Firmness prevailed on the cotton market on Friday as buyers did not show any reluctant in fresh buying, dealers said. The official spot rate maintained overnight level at Rs 8000, they added.
Prices of seed cotton in Sindh were at Rs 3600-3800, in Punjab rates were at Rs 3500-3800 and in Balochistan, prices of seed cotton were at Rs 3700-3900, they said. Other brokers said that cotton yarn prices are still under pressure.
In ready session, over 15,000 bales of cotton finalised between Rs 8000-8300, they said. According to the market sources, most of the leading buyers were busy in making forward deals due to quality factor. Prices of cotton likely to depict slight fall if arrivals of fine quality not maintains its present pace for any reason, they said.
Cotton analyst, Naseem Usman said that due to weak economic condition a kind of uncertainty seen among the business community. Cotton prices drifted lower in the international markets, he added. Following deals were reported: 1400 bales of cotton from Shahdadpur at Rs 8075/8100, 2000 bales from Tando Adam at Rs 8075/8100, 200 bales from Sanghar at Rs 8050/8100, 1800 bales from Mirpurkhas at Rs 8000/8050, 800 bales from Kotri at Rs 8050, 1000 bales from Hyderabad at Rs 8050/8100, 1000 bales from Hala at Rs 8050/8100, 400 bales from Khipro at Rs 8050, 400 bales from Daur at Rs 8075, 2600 bales from Nawabshah at Rs 8075/8100, 400 bales from Shahpur Chakar at Rs 8075, 400 bales from Ahmedpur East at Rs 8300, 200 bales from Khanewal, 200 bales from Mian Channu, 400 bales from Gojra all done at the same rates, 200 bales from Tounsa Sharif at Rs 8250, 200 bales from Bahawalpur at Rs 8250, 600 bales from Burewala at Rs 8235/8250, 400 bales from Chichawatni at Rs 8200/8300, 200 bales from Vehari at Rs 8250 and 200 bales from Faqeerwali at Rs 8250, they 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 Ex-Karachi Ex. KHI. As Ex-Karachi
on 29-08-2018
===========================================================================
37.324 kg 8,000 160 8,160 8,160 NIL
Equivalent
40 kgs 8,574 171 8,745 8,745 NIL
===========================================================================
Comments
Comments are closed.