Prices showed further gain on the cotton market on Thursday in the process of brisk activity, dealers said. The official spot rate extended overnight gains, rising Rs 50 to Rs 6150, they said. In the ready session, around 45,000 bales of cotton changed hands between Rs 6100-6300, they said. In Sindh seed cotton prices were at Rs 2800-3050, in the Punjab rates were at Rs 2900-3250, as per 40 kg, they said.
According to the market sources, mills and spinners indulged in panic buying of lint cotton. Spinners were trying to purchase as much as they can, they added. Cotton analyst, Naseem Usman said that cotton prices losing ground in the global market, but locally rates are picking up due to quality factor.
Adds Reuters: ICE cotton futures edged lower on Wednesday as the market awaited a closely watched monthly crop supply and demand report, which is expected to reflect damages from the recent hurricanes in the United States. Cotton contracts for December settled down 0.22 cent, or 0.32 percent, at 68.73 cents per lb. It traded within a range of 68.46 and 69.45 cents a lb.
Volumes remained low ahead of the US Department of Agriculture's (USDA) World Agricultural Supply and Demand Estimates (WASDE) report due on Thursday. Total futures market volume fell by 5,635 to 14,332 lots. Data showed total open interest fell 291 to 229,455 contracts in the previous session.
The following deals were reported to have hanged hands on the ready counter: 2000 bales from Rohri at Rs 6200/6250, 1600 bales from Saleh Pat at Rs 6250/6300, 800 bales from Ghotki at Rs 6300, 5000 bales from Khairpur at Rs 6200/6250, 1000 bales from Nawabshah at Rs 6100/6125, 2000 bales from Sakrand at Rs 6100, 400 bales from Qazi Ahmed at Rs 6100, 400 bales from Ahmedpur East at Rs 6300, 600 bales from Muhammadpur Dewan at Rs 6300, 3400 bales from Fazilpur at Rs 6250/6300, 1000 bales from Rajanpur at Rs 6250/6300, 400 bales from Choti Zareen at Rs 6275, 200 bales from Tonsa Sharif at Rs 6275, 3000 bales from Vehari at Rs 6250/6275, 200 bales from Kassowal at Rs 6250, 4400 bales from Mianwali at Rs 6200/6250, 2000 bales from Burewala at Rs 6200/6250, 1600 bales from Shujabad at Rs 6225, 1000 bales from Khanewal at Rs 6225, 4600 bales from Layyah at Rs 6200/6225, 2200 bales from Bahawalpur at Rs 6200/6225, 1000 bales from Fort Abbas at Rs 6200, 400 bales from Hasilpur at Rs 6200, 200 bales from Faqeerwali at Rs 6200, 400 bales from Bhakkar at Rs 6200, 400 bales from Marot at Rs 6200, 2000 bales from Chichawatni at Rs 6200, 200 bales from Sahiwal at Rs 6200 and 200 bales from Madrasa at Rs 6200, they said.