KARACHI: The rates of cotton fell for the third consecutive day and most deals on ready counter were also finalised at reduced rates.
Many growers and ginners are holding back their phutti (seed cotton) and lint stocks hoping price hike once the Trading Corporation of Pakistan (TCP) starts lifting cotton from ginners.
Though the TCP has so far entered into purchase contracts for more than 300,000 bales with ginners, they have yet to be finalised as presently sampling is being carried out.
Therefore, brokers said more time would be needed before the impact of the TCP cotton procurement operations starts to trickle down and support the falling cotton prices.
The New York cotton market made a modest recovery where all the future contracts ended with small gains.
The Karachi Cotton Association (KCA) reduced its spot rates by Rs50 to Rs4,850 per maund. This took the total fall of last three days to Rs150.
The following major deals changed hands on ready counter: 1,400 bales Khairpur at Rs4,600, 1,000 bales Tibba Sultanpur at Rs4,850, 2,000 bales Haroonabad at Rs4,900 to Rs5,000, 600 bales Burewala at Rs4,800 to Rs4,850, 6,200 bales Alipur at Rs5,000 to Rs5,050, 400 bales Fort Abbas at Rs4,950, 600 bales Bahawalnagar at Rs4,850 to Rs4,925, 600 bales Mianwali at Rs5,090 to Rs5,100, 600 bales Shadan Lund at Rs5,000 to Rs5,075, 800 bales Rajanpur at Rs5,000 to Rs5,050, 600 bales Faqirwali at Rs4,900.
President summons NA, Senate budget sessions on June 5
ISLAMABAD: President Asif Ali Zardari has summoned sessions of the National Assembly and Senate on June 5, with both houses...
