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Prices ease on cotton markets
KARACHI, March 28: Cotton prices on Saturday eased
by another Rs25 per maund as some of the ginners
holding odd lots of low-mic lint sold in a bit
haste.
Unlike the previous dull sessions, the ready
offtake was fairly brisk including some big-lot
deals as both mills and spinners made active
covering purchases at the falling prices.
Some of the low-mic lots both from the central
Sindh and southern Punjab cotton belts were sold
at Rs2,750 on the higher side and Rs2,500 per
maund on the lower side depending on the quality
premiums.
Floor brokers said the fall appears to be a
belated reaction to the last couple of sessions
selling pressure on the world markets but some
other claim it was the panic selling by some of
the ginners.
"Those ginners whose holding capacity is limited
are out to clear their unsold positions as despite
a long wait, spinners appear to be in no obliging
mood", they said.
After remaining conspicuous by their absence for a
couple of sessions, mills and spinners re-enter
the market and pick up a couple of lots and
disappear for a week or so keeping ginners at
their toes all the time.
Although some of the ginners in the upper Sindh
and southern Punjab cotton belts are not inclined
to sell fine and contamination-free lots below
Rs3,000 per maund, most of them fail to find
willing buyers.
"Some of the leading ginners with strong holding
capacity are, however, not worried over the mill
absence from the market and stick to their unsold
positions but the chances of an increase in prices
beyond the Rs3,000 level appear to be a bit bleak
in the backdrop of bearish signal from the world
markets", cotton analysts said.
They said the actual position of unsold stocks
lying with the ginners will be known after the
final crop figures are released by the Pakistan
Cotton Ginners Association (PCGA), by the first
week of the next month and that could well prove a
turning point for the future direction of the
market.
Meanwhile, New York cotton futures recovered from
the recent lows caused by limit-losses owing to
trade selling and were quoted higher by 0.70 and
0.94 cents per lb at 64.90 and 66.64 cents for
both the ruling May and the forward July
settlements respectively.
Official spot rates were lowered by Rs25 in line
with the rate at which physical business was
reported.
Ready offtake was active totalling about 10,000
bales, the following being some of the notable
deals: 1,000 bales, Hasilpur at Rs2,900 to
Rs2,950, 1,200 bales, Khanpur at Rs3,000, 200
bales, Rajanpur at Rs2,950, 1,000 bales, Sadiqabad
at Rs2,500, 3,200 bales, Rahimyar Khan at Rs3,000,
200 bales at Rs2,850, 1,200 bales, Bagho Bahar at
Rs3,000, 500 bales, Shahpur Chakkar at Rs2,675,
400 and 600 bales, Khairpur and Nawabshah at
Rs2,750, and 400 bales, Akri at Rs2,700.
The following are Saturday's new crop Karachi
Cotton Association (KCA) official spot rates for
local dealings in Pak rupees for base grade 3
staple length 1-1/32" micronair value between 3.8
to 4.9 NCL.
Rate for Exgin price Ex-gin price
including Sales Tax Upcountry Expenses Spot rate
ex-Karachi
including Sales Tax @ 15%
37.32 kgs 2,950 3,392.50 50 3,442.50
Equivalent
40 kgs 3,162 3,636.30 50 3,686.30.
The DAWN |
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Pakissan.com; Advisory Point
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