February 03, 2015 RECORDER REPORT (Source: Business Recorder)
Spot rate modestly up on the cotton market on Monday in the process of selective buying, dealers said. The official spot rate was higher by Rs 50 to Rs 4,750, dealers said. In the ready session, trading activity improved slightly, as over 2,200 bales of cotton changed hands at Rs 4950, they said. The seed cotton rates in Sindh at Rs 1600 and Rs 2300, in Punjab prices were at Rs 1700 and Rs 2500, they said.
Experts said that some positive developments were seen in the international market which helped rates to stabilise. They said that in the USDA report, about the higher off-take of cotton and higher rate in Indian market boosted the prices, and it looks that rates may show firmness after issuance of Pakistan Cotton Ginners Association (PCGA) report.
Cotton analyst, Naseem Usman said that business was short as ginners were not ready to sell below psychological levels. The following deals reported: 200 bales of cotton from Mianwali sold at Rs 4950 and 2000 bales from Rahim Yar Khan at the same rate, they added.
(Source: Business Recorder)