Seed cotton prices managed to expand winning streak on the cotton market on Tuesday in the process of modest trading, dealers said. As a result, the official spot rate was unchanged at Rs 6650, dealers said. In Sindh, seed cotton prices were higher at Rs 50 to Rs 3200-3550, they said. In Punjab, phutti rates recovered more Rs 50-100 to Rs 3300 and Rs 3750, as per 40 kg, they added.
In the ready session, over 4,000 bales of cotton changed hands between Rs 6700 and Rs 7000, they said. According to market sources, subdued business was again witnessed as the ginners kept on the sidelines to hold their stock in expectations of rise in future profits. In the meantime, persisting demand for quality cotton kept prices firm, they said.
Cotton analyst, Naseem Usman, said that other adding factor behind the modest business is higher trend in the world market, which propelled spinners to prefer to purchase local cotton to meet their demand. At the same time, higher prices of cotton yarn are an encouraging factor for the local traders, reviving buying interest among both buyers and sellers, other experts said.
Adds Reuters: ICE cotton futures fell about one percent after touching a near four-week high earlier in the session, as index funds rolled forward their longs, weighing on the market.
This provided some selling pressure," said Louis Rose, an independent cotton trader and consultant with Risk Analytics in Memphis. The March cotton contract on ICE Futures US touched a session high of 75.32 cents a lb, the highest since January 5.
The following deals reported: 400 bales from Fort Abbas at Rs 6700, 400 bales from Dharanwala at Rs 6700, 600 bales from Maroot at Rs 6775, 2000 bales from Haroonabad at Rs 6850, 200 bales from Hasilpur at Rs 6900 and 961 bales from Mian Channo at Rs 7000, dealers said.
===========================================================================
The KCA Official Spot Rate for Local Dealings in Pakistan Rupees
---------------------------------------------------------------------------
FOR BASE GRADE 3 STAPLE LENGTH 1-1/16"
---------------------------------------------------------------------------
MICRONAIRE VALUE BETWEEN 3.8 TO 4.9 NCL
===========================================================================
Rate Ex-Gin Upcountry Spot Rate Spot Rate Difference
For Price Expenses Ex-Karachi Ex. KHI, As Ex-Karachi
on 30-01-2017 in Rupees
===========================================================================
37.324 kg 6,650 135 6,785 6,785 NIL
Equivalent
40 kgs 7,127 145 7,272 7,272 NIL
===========================================================================
Comments
Comments are closed.