Trading activity improved on the cotton market on Tuesday amid renewed buying by mills, dealers said. The official spot rate was higher by Rs 100 at Rs 8,800, they added. Prices of seed cotton in Sindh were at Rs 3000-4000, in the Punjab seed cotton prices were at Rs 3200-4000 and in Balochistan, rates of seed cotton were at Rs 3500-4100, they said.
In the ready session, about 18,000 bales of cotton changed hands between Rs 7700-9100, they said. According to market sources, mills showed interest in fresh buying of lint to cover the immediate requirements. Cotton analyst, Naseem Usman said that after a long time prices showed upward trend due to surge in demand and it looks that the cotton rate to move both ways in the coming days.
Other brokers said that prices started stabilising after the heads of the US-China agreed to defer the tariff increase for a period of three months on the sidelines of G-20. An upward trend was seen on the international market. Prices showed divergent trend on the global markets, they said.
The following deals reported: 800 bales of cotton from Tando Adam at Rs 8250/8300, 600 bales from Ghotki at Rs 9000/9100, 400 bales from Pano Aqeel at Rs 9100, 400 bales from Dherki at Rs 8950/9100, 2000 bales from Rohri at Rs 8800/8825, 1600 bales from Saleh Pat at Rs 8700, 2000 bales from Khairpur Mirus at Rs 8550/8750, 3000 bales from Sadiqabad at Rs 9000/9050, 1000 bales from Rahim Yar Khan at Rs 9000, 400 bales from Shahar Sultan at Rs 8850, 1600 bales from Fort Abbas at Rs 8350/8500, 1400 bales from Haroonabad at Rs 7900/8400, 600 bales from Tonsa Shareef at Rs 8400, 400 bales from Daharanwala at Rs 8300, 600 bales from Bahawalpur at Rs 8200 and 100 bales from Gojra at Rs 7700, 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 03-12-2018
===========================================================================
37.324 kg 8,800 160 8,960 8,860 + 100/-
Equivalent
40 kgs 9,431 171 9,602 9,495 + 107/-
===========================================================================
Comments
Comments are closed.