Tuesday, 30 December 2014

Cotton market: Ginners may raise asking prices amid slow arrivals

Prices maintained upward march on the cotton market on Tuesday amid tight supply of fine quality, dealers added. The official spot rate was higher by Rs 50 to Rs 4,950, they said. In the ready session, around 13,000 bales of cotton changed hands between Rs 4700-5350, they said.

In Sindh, prices of seed cotton were unchanged at Rs 1900 and Rs 2500, in Punjab prices rose by Rs 100 to Rs 2200 and Rs 2900, they said. Market sources said that phutti arrivals slow due to heavy fog in Punjab. Cotton analyst, Naseem Usman sharing the same views said that with the passage of time prices are likely to gain momentum due to strong buying by mills and spinners. In the meantime, Cotton Crop Assessment Committee (CCAC) here on Monday assessed cotton crop size for the season 2014-15 at 13.4885 million bales.

Reuters: Cotton futures rose the most in a week on Monday after a US government report showed that export sales hit a marketing-year high in the latest week, with buyers in top consumer China leading the buying spree.

The most-active March cotton contract on ICE Futures US extended gains after the US Department of Agriculture (USDA) report and closed up 0.38 cent, or 0.6 percent, at 62.01 cents a lb. The strong USDA data helped fibre buck pressure from a weakness throughout commodities markets and a stronger US dollar. The Thomson Reuters Core-Commodity CRB index, a benchmark for global commodities markets, was lower.

The following deals reported: 400 bales from Vehari at Rs 4700, 600 bales from Hasilpur at Rs 4800, 600 bales from Faqirwali at Rs 4950, 1000 bales from Haroonabad at Rs 4950, 800 bales from Fort Abbas at Rs 4950, 600 bales from Ahmedpur at Rs 5000, 400 bales from Multan at Rs 5200, 800 bales from Liaquatpur at Rs 5300, 1000 bales from Mianwali at the same rate, 2000 bales from Khanpur at Rs 5300-5350, same figure from Rahim Yar Khan at the same rate, 1600 bales from Sadiqabad at the same rate and 1000 bales from Alipur at the same rate, they said.

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