Firmness prevailed on the cotton market on Thursday in the process of trading activity, dealers said. The official spot rate was unchanged at Rs 8900, they added. In ready session, 17,000 bales of cotton changed hands between Rs 7800-9100, they said. Rates of seed cotton per 40kg in Sindh were at Rs 3000-4200 and in the Punjab prices were at Rs 3800-4400, they said. In Balochistan, seed cotton prices were at Rs 4000-4600 and cotton prices were at Rs 8700-8900, they said.
In Sindh, Binola prices per maund were at Rs 1550-1600 and in Punjab rates were at Rs 1550-1650, they said and adding that polyester fibre was at Rs 187. Market sources said that mills were busy in making new deals at the present levels amid short supply of fine quality lint. Cotton analyst, Naseem Usman said that ongoing shutdown of Faisalabad yarn market slightly impacted the trading volume. Besides, he said that prices may go up slightly in the coming days.
Furthermore, prevailing tensions among the traders likely to ease following the remarks by the Chinese commerce minister, in which he said that China hoped to reach a phased agreement with the United States over trade as early as possible, and make progress on cancelling tariffs on each other's goods. Adds Reuters: Cotton prices rose more than 1% on Wednesday, as some investors covered short positions, while a weaker dollar provided further support to the natural fibre.
The front-month December contract was up 0.95 cent, or 1.5%, at 64.48 cents per lb as of 1:34 p.m. EDT (1734 GMT). Total futures market volume fell by 21,537 to 30,879 lots. Data showed total open interest fell 3,132 to 238,693 contracts in the previous session.
The following deals reported: 800 bales of cotton from Tando Adam at Rs 7800/8550, 1600 bales from Rohri at Rs 8800/8900, 1800 bales from Saleh Pat at Rs 8800/8900, 800 bales from Ghotki at Rs 9100, 400 bales from Panu Aqil at Rs 9100, 400 bales from Mirpur Mathelo at Rs 9100, 2000 bales from Khairpur at Rs 8800/8900, 400 bales from Sadiqabad at Rs 9100, 800 bales from Haroonabad at Rs 8900/9000, 2000 bales from Rahim Yar Khan at Rs 9100, 400 bales from Khanewal at Rs 9100, 800 bales from Mianwali at Rs 9050/9100, 400 bales from Fazilpur at Rs 9000, 400 bales from Bahawalpur at Rs 9000, 800 bales from Dera Ghazi Khan at Rs 8975/9000, 400 bales from Yazman Mandi at Rs 9000, 400 bales from Ahmedpur East at Rs 8975, 400 bales from Chani Goth at Rs 8975, 800 bales from Bahawal Nagar at Rs 8900, 400 bales from Chistian at Rs 8900, 800 bales from Faqeerwali at Rs 8900/9000, 400 bales from Hasilpur at Rs 8850/8875, 200 bales from Kabirwala at Rs 8850, 600 bales from Vehari at Rs 8700/8750 and 200 bales from Noorpur Nuranga at Rs 8950, 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 16-10-2019
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37.324 kg 8,900 160 9,060 9,060 NIL
Equivalent
40 kgs 9,538 171 9,709 9,709 NIL
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