The weaker links of the spinners and mills were at the receiving end because of their limited resource base and they had to operate on daily basis as compared to their leading partners who had an enormous liquidity at their disposal. - Photo by AFP.
A deal of 400 bales from a Gothki ginnery was finalised at an all-time high of Rs6,000 per maund so far and analyst Naseem Usman said further increase in prices was on the cards before the arrival of the new crop.
According to official figures the unsold stocks dipped below the 0.200m bales which were barely enough for two days’ total mill consumption.
But spinners were acting wisely to the developing situation on the global cotton front as leading among them were not inclined to get panicked and lifted only those lots which conformed to their export parity levels, market sources said.
The weaker links of the spinners and mills were, however, at the receiving end because of their limited resource base and they had to operate on daily basis as compared to their leading partners who had an enormous liquidity at their disposal, they said.
The New York cotton futures on the other hand again came in for modest pruning and were marked down by 0.53 and 0.52 cents per lb at 79.50 and 81.09 cents for both the ruling May and the forward July contracts respectively.
The official spot rates on the other hand were revised upward by Rs50 at Rs5,750 per maund but in the ready section some of the deals were done well above them.
The following are some of the deals gone through on Thursday: 300 bales, exporter-to-mill at Rs5,700, 600 bales, Nawabshah at Rs5,775, 200 bales, Tando Janmohammad at Rs5,800, 200 bales each and 600 bales, Haroonabad, Khanewal and Kehror Pacca at Rs5,850.
Source: http://www.dawn.com/wps/wcm/connect/dawn-content-library/dawn/the-newspaper/business/19-cotton-prices-hit-record-rs6%2C000-640-hh-08
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