Farmers assured of conveying grievances during negotiations
Pakistan Cotton Ginners Association (PCGA)'s former Chairman Amanullah Qureshi and others took initiative and arranged negotiations between the farmers representatives and Federal Secretary Textile Shahid Rasheed and Cotton Commissioner Dr Khalid Abdullah.
Both the representatives of Federal Government listened to them patiently and assured them that their grievances would be conveyed to concerned ministries.
They told the farmers that "they are not concerned persons who could redress their grievances. However, we would convey your sentiments to the federal government."
Prices soar on rising demand by mills
November 07, 2012
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Prices maintained upward march on the cotton market on Tuesday as mills showed fresh interest in buying of fine type if rates match with their psychological levels, dealers said. Official spot rate maintained overnight level at Rs 5,850, they said.In the ready business, over, 25,000 bales of cotton changed hands between Rs 5600-6200, they said. Prices of seeds cotton in both Sindh and Punjab depicted slight rise as low type of Sindh did not show any change at Rs 2500 while rates of fine improved by Rs 50 to Rs 2850, low type of Punjab quality gained Rs 100 to Rs 2600 and fine quality rose by Rs 50 to Rs 2950, they said.
Commenting on the increasing trend in the market, cotton analyst Naseem Usman said that mills and spinners were keen to purchase fine at their psychological level. Higher trend in the rates propelling cotton buyers to import cotton from India, USA, Brazil and Greece due to higher prices of local stuff, they said.
Sharing the same views, a few experts said that within one to two nearly six to eight lack bales of cotton imported by cotton buyers and if prices extend further ground, this factor may force interested buyers to purchase from foreign countries because variety is attracting them. Growers and ginners held back cotton in expectations of better profit in the near future, they added.
According to the Reuters, the US cotton futures fell below 70 cents before recovering ground to settle slightly higher on Monday as the market braced for a major index roll later in the week.
"Cotton continues to drift sideways at the bottom of the recent range. Momentum seems to have stalled on the downside," said INTL FCStone market analysts in a report on Monday.
The most-active December cotton contract on ICE Futures US settled up 0.05 cent at 70.40 cents per lb, after trading in a narrow range of less than 1 cent. Prices defied weaker grains and softs markets.
Technically, the market has weakened after December prices breached the psychologically key 70-cent mark for a fourth straight session.
Following deals report: 1000 bales from Shahdad Pur at Rs 5700/5800, 1000 bales from Mir Pur Khas at Rs 5650-5700, 1200 bales from Khair Pur at Rs 6000, 1000 bales from Uper Sindh at Rs 6000, 400 bales from Kabbir Wala at Rs 5900/6000, 400 bales from Maroot at Rs 5900, 400 bales from Yazman Mandi at Rs 5900, 1000 bales from Noor Pur at Rs 5900, 1000 bales from Rahim Yar Khan at Rs 5950/6000, 400 bales from Sahiwal at Rs 5950, 1000 bales from Sadiqabad at Rs 6000, 2000 bales from Lodhran at Rs 6000, 3200 bales from Haroonabad at Rs 6000, 600 bales from Hasil Pur at Rs 6000, 200 bales from Fazil Pur at Rs 6000, 300 bales from Vahari at Rs 6000, 3000 bales from Burewala at Rs 6000, 400 bales from Chichawatni at Rs 6000, 800 bales from Ahmed Pur at Rs 6000, 600 bales from Faqir Wali at Rs 6000, 1000 bales from Lhanewal at Rs 6000, 2000 bales from Khan Pur at Rs 6000, 400 bales from Jahania at Rs 6100, 4000 bales from Mian Wali at Rs 6100/6200 and 400 bales from Rajan Pur at Rs 6200, they said.
Prices soar on rising demand by mills
Prices maintained upward march on the cotton market on Tuesday as mills showed fresh interest in buying of fine type if rates match with their psychological levels, dealers said. Official spot rate maintained overnight level at Rs 5,850, they said.
In the ready business, over, 25,000 bales of cotton changed hands between Rs 5600-6200, they said. Prices of seeds cotton in both Sindh and Punjab depicted slight rise as low type of Sindh did not show any change at Rs 2500 while rates of fine improved by Rs 50 to Rs 2850, low type of Punjab quality gained Rs 100 to Rs 2600 and fine quality rose by Rs 50 to Rs 2950, they said.
Commenting on the increasing trend in the market, cotton analyst Naseem Usman said that mills and spinners were keen to purchase fine at their psychological level. Higher trend in the rates propelling cotton buyers to import cotton from India, USA, Brazil and Greece due to higher prices of local stuff, they said.
