December 12, 2014 RECORDER REPORT
No significant decline was seen on the cotton market amid increasing demand by mills and spinners, dealers said on the cotton market on Thursday. The official spot rate sustained overnight rates at Rs 4,650, they added. In the ready session, about 19,000 bales of cotton changed hands between Rs 3600-5000, they said. In Sindh, prices were unchanged at Rs 1500 and Rs 2400, in Punjab prices were also inert at Rs 1600 and Rs 2500, they said.
In a surprising move, the mills and spinners played an important role by purchasing fine quality, cotton analyst, Naseem Usman said. Other brokers also said that firmness in the overnight market also helped the rates to sustain the levels.
Reuters adds: Cotton futures rose more than 1 percent on Wednesday, reversing earlier losses, after the US government unexpectedly lowered forecasts for US ending stocks and production in the 2014/15 crop year in its monthly world supply and demand report.
The most active March cotton contract on ICE Futures US was up 0.43 cent, or 0.72 percent, at 12:19 pm EST (1719 GMT). Prices spiked as much as 1.4 percent to 60.80 cents immediately after the report.
The following deals reported: 800 bales from Mirpurkhas at Rs 3600, 200 bales from Maqsoodo at Rs 3600, 400 bales from Gojra at Rs 4500, 600 bales from Vehari at Rs 4500, 600 bales from Haroonabad at Rs 4575, 400 bales from Kahror Paka at Rs 4600, 400 bales from Hasilpur at Rs 4600, 200 bales from Pir Mehal at Rs 4650, 400 bales from Faqirwali at Rs 4650, 400 bales from Fort Abbas at Rs 4675, 400 bales from Bahawalpur at Rs 4700, 600 bales from Yazman Mandi at Rs 4700-4800, 200 bales from Mian Chano at Rs 4700, 200 bales from Kassowal at Rs 4700, 400 bales from Chichawatni at Rs 4700, 1000 bales from Layyah at Rs 4725/4800, 1200 bales from Ahmedpur at Rs 4750, 400 bales from Shujabad at Rs 4750, 1000 bales from Jalalpur at Rs 4750, 400 bales from Liaquatpur at Rs 4800, 800 bales from Muhammadpur at Rs 4800/4875, 400 bales from Chani Ghot at Rs 4800, 200 bales from Shadan Lund at Rs 4800, 400 bales from Fazilpur at Rs 4800, 2000 bales from Rahim Yar Khan at Rs 4850/4900, 2000 bales from Sadiqabad at Rs 4850-4900, 600 bales from Khanpur at Rs 4875, 1000 bales from Liaquatpur at Rs 4900, 400 bales from Mianwali at Rs 4900 and 1000 bales from Rajanpur at Rs 5000, they said. (Source: Business Recorder)