Prices of seed cotton (phutti) touched season’s high on the cotton market on Saturday in the process of sustained buying of quality lint, dealers said. The official spot rate was higher by Rs 50 to Rs 6150, dealers said. In Sindh, seed cotton prices were at Rs 2200-3200, they said, in Punjab, phutti rates picked up Rs 100-200 at Rs 3000 and Rs 3600, as per 40 kg, they added.
In the ready session, approximately 26,000 bales of cotton changed hands between Rs 5550 and Rs 6400, they said. Some brokers said that rise in phutti arrivals giving an impression that cotton production may rise in the coming days. Cotton analyst, Naseem Usman said that despite higher-than-expected phutti arrivals, prices of quality cotton move higher because of sustained buying by mills and spinners. He also said that the country may be able to achieve nearly 11.5 million bales of cotton in the current season.
Adds Reuters: Cotton futures edged lower on Friday on profit-taking, snapping a four-day rally one day after the market had touched its highest point in more than three months amid a stronger dollar. The March cotton contract on ICE Futures US, however, registered its biggest weekly gain in five weeks and was up 4.8 pct for the week.
The following deals reported: 800 bales from Sanghar done at Rs 5550-5600, 600 bales from Shahdadpur at the same rate, 2000 bales from Khairpur at Rs 6150-6175, 1000 bales from Rohri at 6200, 1000 bales from Salehpat at the same price, same figure from Rohri, same figure from Ghotki at Rs 6350, same number from Dharki at the same rate, 2000 bales from Mianwali at Rs 5950/6000, 800 bales from Vahari at Rs 6100/6125, 600 bales from Chichawatni at Rs 6100/6150, same figure from Tiba Sultan at Rs 6150, 600 bales from Mian Chano, 800 bales from Kassowal all done at Rs 6150, 800 bales from Layyah at Rs 6225/6250, 400 bales from Dharanwala at Rs 6275, 800 bales from Chistian, 600 bales from Bhawal Nagar, 1600 bales from Haroonabad all done at Rs 6300, 800 bales from Fort Abbas at Rs 6300/6350, same figure from Faqirwali, 600 bales from Lodhran done at Rs 6350, 1000 bales from Rajanpur at Rs 6350/6400, same number from Khanewal at Rs 6375, 600 bales from Kabirwala done at Rs 6375, 800 bales from Ahmedpur at Rs 6390, 1200 bales from Bahawalpur at Rs 6400 and 3000 bales from Rahim Yar Khan finalised at the same rate, dealers said.