Rates held the present levels on the cotton market on Friday in the process of modest trading activity, dealers said. The official spot rate was unchanged at Rs 5,400, dealers said. In Sindh, prices of seed cotton were at Rs 2000 and Rs 3000 and in the Punjab, rates were at Rs 2300 and Rs 3150, they said. In the ready business, around 5000 bales of cotton changed hands between Rs 4650 and Rs 5700, they said.
Some brokers said that needy mills and spinners showed interest in fresh buying helped the prices to maintain the present levels. Cotton analyst, Naseem Usman said that the Ministry of Textile under the secretary reviewed the suggestions for the next year cotton production for (2016-17). The Karachi Cotton Association (KCA), Trading Corporation of Pakistan and other officials were also present on the occasion, they added. The meeting ended with no fruitful result, they said.
Adds Reuters: Cotton futures advanced on Thursday, supported by a rebound in commodities and stock markets after European Central Bank President Mario Draghi raised hopes for further monetary stimulus. Weekly US government export data was due on shortly, delayed after the Martin Luther King holiday on January 18. The March cotton contract on ICE Futures US settled up 0.12 cent, or 0.2 percent, at 62.09 cents per lb. It traded within a range of 61.75 and 62.45 cents.
Total futures market volume fell by 5,363 to 19,840 lots. Data showed total open interest gained 1,510 to 188,857 contracts in the previous session. The following deals finalised: 2600 bales of cotton from Tando Adam at Rs 4650, 2500 bales from Kandiyaro at Rs 5200, 600 bales from Sadiqabad at Rs 5650 and 800 bales from Yazman Mandi at Rs 5700, they 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 21-01-2016
===========================================================================
37.324 kg 5,400 135 5,535 5,535 NIL
Equivalent
40 kgs 5,787 145 5,932 5,932 NIL
===========================================================================
Comments
Comments are closed.