Pakistan cotton growers and ginners once again faced frenetic trading on the cotton market on Wednesday and looked a bit upset due to strong supply of seed cotton.
According to cotton analyst, the growers and ginners had hoarded phutti in expectations of increase in profit amid tight supply but now phutti arrivals improved significantly, this is factor, which is inducing them to sell huge stock below the expected level.
The official spot rate remained unchanged at Rs 5,550. In Sindh, rates recovered some lost ground, gaining Rs 100 to Rs 2550 and Rs 2650, in Punjab prices were at Rs 2300 and Rs 2550.
In the session, over 15,000 bales of cotton changed hands between Rs 5500 and Rs 5700. The following deals were reported: 1200 bales of cotton from Hyderabad at Rs 5500-5550, 2000 bales from Mirpurkhas at the same rate, same figure from Sanghar at Rs 5500-5575, equal number from Shaddadpur at the same rate, 1200 bales from Tando Adam at the same rate, 600 bales from Jhole at the same rate, 400 bales from Hala at Rs 5575, 1000 bales from Nawabshah at Rs 5575-5600, 600 bales from Rohri at the same rate, 200 bales from Marot at Rs 5575, 400 bales from Dipalpur at Rs 5600, 200 bales from Fort Abbas at the same rate, 200 bales from Burewala, 200 bales from Hasilpur all done at Rs 5600, 400 bales from Haroonabad at Rs 5625, 1200 bales from Chichawatni at Rs 5600-5700, 400 bales from Chinute at Rs 5625-5700 and 800 bales from Mian Chano at Rs 5700.
China imported 204,500 tonnes of cotton in August down 25.9 percent from the same period last year as per customs data.
On international front, Cotton futures saw their biggest one-day rout in four months on Monday on concern about oversupply and waning demand from China. The most-active December cotton contract on ICE Futures US dropped 0.29 cent, or 0.4 percent, to settle at 65.55 cents a lb.
In India, cotton exports have come to a standstill, as prices of the commodity here are higher than abroad.
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