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New cotton crop arrives in the markets
15 Jul '05
1 min read
Lull was briefly broken as new season's cotton reached markets to be traded on Thursday at Rs 2600 per maund.
The crop from Chicha Watni however, unmoved the spot rate that stayed put at Rs 2325 per maund.
Now, brokers and ginners eye for the Trading Corporation of Pakistan stock as there is none available in open market.
The fact that TCP planned to sell only 86,000 cotton bales in its last auction after having received bids for over 300,000 bales, speaks eloquently of the demand for the produce.
Even though cotton remains subdued in the international markets, the US variety is still dearer when compared to the rates at which TCP is offering its stocks, informed a broker.
Meanwhile, growers hope to get support price of seed cotton at Rs 1100 per maund from the Government against last year's Rs 980 per maund. This will prove beneficial for the growers and encourage taking up cotton cultivation in the country.
The crop from Chicha Watni however, unmoved the spot rate that stayed put at Rs 2325 per maund.
Now, brokers and ginners eye for the Trading Corporation of Pakistan stock as there is none available in open market.
The fact that TCP planned to sell only 86,000 cotton bales in its last auction after having received bids for over 300,000 bales, speaks eloquently of the demand for the produce.
Even though cotton remains subdued in the international markets, the US variety is still dearer when compared to the rates at which TCP is offering its stocks, informed a broker.
Meanwhile, growers hope to get support price of seed cotton at Rs 1100 per maund from the Government against last year's Rs 980 per maund. This will prove beneficial for the growers and encourage taking up cotton cultivation in the country.
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