On Monday, 28th august 2017, the cotton prices in Pakistan remained firm amid to steady flow of buying orders from needy spinners who remained active in the trading ring. However, moving cotton and its seed have become problematic.
The transportation issues, from the last two weeks, due to Eid-ul-Adha are affecting the ginners and spinners and are in serious condition as most of the heavy vehicles are in use for the haulage of sacrificial animal in different parts of the country.
However with the stability in the cotton prices, the cotton seed price also seemed to be recovering slightly. At the same time the forecast of rain in Sindh was taken as a negative development because it may have an impact on the standing cotton crop in the province.
According to the market sources, the leading spinners are expected to mark time and will rush to restock their stocks soon after Eid and when the transport situation normalizes.
While on the first working day of the last week, the New York cotton moved higher. While that of the Chinese and Indian market closed steady. The Karachi Cotton Association (KCA) spot rates were firm at week-end level.
The following major deals were reported on Monday: 800 bales, Mirpurkhas, at Rs5,950 to Rs5,975; 1,000 bales, Sanghar, at Rs5,950 to Rs6,000; 1,000 bales, Tando Adam, at Rs5,950 to Rs6,000; 1,400 bales, Shahdadpur, at Rs5,950 to Rs6,000; 1,200 bales, Burewala, at Rs6,100; 600 bales, Haroonabad, at Rs6,100; 800 bales, Chichawatni, at Rs6,100; 800 bales, Kassowal, at Rs6,100; 1,200 bales, Burewala, at Rs6,100; 400 bales, Duniyapur, at Rs6,100; 200 bales, Qaboola, at Rs6,050; and 600 bales, Arifwala, at Rs6,075 to Rs6,065.
