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KARACHI (July 02 2010): First time in the history of cotton, nearly 30,000 bales of cotton of new season 2010-11 arrived at ginneries in June, dealers said on the cotton market on Thursday. The Karachi Cotton Association (KCA) official spot rate maintained its surge, gaining Rs 50 to Rs 6,650, they said. About 3000 bales of cotton changed hands between Rs 6500-6750, they said.
Phutti prices were at Rs 2950-3100 in Punjab and in Sindh, the rates were at Rs 2900-2950, they added. According to the market sources better growth of crop encouraged the mills and they are making deals in rising perception of increase in the rates.
As a result good crop, some 30 ginning factories have started operations and it is expected that more will begin functioning in the coming days, they said. On Wednesday the NY cotton futures settled at a fresh three-week low on investor sales as the market reeled from a government plantings estimate that would lead to the biggest US cotton crop in three years, brokers said.
The key December cotton contract fell 1.75 cents to close at 76.38 cents per lb, the lowest settlement price on the benchmark third position cotton contract since June 8. December traded from 78.29 to 75.86 cents, also the lowest intraday level since June 8 when it traded at 75.39 cents. Volume traded in the December contract stood at 16,141 lots at 3:01 pm EDT (1901 GMT).
The following deals were reported : 400 bales of cotton from Sanghar sold at 6500 / 6600, 400 bales from BWL 6800, 200 bales from KNW 6800, 400 bales from CCI 6750 / 6800, 200 bales from H S P 6800, 200 bales from Mian Channu 6800, 200 bales from K. Wala 6800, 200 bales from Vehari 6750, 200 bales from PPT 6750, and 200 bales from HRBD 6800.
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