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KARACHI: Steady trend seen amid active mills' buying on cotton market (September 30, 11)

KARACHI: Steady trend seen amid active mills' buying on cotton market

Prices of seedcotton in Sindh were unchanged for the third day at Rs 2300-2800 and rates in Punjab followed the same path, showing no change at the overnight levels to Rs 2000-3000, they said. In ready dealings, over, 13,000 bales of cotton changed hands between Rs 5,500-6,800, they added.

Market sources said that improved activity was seen by the mills as they were trying to get better quality of cotton at present rates and on the other hand, better-than-expected higher phutti arrivals may not allow the growers or ginners to hold seedcotton due to capacity problems. In the meantime, India is also trying to sell the old stock, so that to get the desired purpose, they cut down prices to fetch the importers of cotton, Naseem Usman said.

An industry website reported on Thursday that China's National Development and Reform Commission expects the country's cotton output this year to be around 7.2 million tonnes, up 7.5 percent from the same period last year. On Wednesday the NY cotton futures settled lower on investor sales as the market was again pinned in a trading band with players reluctant to take positions in fiber contracts given the debt woes in Europe, analysts said.

The key December cotton contract on ICE Futures US eased 0.62 cent to finish at 99.53 cents a lb, dealing between 99.16 cents and $1.01. For the fourth session in a row, the market basically stayed in a range running from 99 cents to $1.02. Tuesday's range was 99.50 cents to $1.0218, Monday's range was 99.52 cents to $1.023 and the Friday band was at 99 cents to $1.02. Total volume traded on Wednesday hit almost 8,500 lots, around a third below the 30-day norm, preliminary Thomson Reuters data showed.

The following deals were reported: some 600 bales of cotton from Shahdad Pur sold at Rs 5500/5700, 200 bales of cotton from Mir Pur Khas at Rs 5500, 400 bales of cotton from Nawabshah at Rs 6000, 400 bales of cotton from Sakrand at Rs 6000, 400 bales of cotton from Khair Pur at Rs 6500, 800 bales of cotton from Rohri at Rs 6500/6600, 400 bales of cotton from Kumb at Rs 6500, 600 bales of cotton from Saleh Pat at Rs 6500/6600, 200 bales of cotton from Jahanian at Rs 6000, 400 bales of cotton from Bahawal Nagar at Rs 6200/6300, 200 bales of cotton from Multan at Rs 6300, 600 bales of cotton from Haroonabad at Rs 6335/6600, 1000 bales of cotton from Vehari at Rs 6375/6700, 200 bales of cotton from Gojra at Rs 6400, 200 bales of cotton from Pir Mahal at Rs 6400, 600 bales of cotton from Sahiwal at Rs 6400, 200 bales of cotton from Adda Floor at Rs 6400, 200 bales of cotton from Mongi Bangla at Rs 6425, 200 bales of cotton from Arif Wala at Rs 6500, 200 bales of cotton from Bahawal Pur at Rs 6500, 200 bales of cotton from Tiba Sultan Pur at Rs 6500, 200 bales of cotton from Yazman mandi at Rs 6500, 200 bales of cotton from Chistian at Rs 6500, 200 bales of cotton from Bakkhar at Rs 6500, 1200 bales of cotton from Burewala at Rs 6500/6800, 200 bales of cotton from Fazil Pur at Rs 6600, 400 bales of cotton from Chichawatni at Rs 6500/6550, 200 bales of cotton from Rinala Khurd at Rs 6600, 1000 bales of cotton from Khanewal at Rs 6600/6800, 200 bales of cotton from Kassowal at Rs 6600, 600 bales of cotton from Kabirwala 6600/6650 and 400 bales of cotton from Mianwali at Rs 6700/6800.


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