The ginners held back fresh selling of seed cotton to bring - TopicsExpress



          

The ginners held back fresh selling of seed cotton to bring stability to the prices, dealers said on the cotton market on Thursday. The official spot rate was unchanged at Rs 6350, they said. Price of seed cotton in Sindh per 40 kg were unchanged at Rs 1600-2900, in Punjab rates sustained overnight levels at Rs 2600-2950, dealers said. In the ready session, over 6,000 bales of cotton changed hands between at Rs 6350-6550, they said. Market sources said that the ginners were not looking interested in fresh selling after the Generalised System of Preferences (GSP)+ status to the country. In fact the news is encouraging for the textile sector as industrials and businessmen were hoping exports will improve in the near future, cotton analyst, Naseem Usman said. He also said that if proper supply of gas and electricity continued it has no doubt export earnings will show increase in days to come. Millers and spinners lauded European Union (EU) concessions to the country, but they feel big challenges despite this because some textile exporting countries are already in the world market to compete, other analysts said. The ginners were unhappy due to sharp fall in the prices during the last sessions, but now they adopted wait-and-see attitude just to minimise losses, they said. According to the Reuters, the NY cotton futures surged on Wednesday, gaining for the first in fourteen sessions and stemming a historic rout, as bargain-hunting and technically-driven buying lifted fibre off ten-month lows. The most-active December cotton contract on ICE Futures US rallied as much as 4 percent to 78.94 cents a lb before paring gains and closing up 1.13 cents, or 1.5 percent, at 77.07 cents a lb. It was the spot contracts biggest daily gain since mid-August. The following deals reported as 2000 bales of cotton from Khair Pur at Rs 6350-6450, 1000 bales from Khair pur (BCI) at Rs 6400-6500, 400 bales from Yasman Mandia at Rs 6450, 1000 bales from Ali Pur at Rs 6450-6550, 800 bales from Rajan pur at Rs 6550 and 600 bale from Hasil pur at the same rate, they added.
Posted on: Fri, 08 Nov 2013 06:47:25 +0000

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