KARACHI: Cotton prices remained under pressure on Saturday in
sympathy with world cotton markets and slow off-take of cotton yarn. The
underlying sentiment was easy.
Floor brokers said that higher arrivals of phutti (seed cotton) continued to depress cotton prices in front of restricted buying from spinners who are faced with higher cotton yarn inventories.
Similarly, growers are also complaining of suffering heavy losses because of higher phutti arrivals in front of slow off-take.
Brokers said the phutti prices have dipped down to Rs2,000 to 2,500 per 40kg for Sindh quality and between Rs2,400 to Rs2,600 per 40kg for the Punjab variety.
According to reports coming from cotton fields, many frustrated growers after suffering heavy financial losses have started to cut and remove cotton crop and decided not to plant cotton next season.
The New York cotton after remaining under pressure throughout the week recovered slightly.
The Karachi Cotton Association (KCA) spot rates were unchanged at previous level.
The following major deals changed hands on ready counter: 2,000 bales Khairpur done at Rs5,200 to Rs5,225, 1,600 bales upper Sindh done at Rs5,200 to Rs5,225, 600 bales Vehari done at Rs5,175, 800 bales Mian Channu done at Rs5,175 to Rs5,200, 600 bales Chichawatni done at Rs5,200, 1,000 bales Mongi Bangla done at Rs5,200, 1,000 bales Burewala done at Rs5,200 to Rs5,250, 600 bales Toba Tek Singh done at Rs5,225, 600 bales Alipur done at Rs5,240, 1,200 bales Ahmedpur done at Rs5,250, 1,600 bales Rajanpur done at Rs5,300.
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 1-1/16” micronair value between 3.8 to 4.9 NCL.
Floor brokers said that higher arrivals of phutti (seed cotton) continued to depress cotton prices in front of restricted buying from spinners who are faced with higher cotton yarn inventories.
Similarly, growers are also complaining of suffering heavy losses because of higher phutti arrivals in front of slow off-take.
Brokers said the phutti prices have dipped down to Rs2,000 to 2,500 per 40kg for Sindh quality and between Rs2,400 to Rs2,600 per 40kg for the Punjab variety.
According to reports coming from cotton fields, many frustrated growers after suffering heavy financial losses have started to cut and remove cotton crop and decided not to plant cotton next season.
The New York cotton after remaining under pressure throughout the week recovered slightly.
The Karachi Cotton Association (KCA) spot rates were unchanged at previous level.
The following major deals changed hands on ready counter: 2,000 bales Khairpur done at Rs5,200 to Rs5,225, 1,600 bales upper Sindh done at Rs5,200 to Rs5,225, 600 bales Vehari done at Rs5,175, 800 bales Mian Channu done at Rs5,175 to Rs5,200, 600 bales Chichawatni done at Rs5,200, 1,000 bales Mongi Bangla done at Rs5,200, 1,000 bales Burewala done at Rs5,200 to Rs5,250, 600 bales Toba Tek Singh done at Rs5,225, 600 bales Alipur done at Rs5,240, 1,200 bales Ahmedpur done at Rs5,250, 1,600 bales Rajanpur done at Rs5,300.
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 1-1/16” micronair value between 3.8 to 4.9 NCL.
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