Small business seen in post Eid session on cotton market
RECORDER REPORT
KARACHI (November 21, 2010) : Some deals were seen on the local cotton market amid post Eid-holiday session on Saturday, dealers said. The Karachi Cotton Association (KCA) left the spot rate unchanged at Rs 8500. In the meantime, seeds cotton prices in Sindh and Punjab were at Rs 3900-4000, they said.
In ready business, above 8000 bales changed hands at Rs 9000, they added. According to the market sources, despite the slow arrival of phutti, there was buying interest from spinners indicating that prices may show firmness or go up in the coming days. The growers after disposing of around 75 percent of their crop are now holding back to get better return, they said.
Some experts said that the widening gap between production and consumption of cotton will further put pressure on country's foreign exchange because higher quantity of cotton will have to be imported to fill the gap. Cotton exporters feel that last year country' produced around 10.40 million bales and imported around 2.5 million bales but this year it appeared that quantity exceeding three million bales would have to be imported.
On Friday the US cotton futures ended down by their daily limit on Friday after another move by China to slow its economy led to further liquidation before the weekend, brokers said. The benchmark March cotton contract on ICE Futures US closed down 6.00 cents, or 4.65 percent, at $1.2315 per llb. The following deals were reported : 400 bales of cotton from Tando Adam sold at Rs 9000, 400 more bales from Shahdadpur, 1600 from Nawabshah, 1000 bales from Upper Sindh, 3000 bales from Bahawalpur and 2000 bales from Ahmed Pur East all sold at Rs 9000, they said.
Cotton production increased in three districts
RECORDER REPORT MULTAN (November 20, 2010) : Chairman of Pakistan Cotton Ginners Association (PCGA), Masood A Majeed and vice chairman Shehzad Ali Khan have said that out of total 1200 ginning factories in Sindh and Punjab, 931 are operational. Of these, 716 are in Punjab and 215 in Sindh., and total 13,81,506 bales of cotton were received during last fortnight ending on November 15, 2010.
Recent floods have badly hit the cotton crop in Muzaffargarh, Layyah, Rajanpur Multan and Dera Ghazi Khan. They said that 54.63 percent cotton was destroyed in Muzaffargarh, 59.25 percent in Rajanpur, 19.60 percent in Dera Ghazi Khan, 26.21 percent in Jhang, 22.07 percent in Hyderabad and 33.19 percent in Ghotki.
Cotton production in the country has declined by 19.52 percent as the arrivals recorded at the ginneries as on November 15 stood at 74,53,150 bales, showing a decrease of 19.52 percent from 92,61,398 bales received in the corresponding period of last year. However, the report shows an increase of 14.91 percent in cotton production in Lodhran district, 39.87 percent in Mianwali district, and 13.86 percent in Balochistan. The unsold stock is 4,16,517 bales less than last year.
The Chairman and vice chairman of PCGA briefed reporters about the fortnightly report. Punjab contributed 45,88,486 bales, Sindh 28,64,664 bales and Balochistan 17,364 bales to take the total to 74,53,150 bales. District-wise production data in Punjab showed that Multan contributed 2,18,414 bales, Lodhran 1,26,151 bales, Khanewal 4,69,184 bales, Muzaffargarh 1,35,433 bales, Dera Ghazi Khan 1,81,317 bales, Rajanpur 1,30,636 bales, Layyah 1,01,884 bales, Vehari 5,14,923 bales, Sahiwal 3,64,195 bales, Pakpattan 1,80,500 bales, Okara 32,700 bales, Kasur 4750 bales, Toba Tek Singh 1,89,664 bales, Faisalabad 82,130 bales, Jhang 99,690 bales, Mianwali 64,900 bales, Bhakkar 57,100 bales, Rahim Yar Khan 4,93,800 bales, Bahawalpur 5,31,015 bales, and Bahawalnagar 5,92,700 bales.
Sindh's district-wise production figures were: Hyderabad 2,86,886 bales, Mirpurkhas 3,17,607 bales, Sanghar 12,99,991 bales, Nawabshah 2,64,773 bales, Naushero Feroze 1,55,431 bales, Khairpur 1,63,025 bales, Ghotki 94,874 bales, Sukkur 1,78,324 bales, and Dadu 87,273 bales. Balochistan added 17,364 bales to the total.
The arrivals figures recorded so far are the lowest Pakistan ever had. PCGA claimed that 2 million bales were destroyed in recent floods in Punjab and Sindh. Policy-makers may hope that bumper cotton crop will help the government make deficiency in other areas, taking the annual growth rates to over 7 percent.
PCGA chairman Masood reiterated demand to the government to announce relief and bail-out package for cotton ginning factories of flood-hit areas and survey of such areas should be completed very soon. The report said that the ginners pressed 68,99,381 bales. Only 3,54,500 bales were exported by commercial exporters (which were purchased from Sindh), and merely 31,800 bales were purchased from Punjab. The textile industry purchased 60,95,976 bales and 10,02,674 bales were available with ginners as unsold stock.
Steady conditions in thin trade volume prevail on cotton market
RECORDER REPORT
KARACHI (November 17, 2010) : Firmness prevailed on the cotton market on Tuesday as the spot rate recovered modestly, dealers said. The Karachi Cotton Association (KCA) spot rate was restored its lost ground by Rs 200 to Rs 8500. In the meantime, seeds cotton prices in Sindh and Punjab were unchanged at Rs 4000-4,300, they said. In ready business some 1,400 bales changed hands at Rs 9000, they added.
Market sources said that supply was tight and this factor stabilising the rates but it is most likely if the prices fell in the NY cotton market, the rates may not be able to retain present level. In the meantime the Pakistan Cotton Ginners Association (PCGA) issued its fortnightly report up till November 15,2010 showing arrival of 7,453,150 bales, depicting 19.50 percent less than the last year, they said. On Monday the US cotton futures finished marginally higher to end a three-day losing streak as trade and suspected mill buying wiped out initial losses, brokers said.
The US cotton market rallied last week to an all-time high, but the threat of monetary tightening by No 1 consumer China deflated fibre contracts on Thursday and Friday. Benchmark March cotton on ICE Futures US rose 0.02 cent to $1.342 per lb on Monday, having moved from $1.3499 to $1.2838 - the lowest for the second-position contract in 12 days.
Volume traded in US cotton reached almost 45,400 lots, about a quarter above the 30-day average of 34,200 lots, preliminary Thomson Reuters data showed. The following deals were reported : 400 bales of cotton from Tando Adam sold at Rs 9000, same figure from Shahdadpur at the same rate, 200 bales from Nawabshah at the same rate and 400 bales from Bahawal Nagar at the same rate, they said.
cotton index
The KCA Official Spot Rate for Local Dealings in Pak Rupees
---------------------------------------------------------------------------
FOR BASE GRADE 3 STAPLE LENGTH 1-1/32"
---------------------------------------------------------------------------
MICRONAIRE VALUE BETWEEN 3.8 TO 4.9 NCL
===========================================================================
Rate Ex-Gin Upcountry Spot Rate Spot Rate Difference
For Price Ex-Karachi Ex. KHI. As Ex-Karachi
on 15.11.2010
===========================================================================
37.324 Kgs 8,500 120 8,620 8,420 - 200
---------------------------------------------------------------------------
Equivalent
---------------------------------------------------------------------------
40 Kgs 9,109 120 9,229 9,015 +214
===========================================================================
PCGA COTTON FACT AND FIGURES
|
0 comments:
Post a Comment