Kot Addu, 200 bales, each Tajanpur, Mian Channu, Arifwala, 600 bales, Sadiqabad at Rs3,200, 400 bales, each Khanewal, Jalalpur, Multan and 200 bales, Chistian at Rs3,175, 400 bales, Bahawalnagar at Rs3,150 to Rs3,175, 200 bales, Lodhran at Rs3,150 and 700 bales Hasilpur at Rs3,125.
The following are Friday’s new crop Karachi Cotton Association (KCA) official spot rates for local dealings in Pak rupees for base grade 3 staple length 1-1/32” micronair value between 3.8 to 4.9 NCL.
Rate for Ex-Gin Price Up-country Spot rate
Expenses Ex-Karachi
37.324 kgs 3,075 50 3,125.00
Equivalent
40 kgs 3,295 50 3,345.00