PAKISTAN: Raw cotton hits record high of Rs14,000

Pakistan: Raw cotton rose by Rs1,000 to strike a record high of Rs14,000 per maund on Thursday after the Pakistan Cotton Ginners Association (PCGA) showed a significant fall in the country’s crop output in its fortnightly report and sharp rise in commodity prices in the international market, dealers said. 

Rajanpur ginners sold 400 bales of cotton at the highest price of Rs14,000 per maund on two-month credit, surpassing the previous record high of Rs13,000 per maund on February 4. “A fall of around 1.15 million bales in the PCGA’s report and rise in the international market have pushed domestic cotton up and made another record high,” said Shakeel Ahmed, a cotton analyst. 

At the International Commodity Exchange (ICE), raw cotton for March and May contracts skyrocketed by 8.58 cents and 7 cents to $2.04 and $2.00 per pound due to rising demand for ginned cotton from importing countries. Spot rates of the Karachi Cotton Association (KCA) remained unchanged at Rs12,000 per maund and Rs12,860 per 40kg for average-quality lint. 

A small number of deals of seedcotton (Phutti) were made in the range of Rs4,500 and Rs5,800 per 40kg in Punjab and Sindh. Moreover, the country’s cotton sales stood at 2,400 bales of raw cotton (170kg each), including 400 bales each from Rajanpur, Kabirwala, Mongi Bangla, Garh Mahraja, Rohri and Salehpat. 

Send your News/Releases for publication to [email protected]
Added: March 5, 2011 Source: YNFX
Start script - 1524302949.5368 Start news id check - 1524302949.5368 After news id check - 1524302949.5372 After cookie_code - 1524302952.2021 Before news detail - 1524302952.2022 After news detail - 1524302952.2029 Start cat select - 1524302952.203 After cat select - 1524302952.2032 before preg replace - 1524302952.2032 After preg replace - 1524302952.2032 Before tag engine - 1524302952.2032 After tag engine - 1524302952.2109 Before mptt engine - 1524302952.2109 After mptt engine - 1524302952.2109 Before related engine - 1524302952.2109 After related engine - 1524302952.2144 Before update hits - 1524302952.2144 After update hits - 1524302952.2146 After update news_hits - 1524302952.2169 After mem_only_views - 1524302952.2169 -------------------------------------------------- Total Exec time:- 2.6802000999451
AddThis Social Bookmark Button   Tell a friendBookmark AddThis Feed Button
Related News:

Website design by InWiz • © - 2000-2018. Internet Wizards All rights reserved. About usTerms & ConditionsDisclaimerPrivacy policy • 21-04-2018