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Cotton prices recover on strong demand

Cotton prices recover on strong demand

KARACHI: Renewed buying interest from leading spinners on Monday helped cotton prices recoup part of the recent losses — with both the Sind and Punjab varieties moving above the Rs6,000 per maund mark.

The week began on an encouraging note, given that for the first time in last two weeks buyers were sufficiently present in the trading ring.

The lower cotton prices seem to have attracted buying from leading spinners who were seen active in replenishing their stocks.

Though phutti (seed cotton) arrival remained on a higher side as flow from Punjab kept its momentum but presence of buyers who indulged in big lot deals helped in partial recovery from the recent losses.

Meanwhile, ginners are reported to be facing problem in the haulage of phutti and cotton due to shortage of vehicles which are currently engaged in transportation of sacrificial animals for Eidul Azha from rural areas to urban cities of the country.

Nevertheless, steady flow of buying orders from spinners helped recover cotton prices between Rs100 to Rs200 per maund.

Cotton analyst Naseem Usman said many spinners were striving hard to build up their cotton stocks ahead of long the long Eid break.

Due to the rise in prices on ready deals, the Karachi Cotton Association (KCA) spot rates were also revised upward by Rs50 to Rs6,000 per maund.

The following deals were reported on Monday: 2,000 bales, Sanghar, at RS6,000 to Rs6,050; 3,000 bales, Shahdadpur, at Rs6,000 to Rs6,050; 2,000 bales, Mirpurkhas, at Rs6,000 to Rs6,050; 1,000 bales, Hyderabad, at Rs6,000 to Rs6,050; 3,000 bales, Kotri, at Rs6,000 to Rs6,075; 2,000 bales, Tando Adam, at Rs6,000 to Rs6,100; 1,200 bales, Khanewal, at Rs6,100 to Rs6,200; 1,600 bales, Burewala, at Rs6,100 to Rs6,200;1,000 bales, Mian Channo, at Rs6,100 to Rs6,200; 1,400 bales, Haroonabad, at Rs6,100 to Rs6,200; 1,000 bales, Vehari, at Rs6,100 to Rs6,200; and 1,200 bales, Sahiwal, at Rs6,100 to Rs6,200.

Published in Dawn, August 22nd, 2017

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