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KARACHI (June 30 2010): With the improvement of pace of phutti arrivals prices also went up sharply on the cotton market on Tuesday as more ginning factories have started work. The Karachi Cotton Association (KCA) official spot rate was unchanged at Rs 6,550, they said.
Some 4000 bales of cotton changed hands between Rs 6400-6700. Phutti prices were higher by Rs 100 to Rs 2850-3100 in Punjab and in Sindh, the rates were at Rs 2825-2850, they added. As a result of strong mill demand, cotton prices touch the high at Rs 6700, they said.
Market sources said that the phutti prices are still on the higher side due to persisting demand. The mills were active to cover the buying in anticipation of further rise in prices, they said. The ginners were selling as asking prices were matching with the psychological levels, but it looks that they may raise the prices.
On Monday the NY cotton futures settled lower on very light investor sales as players tweaked positions before the release this week of a key government plantings report, brokers said. Benchmark December cotton eased 0.46 cent to end at 78.45 cents per lb, dealing from 77.67 to 79.30 cents. Volume traded in the December contract stood at a modest 6,901 lots at 2:33 pm EDT (1833 GMT).
The following deals were reported : 200 bales of cotton from Sultanabad sold at Rs 6400 for (15-16 July delivery), 200 bales from Shahdad Pur at Rs 6500, 400 bales from Burewala at Rs 6700, 200 bales from Burewala at Rs 6650, 400 bales from Burewala at Rs 6625, 600 bales from Haroonabad at Rs 6625, 400 bales from Pak Pattan at Rs 6625, 400 bales from Arif Wala at Rs 6625, 200 bales from Hasil Pur at Rs 6650, 600 bales from Sahiwal at Rs 6600-6650 and 200 bales from Khanewal at Rs 6650.
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