A small business activity was witnessed on the cotton market on Friday as the ginners were reluctant to sell the stuff at the present rates after the fresh rains in cotton growing areas, dealers said. The official spot rate was higher by Rs 125 Rs 6,650, dealers said. In Sindh seed cotton prices were unchanged at Rs 3300 and Rs 3450 and in Punjab, phutti prices also inert at Rs 3100 and Rs 3400 per 40 kg, respectively, they said.
In ready business, only 800 bales of cotton changed hands between Rs 6790 and Rs 7040, they said. According to the market sources prices improved after sporadic rains in cotton growing areas in the country. Cotton analyst, Naseem Usman said in fact there is shortage of fine cotton, which did not encourage mills to make new deals. And on the other hand, he said, the ginners were not interested in selling to gain profit in the coming days.
Slight rains were beneficial for the crop, in the meantime, growers were advised to keep close watch and spray the crop
Reuters adds: ICE cotton futures jumped over 2 percent to the highest in over two years on Thursday, as prices broke through the key 75 cent level on a technical rally supported by concerns over weather. The following deals were reported: 200 bales from Mirpurkhas at Rs 6790, same figure from Sanghar at Rs 6800, 100 bales from Chichawatni at Rs 7000, 200 bales from Gojra at Rs 7025 and 100 bales from Haroonabad at Rs 7040, 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 04-08-2016
===========================================================================
37.324 kg 6,650 135 6,785 6,660 + 125
Equivalent
40 kgs 7,127 145 7,272 7,138 + 134
===========================================================================
Comments
Comments are closed.