Pakistan: Cotton arrivals at ginneries post 13 percent increase

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KARACHI: Total cotton arrivals at the ginneries registered an increase of 13 percent, while cotton crop in Sindh declined by 33 percent because of rain and floods, official data revealed on Tuesday.

Fortnightly cotton arrivals report of the Pakistan Cotton Ginners Association (PCGA) revealed that the total arrivals till October 15 stood at 4.715 million bales against 4.173 million bales last year.

Cotton arrivals from Punjab increased by 57 percent to 3.350 million bales against 2.129 million bales and in Sindh it was recorded at only 1.365 bales against 2.043 bales during the corresponding period last year, it said.

Out of the total arrivals, 123,326 bales were sold to exporters and 3.410 million bales were sold to the spinners.

Meanwhile, active buying was witnessed at the cotton market on Tuesday as more than 20,000 bales exchanged hands in the range of Rs5,000 to Rs6,500 per maund.

An analyst said that the rates of Sindh varieties went down, while Punjab cotton fetched good prices as the quality of the cotton was better than that of Sindh.

Naseem Usman, a leading cotton analyst, said that the market remained under tense situation as both ginners and spinners held tight positions on prices.

With the exception to a few deals, prices remained unchanged at Rs6,300 per maund (37.234kg) and Rs6,752 per 40kg.

Spot rate ex-Karachi remained unchanged at Rs6,430 per maund and Rs6,882 per 40kg after addition of upcountry expenses of Rs130.

The international markets witnessed decline in prices.

New York cotton market was recorded at 100.36 cents, down by 1.58 cents from 101.94 cents for December contracts and 0.97 cents down to 98.46 cents from 99.43 cents for March contracts.

Local market recorded transactions of more than 20,000 bales; of which 400 bales of Sultanabad were sold at Rs5,000 per maund, 200 bales of Khipro at Rs5,150, 600 bales of Mirpurkhas at Rs5,200, 2,000 bales of Khairpur and Upper Sindh were sold at Rs6,250 to Rs6,300 each.

Punjab varieties fetched good prices. Around 600 bales of Gojra were sold at Rs6,200 to Rs6,300, 200 bales of Arifwala were sold at Rs6,200, 600 bales of Shujabad at Rs6,200, 1,600 bales of Bahawalpur at Rs6,200 to Rs6,300, 200 bales of Kehroor Pacca at Rs6,200, 400 bales of Haroonabad at Rs6,200, 400 bales of Sahiwal were sold at Rs6,200 to Rs6,300, 400 bales of Hasilpur were sold at Rs6,200, and 400 bales of Faqirwali, 200 bales Lodhran, 800 bales Rahim Yar Khan, 400 bales of Yazman Mandi and 200 bales of Mian Channu were sold for Rs6,300 each.

Likewise, 1,200 bales of Khanewal were sold at Rs6,300 to Rs6,325 per maund, 400 bales of Khanpur at Rs6,350, 1,000 bales of Burewala at Rs6,350 to Rs6,400, 600 bales of Vehari at Rs6,300 to Rs6,400, 400 bales of Layyah at Rs6,400, 3,000 bales of Rajanpur at Rs6,450 to Rs6,500 and 1,600 bales of Fazilpur were sold at Rs6,500 per maund.

Source: http://www.thenews.com.pk/TodaysPrintDetail.aspx?ID=73148&Cat=3

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