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KARACHI (July 01 2010): Prices were sharply higher on the cotton market on Wednesday on rising demand by the mills, dealers said. The Karachi Cotton Association (KCA) official spot rate was raised by Rs 50 to Rs 6,600, they said. More than 3,200 bales of cotton changed hands between Rs 6500-6750, they said. Phutti prices were at Rs 2850-3100 in Punjab and in Sindh the rates were at Rs 2825-2850, they added.
Market sources said that as a result of increasing demand by the mills prices went up and it is very much obvious that the rates may show upward trend in the near future. The interesting feature of the day was cautious purchasing by the mills as they are informed that the prices will go up as a result of short supply position, they said.
On Tuesday the NY cotton futures were down on investor sales sparked by news of a more downbeat assessment of economic growth for No 1 cotton consumer China and weakness in the commodity complex. The key December cotton contract fell 0.32 cent to conclude at 78.13 cents per lb, the lowest settlement price on the third position cotton contract since June 9. Volume traded in the December contracts stood at 8,188 lots. December fell as low as 77.04 cents, the lowest intra-day level since June 9.
The following deals were reported : 200 bales of cotton from Shahdad Pur sold at Rs 6550, 200 bales from Shahdad Pur at Rs 6500, 200 bales from Sahiwal at Rs 6650, 400 bales from Pak Pattan at Rs 6600, 400 bales from Pak Pattan at Rs 6650, 400 bales from Pak Pattan at Rs 6700, 600 bales from Burewala at Rs 6700-6725, 200 bales from Arif Wala at Rs 6700, 200 bales from Chichawatni at Rs 6700, 600 bales from Haroonabad at Rs 6675-6750 and 200 bales from Vehari at Rs 6725.
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