Prices drifted lower on the cotton market on Saturday ahead of the Pakistan Cotton Ginners Association (PCGA) report, dealers said. The official spot rate was unchanged at Rs 4,950, dealers said. In the ready session, around 8,000 bales of cotton changed hands between Rs 4100 and Rs 5000, they said. The seed cotton rates in Sindh were at Rs 1800 and Rs 2350, in Punjab prices were inert at Rs 2000 and 2650, they said. According to the market sources, leading mills and spinners were on the sidelines due to lack of fresh leads. The cotton traders were not getting encouraging news from cotton exporting countries, cotton analyst, Naseem Usman said. He also said that declining trend in the international market propelling traders to keep on the sidelines, besides, worse condition of gas and power load shedding in the Punjab was also another factor behind the rising uncertainties among traders, he said. Reuters adds: ICE cotton fell in light dealings on Friday as the markets failure to sustain the previous sessions rally on a bullish export report prompted investor selling, keeping the market within a tight trading range. The most-active front-month March cotton contract on ICE Futures US fell 0.26 cent, or 0.4 percent, to settle at 59.23 cents a lb, and traded within the prior sessions range throughout the day. The following deals reported: 400 bales from Shahdadpur at Rs 4100, 1000 bales from Sanghar at Rs 4300 and Rs 4550, 500 bales from Yasman Mandi at Rs 4850, 400 bales from Ahmedpur at Rs 5000, same figure from Uch Sharif, 1400 bales from Rajanpur, 2000 bales from Mianwali, 200 bales from Vehari all done at the same rate, 1000 bales from Khanpur at Rs 5050-5100 and same figure from Rahim Yar Khan at the same rate, they added.
Posted on: Mon, 19 Jan 2015 10:57:39 +0000
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