Ginners willingly sell cotton at obtaining prices

Karachi: Firmness prevailed on the cotton market on Saturday as ginners showed their willing to sell the cotton at the prevailing rates, dealers said. The Karachi Cotton Association (KCA) official spot rate was unchanged at Rs 2775, they added.

In Punjab, phutti prices were at Rs 1300-1325 and in Sindh at Rs 1250-1275, they said. Expectations of good production and healthier pace of phutti arrivals propelled the ginners not to hold their stocks for a long. On the other hand, mills were active to meet their near-term requirements, they said.

The trend in the New York cotton futures was lower as the ICE Futures open-outcry December cotton closed down 0.17 cent at 60.25 cents per lb. after trading 59.80 to 60.35 cents. March lost 0.11 cent to 63.40 cents and the rest fell from 0.10 to 0.40 cent.

ICE Futures electronic December was down 0.17 cent at 60.25 cents at 2:26 pm EDT (1826 GMT).Market had been trading a 2.00-cent range between 60 and 62 cents in December delivery, and will probably stay in that band on Monday and Tuesday.

The following deals were finalised: 2200 bales of cotton from Shahdadpur sold at Rs 2825/2850, 2000 bales from Tando Adam at Rs 2825/2850, 1000 bales from Sanghar at Rs 2800/2825, 1000 bales from Kphipro at Rs 2800/2825, 200 bales from Sinjoro at Rs 2800, 400 bales from Jhole at Rs 2825, 600 bales from Hyderabad at Rs 2828/2850, 600 bales from Mirpurkhas at Rs 2800, 200 from Kotri at Rs 2850, 400 bales from Bhawalnagar at Rs 2875, 600 bales from Burewala at Rs 2875/2900, 400 bales from Arifwala at Rs 2875, 400 bales from Pakpattan at Rs 875 and 400 bales from Sahiwal at Rs 2875, dealers said.