September 09, 2015 RECORDER REPORT (Source: Business Recorder)
Official spot rate slid on the cotton market on Tuesday during the easy supply of seed cotton, dealers said. The official spot rate maintained week-end levels at Rs 4,550, dealers said. Seed cotton prices in Sindh were at Rs 2300 and Rs 2450 and in Punjab rates were at Rs 2200 and Rs 2350, they said. In the ready business, around 22,000 bales of cotton changed hands between Rs 4600 and Rs 4700, they said.
Market sources said that phutti arrivals increased but on the other hand, mills showed persistent interest in fresh buying. Cotton analyst, Naseem Usman said that supply is matching with the demand, which helped the rates to resist sharp fall. Sustained buying by mills and spinners is giving an impression that they are trying to cover forward purchasing ahead of Eid-ul-Azha holidays.
Prices may not depict sharp fall in the ready session, other brokers added. The following deals reported: 400 bales from Hala at Rs 4625-4650, 2400 bales from Sanghar at Rs 4600-4625, 2000 bales from Tando Adam at Rs 4625-4650, 2200 bales from Shahdadpur at Rs 4625-4650, 1200 bales from Mirpurkhas at Rs 4625-4650, 600 bales from Hyderabad at Rs 4625-4650, 600 bales from New Saeedabad at Rs 4625-4650, 600 bales from Hala at Rs 4650, 200 bales from Bahawal Nagar at Rs 4650, 1400 bales from Haroonabad at Rs 4650-4675, 800 bales from Chistian at Rs 4650-4675, 1000 bales from Vehari at Rs 4650-4675, 400 bales from Bhawana at Rs 4675, 2000 bales from Burewala at Rs 4675-4700, 600 bales from Mian Chano at Rs 4700, 1000 bales from Chichawatni at Rs 4700, 400 bales from Mianwali at Rs 4700, 400 bales from Fort Abbas at Rs 4700, 600 bales from Fazilpur at Rs 4700 and 2000 bales from Khanewal at Rs 4700, dealers said. (Source: Business Recorder)