October 04, 2016 RECORDER REPORT
Official spot rate dropped modestly on the cotton market on Monday after the issuance of Pakistan Cotton Ginners Association (PCGA) monthly report, dealers said. The official spot rate was lower by Rs 50 to Rs 5950, dealers said. In Sindh, seed cotton prices were at Rs 2900-3150 and in Punjab rates of Phutti were at Rs 2800-3150, as per 40 kg, they said. In ready business, around 35,000 bales of cotton changed hands between Rs 5800 and Rs 6200, they said. According to the market sources, the PCGA issued it's monthly cotton arrivals report at 2.64 million bales, showing 14 percent less against the last year. Cotton analyst, Naseem Usman said that despite falling trend in the arrival figures, the surprising factor is that trading activity could not pick up. Slow cotton yarn demand due to world recession is a disappointing factor causing some cautious buying by spinners, other brokers said.
The following deals were reported: 2000 bales of cotton from Shahdadpur sold at Rs 5800/6000, 1200 bales from Mirpurkhas at Rs 5850/5900, 1800 bales from Sanghar at Rs 5850/5950, 1600 bales from Tando Adam at Rs 5900/6000, 600 bales from Sarhari at Rs 6000/6075, 1600 bales from Nawabshah at Rs 6075/6100, 600 bales from Bandhi at Rs 6075/6100, 600 bales from Gup Chani at Rs 6075/6100, 400 bales from Shahpur Chakar at Rs 6100, 1600 bales from Salehpat at Rs 6125/6150, 3000 bales from Rohri at Rs 6125/6150, 5000 bales from Khairpur at Rs 6170/6175, 200 bales from Pool Bakhar at Rs 6100, 200 bales from Samundri at Rs 6100, 400 bales from Burewala at Rs 6150/6175, 1200 bales from Mianwali at Rs 6150/6200, 200 bales from Kassowal at Rs 6175, 2400 bales from Haroonabad at Rs 6175/6200, 400 bales from Shoorkot at Rs 6175/6200, 800 bales from Khanewal at Rs 6175/6200, 600 bales from Faqirwali at Rs 6175/6200, 1600 bales from Layyah at Rs 6175/6200, 400 bales from Fort Abbas at Rs 6175/6200, 400 bales from Chistian at Rs 6185, 400 bales from Hasilpur at Rs 6200, 600 bales from Chichawatni at Rs 6200, 800 bales from Tonsa Sharif at Rs 6200, 800 bales from Rajanpur at Rs 6200, 400 bales from Vehari at Rs 6200 and 400 bales from Rahim Yar Khan at Rs 6200, dealers said. (Source: Business Recorder)