AIRLINK 191.54 Decreased By ▼ -21.28 (-10%)
BOP 10.23 Decreased By ▼ -0.02 (-0.2%)
CNERGY 6.69 Decreased By ▼ -0.31 (-4.43%)
FCCL 33.02 Decreased By ▼ -0.45 (-1.34%)
FFL 16.60 Decreased By ▼ -1.04 (-5.9%)
FLYNG 22.45 Increased By ▲ 0.63 (2.89%)
HUBC 126.60 Decreased By ▼ -2.51 (-1.94%)
HUMNL 13.83 Decreased By ▼ -0.03 (-0.22%)
KEL 4.79 Decreased By ▼ -0.07 (-1.44%)
KOSM 6.35 Decreased By ▼ -0.58 (-8.37%)
MLCF 42.10 Decreased By ▼ -1.53 (-3.51%)
OGDC 213.01 Increased By ▲ 0.06 (0.03%)
PACE 7.05 Decreased By ▼ -0.17 (-2.35%)
PAEL 40.30 Decreased By ▼ -0.87 (-2.11%)
PIAHCLA 16.85 Increased By ▲ 0.02 (0.12%)
PIBTL 8.25 Decreased By ▼ -0.38 (-4.4%)
POWER 8.85 Increased By ▲ 0.04 (0.45%)
PPL 182.89 Decreased By ▼ -0.14 (-0.08%)
PRL 38.10 Decreased By ▼ -1.53 (-3.86%)
PTC 23.90 Decreased By ▼ -0.83 (-3.36%)
SEARL 93.50 Decreased By ▼ -4.51 (-4.6%)
SILK 1.00 Decreased By ▼ -0.01 (-0.99%)
SSGC 39.85 Decreased By ▼ -1.88 (-4.51%)
SYM 18.44 Decreased By ▼ -0.42 (-2.23%)
TELE 8.66 Decreased By ▼ -0.34 (-3.78%)
TPLP 12.05 Decreased By ▼ -0.35 (-2.82%)
TRG 64.50 Decreased By ▼ -1.18 (-1.8%)
WAVESAPP 10.50 Decreased By ▼ -0.48 (-4.37%)
WTL 1.78 Decreased By ▼ -0.01 (-0.56%)
YOUW 3.96 Decreased By ▼ -0.07 (-1.74%)
BR100 11,697 Decreased By -168.8 (-1.42%)
BR30 35,252 Decreased By -445.3 (-1.25%)
KSE100 112,638 Decreased By -1510.2 (-1.32%)
KSE30 35,458 Decreased By -494 (-1.37%)

Rates continued fall in line with the international market amid modest activity, dealers said on cotton market on Saturday. The official spot rate dropped further by Rs 50 to Rs 4,750, dealers said. In the ready session, around 3,000 bales of cotton changed hands between Rs 4600 and Rs 4900, they said. The seed cotton rates of inferior type fell in Sindh by Rs 100 to Rs 1600 while the best variety maintained overnight level at Rs 2300, in Punjab price of low type was inert at Rs 1700, the good type, shed Rs 50 to Rs 2500, they said.
No visible change was seen in the present outlook on the cotton market as a result of lack of buying interest among traders, some analysts said. Cotton analyst, Naseem Usman said after the rate cut, we hope trading activity in the country may improve in times to come. State Bank of Pakistan (SBP) announced to cut its key discount rate to 8.5 percent from 9.5 percent in line with analyst expectations, citing lower inflationary pressure due to falling global oil prices.
Reuters adds: Cotton futures slipped to near a 5-1/2 year low on Friday, returning earlier gains, as a strong dollar and dragging crude oil prices offset a flurry of buying after strong weekly US government export data. The front-month March cotton contract on ICE Futures US fell as low as 57.15 cents a lb, the weakest price since September 2009, and was down 0.54 cent, or 0.9 percent, at 57.23 cents at 12:30 pm EST (1630 GMT). The following deals reported: 400 bales of cotton from Pir Mehal at Rs 4600, same figure from Bahawal Nagar at Rs 4625, same figure from Faquirwali at Rs 4700-4725, 600 bales from Haroonabad at Rs 4700-4725, same number from Maroot at Rs 4725 and 1000 bales from Yazman Mandi at Rs 4725-4900, they added.



===========================================================================
The KCA Official Spot Rate for Local Dealings in Pakistan 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 23.01.2015
===========================================================================
37.324 Kgs 4,750 150 4,900 4,950 -50
---------------------------------------------------------------------------
Equivalent
---------------------------------------------------------------------------
40 Kgs 5,091 160 5,251 5,304 -54
===========================================================================

Copyright Business Recorder, 2015

Comments

Comments are closed.