Falling stock of cotton made the Pakistan cotton market mind-numbing as the ginners raised rates as a consequence of the dearth. According to sources, the official spot rate was unchanged at Rs 5450, dealers said. In the ready session, only 2000 bales changed hands between Rs 4350-5700Seed cotton rates in Sindh were unchanged at Rs 2000-2600 and in Punjab prices registered at Rs 2400-3100.
Cotton analyst, Naseem Usman, said that prices will go up in the coming days as mills and spinners were trying to grab all lots of lint cotton despite the soaring prices. If petroleum prices go up in coming days, this factor may cause slight rise in the cotton rates
Commenting on the fresh rains in Punjab side, he said that how much it will effect the next cotton production, it is before time to say something but it appears that rains will not play havoc in the cotton belt in times to come.
He added that prices are firm in the international market due to strong demand, local prices also moving in a tight range due to said reason.
July cotton contract on ICE Futures US was down 0.73 cent, or 1.1 percent, at 64.66 cents a lb by 12:16 pm EDT (1616 GMT) after falling as low as 64.57 cents a lb, the front-month's lowest level since May 6.
The following deals reported: 200 bales from Chistian at Rs 5300, 400 bales of cotton from Caboola at Rs 5500, same figure from Ahmedpur at the same rates and 1000 bales from Rahim Yar Khan at Rs 5600-5700, they said
On global front, ICE cotton extended losses on Tuesday, falling to a near one-week low, after the US government projected year-end inventories for the 2015/16 crop year would be the second-highest on record in its first supply and demand forecast for the upcoming crop year.
According to a Reuters poll, the US Department of Agriculture's forecast for 106.2 million 480-lb bales of world ending stocks in the 2015/16 crop year, which begins in August, was higher than analysts' median expectations for 105.75 million bales .
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