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Ease in rates seen with increase in arrival of Phutti

YarnsandFibers News Bureau 2016-09-01 13:30:00 – Karachi

After improvement in arrivals of seed cotton, ease in rates was witnessed at cotton market on Wednesday while the official spot rate remained lower by Rs 100 to Rs 6,550, dealers said.

In Sindh, seed cotton prices also came under pressure at Rs 3200-3450 and in Punjab rates of Phutti, also slipped at Rs 2800-3300, as per 40 kg.

In ready business, around 18000 bales of cotton changed hands between Rs 6600 and Rs 6925, dealer said.

Cotton analyst, Naseem Usman said that with the passage of time, Phutti arrivals increasing and this factor could be a factor behind the falling trend in rates in the coming days. Besides, in expectations of some betterment in the exports, encouraging buyers to keep buying of fine type, he added.

Some brokers said that better position of cotton production in the both India and US, pushed the rates to go down.

Following deals were reported to have changed hands as per dealers: 600 bales from Hala at Rs 6600/6650, 1000 bales from Kotri at Rs 6600/6700, 3000 bales from Sanghar at Rs 6625/6700, 400 bales from Jhole at Rs 6650, 2200 bales from Shahdadpur at Rs 6650/6700, 1000 bales from Mirpurkhas at Rs 6650/6700, 1400 bales from Maqsoodo at Rs 6650/6700, 600 bales from Sakrand at Rs 6650, 400 bales from Sahari at Rs 6700, 400 bales from Shahpur Chakar at Rs 6700, 1400 bales from Nawabshah at Rs 6700, 800 bales from Hyderabad at Rs 6700, 1000 bales from Moro at Rs 6700, 2000 bales from Tando Adam at Rs 6700/6725, 200 bales from Bakhar at Rs 6800, 200 bales from Renala Khurd at Rs 6900, 400 bales from Burewala at Rs 6925 and 400 bales from Khanewal at Rs 6925.

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