Cotton prices steady
11/13/2012 12:32:39 PM

This compared to 15,600 bales of cotton exchanged in Punjab on Saturday at Rs5,700 to Rs6,000.

Most of the bales exchanged on Monday in Punjab were done at Rs6,000 to Rs6,100.

US cotton futures closed higher last week, as a solid domestic Chinese price helped cushion the blow of another bearish monthly crop report, but the bounce still left the market down 1 percent on the week. The US government raised its 2012/13 forecast for global cotton inventory to above 80 million 480-pound bales for the first time due to larger-than-expected output in the United States, the world’s third largest producer, and falling demand from China, the world’s largest consumer.

The following transactions were reported on the ready counter on Monday:

SINDH TYPE: 1,000 bales, Shahdadpur at Rs5,700 to Rs5,800, 800 bales, Tandoadam at Rs5,700 to Rs5,750, 1,000 bales, Sanghar at Rs5,650 to Rs5,800, 1,000 bales, Mirpurkhas at Rs5,650 to Rs5,700 and 2,000 bales, Khairpur at Rs6,000.

PUNJAB VARIETY: 400 bales, Layyah at Rs5,975, 600 bales, Khanewal at Rs5,975, 400 bales, Shujabad at Rs5,975, 200 bales, Bahawalnagar at Rs6,000, 600 bales, Deraghazikhan at Rs6,000, 400 bales, Muhammadpurdewan at Rs6,000, 400 bales, Faqirwali at Rs6,000, 800 bales, Hasilpur at Rs6,000, 3,000 bales, Rahimyarkhan at Rs6,000, 1,000 bales, Haroonabad at Rs6,000, 400 bales, Fortabbas at Rs6,000, 400 bales, Sadiaqabad at Rs6,000, 1,000 bales, Rajanpur at Rs6,100, 2,600 bales, Mianwali at Rs6,100 and 800 bales, Fazilpur at Rs6,100.