July 11, 2015 RECORDER REPORT (Source: Business Recorder)
Mills and spinners indulged in pre-holidays buying ahead of Eid-ul-fitr to meet their immediate requirements, dealers said. The official spot rate was unchanged at Rs 4650, dealers said. Seed cotton prices in Sindh were at Rs 2300-2350 and in Punjab rates were at Rs 2350 and Rs 2450, they said. In the ready business, approximately, 5000 bales of cotton changed hands between Rs 4650 and Rs 4700, they said.
According to the market sources most of the mills and spinners were busy in making forward deals ahead of holidays. Cotton analyst, Naseem Usman said prices may maintain firm trend in the coming days due to modest rise in demand. Some of the buyers were trying to finalise deals to keep themselves away from transportation problem ahead of long holidays.
Reuters adds: Benchmark cotton futures rose for the first time in six sessions on Thursday, curbing fiber's longest rout since April, as traders positioned themselves ahead of a US Department of Agriculture (USDA) supply-demand report due Friday.
The December cotton contracts on ICE Futures US settled up by 0.56 cent on Thursday, up 0.9 percent, at 65.86 cents per pound. The following deals reported: 1400 bales of cotton from Sanghar sold at Rs 4650-4700. 1000 bales from Mirpurkhas at the same rate, same figure from Tando Adam at Rs 4675-4700, 1200 bales from Shahdadpur at the same rate, 800 bales from Kotri at Rs 4700, same figure from Khipro at the same rate, dealers said.
(Source: Business Recorder)