Prices maintained an upward journey on the cotton market on Thursday in the process of trading, dealers said. The official spot rate was higher by Rs 150 to Rs 6000, dealers said. In Sindh, seed cotton prices were at Rs 3000 and 3225, similarly, in Punjab rates gained modest ground at Rs 3000 and 3350, per 40 kg, respectively, they said.
In ready business, more or less 8,000 bales of cotton changed hands between Rs 6200 and Rs 6400, they said. Cotton analyst, Naseem Usman said that no respite was seen in increase in the prices following the reports of short supply the world over. Prices may stay firm or go up slightly in the coming days, he added. Cotton stocks in India are likely to fall by a third to 4.3 million bales at the end of 2015/16 season as drought slashes output to the lowest level in six years, a senior government official said. Lower stockpiles will limit India's exports in the next marketing year starting from October 1 and support global prices that have risen to a two-year high on Wednesday.
Reuters adds: ICE cotton futures continued their rally on Wednesday, supported by speculative buying, after soaring to their highest since July 2014 on Tuesday. The following deals were reported: 1200 bales of cotton from Mirpurkhas sold at Rs 6200-6300, 1000 bales from Shahdadpur at Rs 6200-6300, 2600 bales from Tando Adam at Rs 6200-6350, 1600 bales from Sanghar at Rs 6200-6350, 1000 bales from Hyderabad at Rs 6250-6350, 200 bales from Pak Pattan at Rs 6400, 200 bales from Mian Chano at Rs 6400 and 200 bales from Chichawatni at Rs 6400, dealers said.
===========================================================================
The KCA Official Spot Rate for Local Dealings in Pakistan Rupees
---------------------------------------------------------------------------
FOR BASE GRADE 3 STAPLE LENGTH 1-1/32"
---------------------------------------------------------------------------
MICRONAIRE VALUE BETWEEN 3.8 TO 4.9 NCL
===========================================================================
Rate Ex-Gin Upcountry Spot Rate Spot Rate Difference
For Price Ex-Karachi Ex. KHI. As Ex-Karachi
on 13-07-2016
===========================================================================
37.324 kg 6,000 135 6,135 5,985 +150
Equivalent
40 kgs 6,430 145 6,575 6,414 +161
===========================================================================
Comments
Comments are closed.