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Brisk trading in cotton
KARACHI,April 29: The
Karachi cotton market witnessed a positive trend
on the second consecutive day on Wednesday
following the positive trend in New York futures.
The cotton spot rate for base grade three
increased by Rs25 per maund.
Meanwhile, spinners were buying only selected lots
of lint, giving higher prices during the last days
of the crop season that ends on April 30,
according to a broker.
The prices remained between Rs2,100 and Rs3,025
per maund.
"Fluctuation in prices will continue for some time
in the market as ginners were waiting for better
prices and spinners were purchasing the best
lint," a market player said.
Meanwhile, New York cotton futures recorded a
positive trend on Tuesday as prices increased to
64.85 cents per lb from 64.18 cents.
This increase of 67 points with 46 points in July
futures created a favourable impact on the local
market.
The July futures was raised to 62.63 cents per lb
from 62.17 cents.
Moreover, the stakeholders were hopeful for better
future of the crop in the region as a news item of
Cotton International Weekly predicted 78 per cent
higher growth in the crop through Genetically
Modified (GMO) cotton hybrids.
India, the third largest cotton producer after the
USA and China has recorded 29 per cent improved
yields last year.
" GMO Advocates say developing countries, with
smaller-scale farms and relatively poorer farmers,
will benefit most from transgenic crops."
"But environmental organisations say they are bad
for the environment and should be banned."
The news further said that India grew transgenic
cotton hybrids on about 215,000 acres of land and
it was going to increase the area for the GMO to
700,000.
However, more than 6000 bales exchanged the hands,
2000 bales from Burewala received Rs3000 to
Rs3025, 200 bales of Kabirwala and same quantity
from Kacha Khu was sold for Rs3025.
500 bales of APE received Rs3000, 1000 bales from
Nawabshah and same quantity from Buchari sold for
Rs2850, 200 bales of Moro exchanged hands for
Rs2840 while 400 low grade bales from Derki at
Rs2375, 240 bales from Sadiqabad at Rs2400 and 400
low quality bales of Gojra were sold for Rs2100.
The spot rate of base grade three cotton increased
by Rs25 to Rs2,875 per maund from Rs2,850
excluding other charges.
The News International, Pakistan
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Pakissan.com; Advisory Point
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