Cotton rate revised up by Rs50

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MULTAN : The Karachi Cotton Association (KCA) revised upward its cotton spot rate by Rs50 per maund on Friday amid reduced trading activities at local markets due to rapidly decreasing arrival of Phutti.


A cotton broker said that cotton spot rate has been revised by the KCA in line with the upward trend at the local markets as Phutti arrival was falling with the passage of time.The market will remain close for about a week in connection with Eid.


Cotton sowing districts of Multan, Dera Ghazi Khan, Vehari, Layyah, Khanewal, Lodhran and Muzaffargarh are drenched by rains and arrival would decreased further before Eid.


The broker said that millers and spinners were doing pre-Eid shopping while they were also doing buying for future.He said that buyers were taking more interest in the market as compared to venders.


“Although spinners and millers are trying to make maximum buying, ginners are avoiding future buying in view of rising prices,” he said.


He feared that the arrival may completely stop, if there are heavy rains, and in this situation, prices of cotton would increase further.


He said this year’s import orders by millers and spinners were 60 per cent less than last year due to increasing trend in dollar against rupee.


“The fine quality of local cotton was another major reason behind increasing interest by local buyers and there were no chances of big import order by millers and spinners till December 2014,” he said.


He said that millers and spinners had given import orders last year in September, October and November when cotton season was on its peak in Pakistan as available cotton was of inferior quality.


The KCA revised up the spot rate to Rs6500 per maund. A total of 7200 bales were exchanged across the country, out of which 4600 bales changed hands in Sindh and 2600 in the Punjab.


The following transactions were reported on the ready counter on Friday: SINDH TYPE: 600 bales, Sanghar at Rs6600, 1000 bales, Mirpur Khas at Rs6600/6650, 1000 bales Tando Adam at Rs6600/6650, 1000 bales, Kotri at Rs6600/6650 and 1000 bales, Shahdadpur at Rs6600/6650.


PUNJAB VAREITY: 200 bales, Pakpattan at Rs6600, 200 bales, Burewala at Rs6600, 400 bales, Chichawatni at Rs6600, 200 bales, Shujabad at Rs6600, 200 bales, Haroonabad at Rs6550, 200 bales, Layyah at Rs6550, 200 bales, Hasilpur at Rs6600, 200 bales, Vehari at Rs6600, 200 bales, Chishtian at Rs6600, 400 bales, Khanewal at Rs6650 and 200 bales, Lodhran at Rs6575.

Courtesy:  Dawn

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