Trade activity improved on the cotton market on steady flow of buying orders from needy mills and spinners, dealers said on Saturday. The official spot rate failed to halt erosion, losing more Rs 100 to Rs 6,400, dealers said. Seed cotton prices in Sindh, were unchanged at Rs 3000 and Rs 3200 per 40 kg, similarly, in Punjab, prices showed no change in overnight levels at Rs 3000 and Rs 3300, respectively, they said. In ready business, around 15,000 bales of cotton changed hands between Rs 6550 and Rs 6800, they said.
In sympathy with the world trend, the rates fell modestly despite improvement in buying activity, market sources said. Cotton analyst, Naseem Usman said that there was no so much rain in the cotton belt, but to keep in save side, some mills took interest in new buying amid hovering fears of short supply as rains water could hampering the flow of phutti to ginning mills. Persistent demand may be a factor behind the modest decline in the rates but it is most likely that price may not fall sharply in the near future, some experts said.
Reuters adds: ICE cotton futures settled lower on Friday, registering their biggest weekly fall in more than five weeks, on end of the week profit-taking and a stronger dollar. The following deals were reported: 1400 bales of cotton from Hyderabad at Rs 6550-6650, 2400 bales from Shahdadpur at Rs 6550-6700, 300 bales from Mirpur Betiro at Rs 6600, 2000 bales from Mirpurkhas at Rs 6600-6650, 400 bales from Hala at the same rate, 3600 bales from Tando Adam at Rs 6600-6700, 3000 bales from Sanghar, 1600 bales from Kotri all done at the same level and 200 bales from Samundri at Rs 6800, 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 22-07-2016
===========================================================================
37.324 kg 6,400 135 6,535 6,635 -100
Equivalent
40 kgs 6,859 145 7,004 7,111 -107
===========================================================================
Comments
Comments are closed.