03/03/2015
Cotton market: rates rise amid cautious buying by mills
03/03/2015 (Recorder Report)
An upward trend was seen on the cotton market on Monday as mills and exporters took interest in purchasing of quality lint to meet their needs, dealers said. The official spot rate gained Rs 50 to Rs 5000, dealers said. In the ready session, nealy 6,000 bales of cotton changed hands between Rs 4000 and Rs 5200, they said.
Tight supply of quality lint, helped rates to hold the present levels, besides, fresh rains in cotton growing areas of some parts of Punjab, slowed down arrivals of cotton, cotton analyst, Naseem Usman said.
After long holidays in China for Luner year, markets reopened, and next direction of price line will come up in couple of sessions, other experts said. Besides, the Pakistan Cotton Ginners Association (PCGA) arrivals figure is also expected within two days, this is also a factor, which will set the direction of market in times to come, they said.
The following deals reported: 200 bales of cotton from Shahdadpur at Rs 4000, 200 bales from Fort Abbas at Rs 4825-4850, 200 bales from Lodhran at Rs 4850, 400 bales from Chani Goth at Rs 4900, same number from Vehari at Rs 5000, 1000 bales from Bahawalpur at the same rate, 400 bales from Yazman Mandi at Rs 5100, 1000 bales from Ahmedpur at Rs 5150-5200, 800 bales from Uch Sharif at Rs 5160-5200, 400 bales from Shahir Sultan at Rs 5200 and 1200 bales of cotton from Alipur at the same level, they added.