Sharing the same views, a few experts said that within one to two nearly six to eight lack bales of cotton imported by cotton buyers and if prices extend further ground, this factor may force interested buyers to purchase from foreign countries because variety is attracting them. Growers and ginners held back cotton in expectations of better profit in the near future, they added.
According to the Reuters, the US cotton futures fell below 70 cents before recovering ground to settle slightly higher on Monday as the market braced for a major index roll later in the week.
"Cotton continues to drift sideways at the bottom of the recent range. Momentum seems to have stalled on the downside," said INTL FCStone market analysts in a report on Monday.
The most-active December cotton contract on ICE Futures US settled up 0.05 cent at 70.40 cents per lb, after trading in a narrow range of less than 1 cent. Prices defied weaker grains and softs markets.
Technically, the market has weakened after December prices breached the psychologically key 70-cent mark for a fourth straight session.
Following deals report: 1000 bales from Shahdad Pur at Rs 5700/5800, 1000 bales from Mir Pur Khas at Rs 5650-5700, 1200 bales from Khair Pur at Rs 6000, 1000 bales from Uper Sindh at Rs 6000, 400 bales from Kabbir Wala at Rs 5900/6000, 400 bales from Maroot at Rs 5900, 400 bales from Yazman Mandi at Rs 5900, 1000 bales from Noor Pur at Rs 5900, 1000 bales from Rahim Yar Khan at Rs 5950/6000, 400 bales from Sahiwal at Rs 5950, 1000 bales from Sadiqabad at Rs 6000, 2000 bales from Lodhran at Rs 6000, 3200 bales from Haroonabad at Rs 6000, 600 bales from Hasil Pur at Rs 6000, 200 bales from Fazil Pur at Rs 6000, 300 bales from Vahari at Rs 6000, 3000 bales from Burewala at Rs 6000, 400 bales from Chichawatni at Rs 6000, 800 bales from Ahmed Pur at Rs 6000, 600 bales from Faqir Wali at Rs 6000, 1000 bales from Lhanewal at Rs 6000, 2000 bales from Khan Pur at Rs 6000, 400 bales from Jahania at Rs 6100, 4000 bales from Mian Wali at Rs 6100/6200 and 400 bales from Rajan Pur at Rs 6200, they said.
New York cotton ekes out gains, falls through 70-cent mark again
US cotton futures fell below 70 cents before recovering ground to settle slightly higher on Monday as the market braced for a major index roll later in the week.
"Cotton continues to drift sideways at the bottom of the recent range. Momentum seems to have stalled on the downside," said INTL FCStone market analysts in a report on Monday.
The most-active December cotton contract on ICE Futures US settled up 0.05 cent at 70.40 cents per lb, after trading in a narrow range of less than 1 cent. Prices defied weaker grains and softs markets.
Technically, the market has weakened after December prices breached the psychologically key 70-cent mark for a fourth straight session. Prices are likely to remain under all the main moving averages in the short term, with support seen at 69.40 cents per lb, traders said.
Even so, there could be a brief pop higher after speculative investors cut their bullish bets by a third last week by increasing their short positions, traders said. Weak supply-and-demand fundamentals show no signs of improving.
"Everyone's sold everything they have to sell for now, so we might get a pop up to 72 cents again," said a Texas-based trader.
As is typical during the US harvest, exchange certified cotton stocks rose for the ninth straight day, inching up 474 bales to 12,238 on November 2, ICE data showed.
While that is its highest level since October 1, inventory levels are well below a year ago when there were 35,000 bales in stock.
Pressure has built on the December as index funds roll their long positions by buying March and selling the front-end contract. The rolls kicked off at the end of October, with Goldman Sachs, the main index, due to start on Wednesday.
The front-month selling has increased the contango although it is still below a full carry which has eluded the market since October 2009, before the market was gripped by a deficit and prices started their year-long rally to records above $2 last March.
The March contract settled at 71.65, up 0.30 percent, leaving the spread between December and March at 1.25 cents.
The March price needs to be between 2 and 2.5 cents per lb above December to be at full carry, meaning it covers cost of holding the commodity until delivery. Trading activity was low across the commodities market with few investors opening new positions ahead of the US presidential election on Tuesday. Volume was 15 percent below the 30-day average, preliminary Thomson Reuters data showed.
More than half of the just under 20,000 lots that changed hands was in the December contract.
