Advertisement
Can't connect right now! retry

add The News to homescreen

tap to bring up your browser menu and select 'Add to homescreen' to pin the The News web app

Got it!

add The News to homescreen

tap to bring up your browser menu and select 'Add to homescreen' to pin the The News web app

Got it!

Opinion

September 19, 2010
Advertisement

Cotton higher in tandem with global market

Opinion

September 19, 2010

Share

KARACHI: The spot rates of average quality lint surged by Rs100 to Rs6,950 per maund on Saturday following an all-time high in the international market, dealers said.
“Local and international buyers have been focusing on the continuous rise in commodity prices at the International Commodity Exchange, New York because of a fall in the world’s stockpile,” said Shakeel Ahmad, a Karachi-based cotton trader.
“There are reports in the international market of massive crop losses in China and Pakistan due to the catastrophic floods.”
Ahmad said Sindh’s cotton crop was marked higher than that of Punjab due to its better quality and suitable moisture retention.
A number of cotton bales were sold at Rs7,000 and Rs7,100 per maund in Punjab and Sindh respectively. However, seedcotton (Phutti) was priced at Rs3,300 and Rs3,400 per 40kg in both the main cotton producing provinces.
“Over 300 out of 1,212 ginning factories in the country have already started operating, boosting supplies of the commodity. More than 40,000 bales of raw cotton have been arriving on the market daily.”
He predicted that cotton prices would be stable in the market on account of better supplies and suitable weather conditions, which generally have an impact on prices.
The market turnover stood at 16,200 bales of raw cotton (of 170kg each), including 3,000 bales from Burewala, 1,600 bales from Chichawatni, 200 bales each from Sahiwal, Gojra, Pir Mahal, Kabirwala, Vehari, Ghaziabad, 1,200 bales from Khanewal, 400 bales each from Jhang and Taunsa Sharif, 1,000 bales in mill-to-mill deals varying between Rs6,800 and Rs7,000 per maund; and 3,400 bales from Tando Adam, 1,600 bales from Mirpurkhas, 1,000 bales each from Khairpur and Shahdadpur, 400 bales each from Sultanabad and Hyderabad, 200 bales each from Sarhari, Shahpur Chakar and Hala ranging between Rs6,950 and Rs7,100 per maund.
Moreover, in the international market, US cotton extended gains as cotton futures

for October and December shot up 2.68 and 2.46 cents to 97.61 and 98.22 cents per pound at the International Commodity Exchange, New York.

Advertisement

Comments

Advertisement

Topstory

Opinion

Newspost

Editorial

National

World

Sports

Business

Karachi

Lahore

Islamabad

Peshawar