Fresh rains in the country slowed down business activity on the cotton market on Thursday amid release of Pakistan Cotton Ginners Association (PCGA) fortnightly report, dealers said. The official spot rate was unchanged at Rs 2850, they said. -The phutti prices, however, went up in both the Punjab and Sindh at Rs 1450-1550, they added.
The sporadic rains caused lethargic attitude among both buyers and sellers as they did not take interest in thhe fresh business, they said. It is observed that the ginners were some satisfied as they have sold unsold stock at the psychological level, but some of them were not ready to lower the rates, hoping for good return in the coming days, they added.
The recent rains may hurt the standing crop in the field and might caused short supply as the Cotton Crop Assessment Committee (CCAC) has assessed 12.1 millions bales of cotton against the desired target of 14.1 million bales of cotton for the current season, they said.
According to the phutti arrivals figure released by the Pakistan Cotton Ginners Association (PCGA) fortnightly report ended December 15, 2008 a total of nearly 91 lac bales arrived at the ginneries against the last year figure of 83 lac bales.
On Wednesday, the NY cotton futures settled higher on investor short-covering, but the move soon petered out and the paucity of consumer demand quickly capped the market's advance, brokers said. The March cotton contract increased 1.82 cents to end at 45.96 cents per lb, dealing from 44.07 to 46.33 cents. March cotton volume reached 7,562 lots. The May cotton contract added 1.62 cents to conclude at 46.51 cents. "We ran (automatic buy order) stops above 45 cents (basis March).
Following deals were reported: as some 800 bales from Shahdad Pur sold at Rs 2750, 800 bales from Ali Pur at Rs 2875-2900, 600 bales from Uch Sharif at Rs 2900, 1200 bales from Rahim Yar Khan at Rs 2900, 400 bales from Bahawalpur at Rs 2900, 400 bales from Burewala at Rs 2850, 200 bales from Fazil Pur at Rs 2850, 200 bales from Vehari at Rs 2835, 200 bales from Faqir wali at Rs 2835, 600 bales from Hasil Pur at Rs 2800-2850, 200 bales from Chichawatni at Rs 2700 and 400 bales from Sadiqabad at Rs 2900, dealers said.
===========================================================
The KCA Official Spot Rate for Local Dealings in Pak Rupees
-----------------------------------------------------------
FOR BASE GRADE 3 STAPLE LENGTH 1-1/32"
MICRONAIRE VALUE BETWEEN 3.8 TO 4.9 NCL
===========================================================
Rate Ex-Gin Upcountry Spot Rate Ex-Karachi
for Price Sales Tax @ 15%
===========================================================
37.324 Kgs 2,850.00 100 2,950.00
-----------------------------------------------------------
Equivalent
-----------------------------------------------------------
40 Kgs 3,054.00 100 3,154.00
===========================================================
Comments
Comments are closed.