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September 17, 2010

Cotton prices surge amid reports of India denying imports

Newspost

 
September 17, 2010

KARACHI: Spot rate of average quality lint increased by Rs150 to Rs6,850 per maund on Thursday amid reports that India could cancel export orders due to heavy rains in cotton producing areas, dealers said.
“Driving rains in major cotton growing states including western Gujarat, Maharashtra, northern Punjab and Haryana, will delay India’s harvest by two-three weeks, while pushing up local prices in both India and Pakistan,” said Shakeel Ahmad, a Karachi-based cotton trader.
He said Pakistani mill-owners were expecting Indian cotton soon because they booked 0.522 million bales with their counterparts a couple of months back. But India could postpone export orders because of which both local and international prices may shoot up.
Ahmad said Pakistan was already facing an urgent shortfall of 3 million bales due to the floods.
However, commodity supplies from Punjab and Sindh improved as over 300 ginning factories have resumed operations after Eid holidays and around 40,000 bales of raw cotton have been arriving on the market daily.
Moreover, seedcotton prices rose by Rs200 to Rs3,400 per 40kg in Sindh and by Rs150 to Rs3,300 per 40kg in Punjab depending on the commodity’s quality.
The market turnover swelled to 19,200 bales of raw cotton (of 170 kg each), including 2,600 bales from Burewala, 1,400 bales from Chichawatni, 1,000 bales from Khanpur, 800 bales each from Khanewal and Bahawalnagar, 600 bales from Samundari, 400 bales from Ghaziabad and another 400 bales in mill-to-mill deals, 200 bales each from Sahiwal, Vehari, Mian Channo, Haroonabad, Pakpattan, Renala Khurd and Rahimyar Khan varying between Rs6,850 and Rs7,000 per maund and 2,200 bales from Tando Adam, 1,800 bales each from Shahdadpur and Mirpurkhas, 400 bales each from Hingorja, Hyderabad, Matiari, Mehrabpur, Sultanabad, Shahpur Chakar, Sanghar and another 400 bales in mill-to-mill deals, 200 bales each from Nawabshah, Kot Ghulam Mohammad, Ranipur, Khairpur ranging between

Rs6,850 and Rs7,000 a maund.
Moreover, in the international market, US cotton fell as cotton futures for October and December lost 0.98 and 0.88 cents to 92.81 and 93.62 cents per pound at the International Commodity Exchange, New York.

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