Cotton Market: prices move both ways determined by supply, demand factor

KARACHI  (February 14, 2011) : Milk powder, guwar, cotton cakes Irri 6, moong Punjab, khandsar prices moved both ways during the week when worries were mounting about food problem globally.
On the opening session, Irri 6 Sindh low type shed Rs75 to Rs3150 while the other quality was down Rs100 to Rs3175, wheat old with bardana registered at Rs2640 and wheat new with bardana was quoted at Rs2655, guwar Sindh rose by Rs100 to Rs3650 and Rs3750, gur Punjab rose byRs200 to Rs2600 and Rs3700 and cotton cakes with bag in Sindh low type rose by Rs20 to Rs1260 while the better type was lower and was quoted at Rs1270.
On Tuesday commodities depicted losses such as moong Punjab scaled down by Rs250 to Rs10,000, masoor Canada quoted at Rs6800, masoor dal Canada quoted at Rs8200. Urud Burma lost Rs100 to Rs3200, wheat old with bardana registered at Rs2630 and Rs2655, and wheat new with bardana quoted at Rs2645 and Rs2650, grams Australia shed Rs100 to Rs5150 and Rs5350, grams dal Australia also shed same amount to Rs6100 and Rs6300. Cotton cakes with bag in Sindh low type lost Rs35 to Rs1225 while better type rose by Rs5 to Rs1280. Bangladesh tea was marked down.
On Wednesday Irri 6 Sindh rose by Rs25 to Rs3175 and Rs3200, cottonseed oilcske Sindh with bag rose by Rs25 to Rs1250. Wheat old with bardana was quoted at Rs2640, wheat new with bardana registered at Rs2625. Gur low type shed Rs200 to Rs5000 while better type was unchanged at Rs6200, Khandsari lost Rs500 to Rs7500, yellow peas Canada shed Rs150 to Rs3600 and Rs3750, yellow peas dal Canada lost Rs100 to Rs4100 and Rs4250, yellow peas Ukraine lost sharply by Rs250 to Rs3500 and Rs3650, yellow peas dal Ukraine inferior shed Rs100 to Rs4100 while better type lost Rs150 to Rs4150.
On Jodia Bazar, milk power skimmed (per bag 25kg) olden burger rose by Rs800 to Rs9500, and Amul (India) quoted at Rs9100, Vegetable corolac up by Rs450 to Rs9450 and Haleeb veg quoted at Rs7700, unsweetened King of Kings up Rs100 to Rs4100 and Pineapple (per carton) palac was quoted at Rs1625.
On Thursday barley Sindh and Mardan low type shed Rs50 to Rs2600, while better type was put at Rs2650, gur inferior was unchanged at Rs5000, while better type was down Rs200 to Rs6000. Rapeseed cakes shed Rs10 to Rs890 and Rs900, cotton cakes with bag in Sindh low type lost Rs10 to Rs1240, while the better dropped Rs15 to Rs1265.
On Friday, rates were unchanged as most of the participants were busy in preparations for Juma prayers.
On Saturday Prices moved both ways in process of trading. Prices were firm on the rice sector on the back of strong export orders, therefore, Irri-6 Sindh low type held overnight level at Rs 3175 while the best quality inched up with a gain of Rs 25 to Rs 3225. According to reports, in the first seven months of current fiscal year, rice exports crossed one-billion-dollar mark on the back of rising paddy price on the world market. Makai low type gained Rs 75 to Rs 2700 and better quality was higher by Rs 100 to Rs 2750. Wheat old Burdan was quoted higher at Rs 2645 and wheat new Burdan was registered at Rs 2660. Gur low shed Rs 200 to Rs 4800 and best quality also followed the same pattern, losing Rs 300 to Rs 5700. Prices of gram 50x50, after maintaining a firm trend for several weeks, fell by Rs 100 to Rs 5600-5800, yellow peas Canada low type, however, gained Rs 100 to Rs 3700 and good type also rose by Rs 150 to Rs 3900, yellow peas dal Canada followed the same pattern, low type picked up Rs 100 to Rs 4200 and good type was up by Rs 150 to Rs 4400, yellow peas Ukraine low quality gained Rs 100 to Rs 3600 and best type also higher by Rs 150 to Rs 3800, yellow peas dal Ukraine low type retained its overnight level at Rs 4100 while the best type appreciated by Rs 150 to Rs 4300. Cottonseed oilcake with bag Sindh inferior type held its overnight level at Rs 1240 while the good type gained Rs 15 to Rs 1280, other items managed to hold the last levels.

(Source: http://www.brecorder.com/component/news/single/625:news.html?id=1155225)