Prices maintained upward march on the cotton market on Saturday in the process of trading activity, dealers said. The official spot rate showed further increase of Rs 50 to Rs 8400, they added. In ready session, around 7,000 bales of cotton changed hands between Rs 8475-8600, they said. Rates of seed cotton per 40kg from Lower Sindh were at Rs 3700-4100 and in Punjab prices were at Rs 3700-4200, they said.
In Sindh, Binola per maund prices were at Rs 1450-1500 and in Punjab rates were at Rs 1500-1600, they said and adding that polyester fibre per kg rates were at Rs 205 amid better demand, they said.
According to the market sources, slight fall arrivals of seed cotton, helped the rates to up with gradual pace.
The cotton analyst, Naseem Usman said that at beginning of new season, best quality of cotton is short of demand because of some damages of crop.
In Sindh, heat weather is hurting standing crop in the field, other leading reason, which caused damage of crop is less monsoon rains in the cotton belt, he said.
Cotton sowing was late for some reason, but seed cotton arrivals are improving in Punjab with the passage of time, he added.
Adds Reuters: ICE cotton futures rose more than 2% on Friday as some investors bought the natural fibre after prices hit three-year lows in the previous session, on hopes that a resolution in US-China trade talks would help the market battle demand woes.
The most-active cotton contract on ICE Futures US, the second-month December contract, settled up 1.36 cent, or 2.20%, at 63.07 cents per lb. Prices registered their biggest one-day percentage gain since February 21.
Total futures market volume rose by 3,075 to 21,768 lots. Data showed total open interest gained 2,454 to 195,421 contracts in the previous session.
The following deals reported: 600 bales of cotton from Shahdadpur at Rs 8475/8500, 1400 bales from Tando Adam at Rs 8500, 600 bales from Mirpurkhas at Rs 8500, 1200 bales from Sanghar at Rs 8500, 200 bales from Khadro at Rs 8500, 400 bales from Sinjoro at Rs 8500, 400 bales from Chichawatni at Rs 8600, 600 bales from Mian Channu at Rs 8600, 200 bales from Sahiwal at Rs 8600, 200 bales from Samandri at Rs 8600 and 400 bales from Vehari at Rs 8550, they said.
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The KCA Official Spot Rate for Local Dealings in Pakistan Rupees
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FOR BASE GRADE 3 STAPLE LENGTH 1-1/16"
MICRONAIRE VALUE BETWEEN 3.8 TO 4.9 NCL
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Rate Ex-Gin Upcountry Spot Rate Spot Rate Difference
For Price Ex-Karachi Ex. KHI. As Ex-Karachi
on 19.07.2019
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37.324 kg 8,400 160 8,560 8,510 + 50/-
Equivalent
40 kgs 9,002 171 9,173 9,120 + 53/-
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