November 29, 2014 RECORDER REPORT (Source: Business Recorder)
Expectations for increase in demand helped the prices to improve marginally in process of sizeable activity dealers said. The official spot rate maintained overnight level at Rs 4,800, they added. In the ready session, over 21,000 bales of cotton changed hands between Rs 4590-5115, they said.
In Sindh, rates were unchanged at Rs 1600 and Rs 2450, in Punjab prices firmly held the overnight levels at Rs 2100 and Rs 2650, they said. Market sources said that they were hoping recovery in the rates in the international market, which will boost rates locally. Cotton analyst, Naseem Usman said that Trading Corporation of Pakistan's (TCP) is playing it's role good or bad, in the meantime, he said that ginners may get better return of fine type due to rising demand.
Reuters adds: The NY cotton futures were closed on account of US Thanksgiving Day holiday on Thursday.
The following deals reported: 1000 bales from Khair Pur at Rs 4590/4660, 1000 bales from Upper Sindh at Rs 4850-4900, 1400 bales from Burewala at Rs 4750, 600 bales from Bahawal Nagar at Rs 4800, 600 bales from Chistian at Rs 4800, 400 bales from Faqir wali at Rs 4850, 800 bales from Maroot at Rs 4800, 400 bales from Multan at Rs 4900, 400 bales from Haroonabad at Rs 4930, 800 bales from Shujabad at Rs 4950, 2400 bales from Bahawal Pur at Rs 4950/5050, 1000 bales from Ahmed Pur at Rs 5000, 2000 bales from Layyah at Rs 5000, 2000 bales from Rahim Yar Khan at Rs 5000/5050, 1000 bales from Sadiqabad at Rs 5000, 2000 bales from Khan Pur at Rs 5025/5050, 1400 bales from Fazil Pur at Rs 5025/5100, 1200 bales from Rajan Pur at Rs 5025, 400 bales from Mian Chano at Rs 5050, 1000 bales from Mian Wali at Rs 5100/5115, they said. (Source: Business Recorder)