September 21, 2016 RECORDER REPORT
Official spot rates maintained rising trend on the cotton market on Tuesday in the process of trading, dealers said. The official spot rate picked up by Rs 50 to Rs 6000, dealers said. In Sindh, seed cotton prices were at Rs 3000-3200 and in Punjab rates of Phutti were at Rs 3000-3150, as per 40 kg, they said.
In ready business, over 30,000 bales of cotton changed hands between Rs 5850 and Rs 6250, they said. Market sources said it looks that rates of cotton are under the influenced of global trend, because rates have almost covered losses despite significant increase in cotton production. In fact, a few leading buyers rushed to replenish their stock despite higher rates, they said.
Cotton analyst, Naseem Usman said that after the rains and during Eid holidays, farmers and growers failed to spray on the crops, which may cause attack by Pink bowl worm and different viruses in Sindh. He said that we have experienced of short of crop due to damages by Curl Leave Cotton Virus (CLCV) and floods in the country after monsoon. He further said that during the current year, we are facing shortage problem again, any kind of negligence would force us to face the same situation.
Adds Reuters: Cotton futures rose nearly two percent on Monday, marking their biggest one-day percentage gain in two weeks, as concerns that rain may hurt the new crop prompted buying in India and China.
The following deals were reported: 200 bales of cotton from Khipro at Rs 5850, 400 bales from Sultanabad at Rs 5925/5950, 600 bales from Kotri at Rs 5925/6000, 2600 bales from Sanghar at Rs 5950/6000, 2000 bales from Shahdadpur at Rs 6000, 1400 bales from Hyderabad at Rs 6000, 400 bales from Nauabad at Rs 6000, 3000 bales from Tando Adam at Rs 6050, 400 bales from Daur at Rs 6050, 1600 bales from Nawabshah at Rs 6050/6100, 400 bales from Bandhi at Rs 6050/6100, 600 bales from Sakrand at Rs 6050/6100, 600 bales from Moro at Rs 6100, 400 bales from Gambat at Rs 6050/6100, 600 bales from Sui Gas at Rs 6075/6150, 800 bales from Kandiyaro at Rs 6075/6100, 800 bales from Salehpat at Rs 6100, 2000 bales from Rohri at Rs 6100, 200 bales from Kumb at Rs 6150, 400 bales from Rasoolabad at Rs 6150, 600 bales from Ranipur at Rs 6150, 600 bales from Chundco at Rs 6150, 1000 bales from Hasilpur at Rs 6100/6200, 600 bales from Chichawatni at Rs 6150/6200, 600 bales from Haroonabad at Rs 6150/6200, 200 bales from Faqirwali at Rs 6200, 1200 bales from Burewala at Rs 6200, 200 bales from Rajanpur at Rs 6200, 200 bales from Bahawal Nagar at Rs 6200, 800 bales from Tonsa Sharif at Rs 6200, 800 bales from Mian Chano at Rs 6200/6250, 400 bales from Khanewal at Rs 6200/6250, 1400 bales from Vehari at Rs 6200/6250 and 600 bales from Rahim Yar Khan at Rs 6250, dealers said. (Source: Business Recorder)