Steady trend on cotton market

KARACHI (October 05 2010): Firmness prevailed on cotton market on Monday as prices held the previous levels due to short crop news, dealers said. The Karachi Cotton Association (KCA) official spot rate was unchanged at Rs 7100, they said. In ready business, nearly 17,000 bales changed hands at rates between Rs 6900 and Rs 7200, they said.

Seed-cotton prices in Sindh improved with a gain of Rs 50 to Rs 3150-3200. In Punjab, prices were unchanged at Rs 2900-3100, they said. Market sources said that mills continued buying on rising talks about the short crop, while apprehensions about viral attack did not allow buyers to keep away from the market.

According to Pakistan Cotton Ginners Association (PCGA) fortnightly report, phutti arrivals were 2.6 million bales against last year's 3.7 million bales. In order to tackle jobless problem, China's rich southern province of Guangdong will invest 650 million yuan ($97.17 million) in a new cotton plantation in the restive far western region of Xinjiang, creating 3,500 new jobs, state news agency Xinhua said.

Following deals were reported: 800 bales from Sultanabad at Rs 6900-7100, 1000 bales from Hyderabad at Rs 6950-7100, 1800 bales from Shahdadpur at Rs 6900-7100, 800 bales from Tando Adam at Rs 7000-7150, 2000 bales from Mirpur Khas at Rs 7000-7090, 800 bales from Sanghar at Rs 7000, 200 bales from Upper Sindh at Rs 7200, 1200 bales from Mian Channu at Rs 6900-7000, 2000 bales from Burewala at Rs 6900-7000, 1600 bales from Haroonabad at Rs 6900-6950, 1000 bales from Hasil Pur at Rs 6950-7100, 400 bales from Rahim Yar Khan at Rs 6950-7000, 1000 bales from Chichawatni at Rs 7000-7050, 600 bales from Bahwalnagar at Rs 6950-7000, 400 bales from Dera Gazi Khan at Rs 6950-7000, and 1000 bales from Sahiwal at Rs 7250-7100.