Mills played an active role in fresh buying on the cotton market on Monday in the process of moderate trading, dealers said. The official spot rate was unchanged at Rs 4,450, dealers said. Seed cotton prices in Sindh were at Rs 2100 and Rs 2350 and in Punjab rates were at Rs 1800 and Rs 2450, they said.
In the ready business, around 10,000 bales of cotton changed hands between Rs 4500 and Rs 4825, they said.
Market sources said that the Trading Corporation of Pakistan (TCP) is not getting positive response from mills for offering it's tender, today four parties were bidding for 22,000 bales of cotton below the TCP's reserve rate.
Cotton analyst, Naseem Usman said that seed cotton supplies accelerated with improved quality. Mills and spinners were busy in fresh purchasing of cotton to meet their urgent needs, other brokers said.
Other brokers said that the pace of trading activity to pick up in the coming days.
The following deals reported: 1600 bales from Sanghar at Rs 4500-4550, 2000 bales from Shahdadpur sold at Rs 4500-4600, 1400 bales from Tando Adam at the same rate, 2000 bales from Mirpur Khas at Rs 4550-4600, 1000 bales from Hyderabad at the same rate, 400 bales from Sumundri at Rs 4750, same number from Chichawatni at Rs 4800, 200 bales from Khanewal at Rs 4800 and 400 bales from Burewala at Rs 4825, dealers said.
CAKE FUTURES
The December vaida was higher on the forward cottonseeds oilcake market on Monday in the process of trading, dealers said.
The December vaida closed at Rs 1300.80 and it opened with 50 paisa gain at Rs 1301.30 in the early session, dealers said.
===========================================================================
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 08.08.2015
===========================================================================
37.324 Kgs 4,450 135 4,585 4,585 NIL
---------------------------------------------------------------------------
Equivalent
---------------------------------------------------------------------------
40 Kgs 4,769 145 4,914 4,914 NIL
===========================================================================
Comments
Comments are closed.