Spot rate was raised moderately on the cotton market on Saturday in process of trading, dealers said. Official spot rate gave up weakness, was increased by Rs 50 to Rs 5750, they said. In the ready business over 8,000 bales of cotton changed hands between Rs 5700-5825, they said. According to the market sources, as a whole, prices maintained firm trend. The mills and spinners did schedule buying despite continued rise in phutti arrivals, they added.
Naseem Usman said that sharp rise in phutti arrivals is expected, which may cause a decline in the prices in the coming days. In the meantime mills would continue buying to meet their requirements. According to the Reuters, the NY cotton prices rose on Friday to post an eight percent jump in August, notching their biggest monthly gain in a year and a half, as speculative investors bet that torrid weather conditions would hamper global output and help to eat into record stockpiles.
The benchmark December cotton contract rose for a third straight day on Friday, settling 0.32 cent, or 0.42 percent, higher at 77.26 cents per lb. That was just 0.03 cent shy of its intraday high and just off Thursday's 3-1/2 month high. The US market will be shut on Monday for the US Labour Day holiday.
The following deals were reported: 1600 bales of cotton from Shahdad Pur sold at Rs 5775-5825, same figure from Sanghar at Rs 5775-5800, 1200 bales of cotton from Tando Adam at the same rate, 1000 bales of cotton from Mir Pur Khas at the same rate, 200 bales of cotton from Bahawal Nagar at Rs 5700, 600 bales of cotton from Chichawatni at Rs 5750, 400 bales of cotton from Burewala at the same rate, 400 bales of cotton from Vehari at the same rate, 200 bales of cotton from Hasil Pur at the same rate, same figure from Gojra at the same rate, same figure from Mian Channo at the same rate, same figure from Karror Pakka at the same rate, same number from Arif Wala at Rs 5750, 400 bales of cotton from Khanewal at Rs 5800, 200 bales of cotton from Rahim Yar Khan at the same rate, 400 bales from Multan at the same rate and same figure from Bahawal Pur at the same rate.
===========================================================================
The KCA Official Spot Rate for Local Dealings in Pak Rupees
---------------------------------------------------------------------------
FOR BASE GRADE 3 STAPLE LENGTH 1-1/32"
---------------------------------------------------------------------------
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 31.09.2012
===========================================================================
37.324 kg 5,750 155 5,905 5,855 + 50
---------------------------------------------------------------------------
Equivalent
---------------------------------------------------------------------------
40 kgs 6,162 155 6,317 6,264 + 53
===========================================================================
Comments
Comments are closed.