Cotton prices hit season’s high
Cotton prices hit season’s high level on the cotton market on Monday as the ginners were reluctant to lower asking prices of fine types, dealers said.
The official spot rate was higher by Rs 50 to Rs 8700, they added. In ready session, about 16,000 bales of cotton changed hands between Rs 7200 and Rs 9000, they said. Rates of seed cotton per 40kg in Sindh were modestly higher at Rs 3600-4150 and in the Punjab prices were at Rs 3700-4200, they said. In Balochistan, cotton prices showed rising trend at Rs 8300-8500, seed cotton prices were also higher at Rs 4200-4700, they said.
In Sindh, Binola prices per maund were at Rs 1300-1500 and in Punjab rates were at Rs 1450-1600, they said and adding that polyester fibre per kg rates were Rs 190.
Market sources said that the mills prefer to lay hands over the fine quality of cotton due to rising fears of short supply position. Imports of cotton take time, so most of the buyers made forward buying to replenish their stock, they said.
Cotton analyst, Naseem Usman said that to keep a balance between demand and supply, it seems that country will have to import approximately 3 to 5 million bales from cotton producing countries. Cotton prices may increase but with slow pace in the near future, he added. Cotton prices were mixed in the international markets, he said.
The following deals reported: 1600 bales of cotton from Tando Adam at Rs 7900/8400, 1400 bales from Shahdadpur at Rs 7700/8100, 1100 bales from Sanghar at Rs 7400, 600 bales from Jhole at Rs 7200, 400 bales from Hala at Rs 8100, 1200 bales from Saleh Pat at Rs 8800/8850, 1400 bales from Rohri at Rs 8700/8750, 1600 bales from Khairpur at Rs 8700/8800, 2000 bales from Khanewal at Rs 9000, 1000 bales from Rajanpur at Rs 8800, 600 bales from Fazilpur at Rs 8800, 1000 bales from Taunsa Sharif at Rs 8800, 600 bales from Burewala at Rs 8650, 600 bales from Chichawatni at Rs 8700, 600 bales from Mianwali at Rs 8850 and 400 bales from Vehari at Rs 8725, they said.