Continued rains in Punjab likely to delay early sowing, which may cause increase in the rates modestly, dealers said on the cotton market on Saturday. The official spot rate gave up overnight gains, dropping Rs 50 to 5000, dealers said. In the ready session, over 7,000 bales of cotton changed hands between Rs 3800 and Rs 5200, they said.
The prices of seed cotton in Sindh were at Rs 1900 and Rs 2350 and in Punjab rates were at Rs 2000 and Rs 2650, they said. Explaining the current position in the market, cotton analyst, Naseem Usman said that prices to keep firm posture because buyers were laying hands overnight fine quality but they were facing problems as the fine quality of cotton lint is not available easily. Currently, buyers were busy in covering the forward to meet export commitments, some exporters also entered the market just to meet their requirements, other experts said.
Reuters adds: ICE cotton dropped to a three-week low on Friday, falling for the seventh straight session, pressured by a markedly stronger US dollar and some demand concerns following a weak export sales report released the prior session. The most-active May cotton contract on ICE Futures US fell 0.26 cent, or 0.4 percent, to settle at 62.97 cents a lb, after falling as low as 62.50 cents, the lowest level since February 12. It was the first time cotton fell for seven consecutive sessions since May 2014.
The following deals reported: 200 bales from Sanghar at Rs 3800, 400 bales from Mirpurkhas at Rs 4100, same figure from Saleh Pat at Rs 4900, 600 bales from Vehari at Rs 4250-4775, 800 bales from Bahawalpur at Rs 4800-4900, same figure from Khanewal at Rs 4850-4950, 1300 bales from Dharanwala at Rs 4875, 500 bales from Jalalpur at the same rate, 400 bales from Faqirwali at Rs 4875-4950, same number from Fort Abbas at Rs 4925, 200 bales from Multan at Rs 4975, 400 bales from Chichawatni at Rs 5000, same number from Rahim Yar Khan at Rs 5250 and 1000 bales from Sadiqabad at Rs 5000-5200, 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 06.03.2015
===========================================================================
37.324 Kgs 5,000 150 5,150 5,200 -50
---------------------------------------------------------------------------
Equivalent
---------------------------------------------------------------------------
40 Kgs 5,358 160 5,518 5,572 -54
===========================================================================
Comments
Comments are closed.