Hectic trade activity was seen on the cotton market on Wednesday as spinners and mills lay hands over the fine quality to meet their short-term needs, dealers said. The official spot rate was firm at Rs 5950, dealers said. In Sindh, seed cotton prices moved up slightly at Rs 3000-3150, they said, in Punjab, phutti rates made solid ground at Rs 2900 and Rs 3300, as per 40 kg, they added,
In ready business, around 45,000 bales of cotton changed hands between Rs 5900 and Rs 6200, they said. The mills and spinners attracted by fine quality, which was easily available, some brokers said. Cotton analyst, Naseem Usman said that factors behind the rise in prices are simple under the circumstances. The supply of quality lint is available because of peak hours, he said. On the other hand, hovering uncertainties at Indo-Pak border is creating a concern about the import of Indian cotton under the circumstances, he added.
Adds Reuters: Cotton futures rose on Tuesday as traders awaited a monthly US government supply and demand report, with prices supported by merchant buying amid a broad up tick across the commodities complex ahead of the outcome of the US presidential elections.
The following deals reported: 1000 bales of cotton from Nawabshah at Rs 5900, 1800 bales from Khairpur at Rs 5975, 1800 bales from Salehpat at Rs 6025/6100, 2400 bales from Rohri at Rs 6025/6200, 1400 bales from Dharki at Rs 6150/6200, 1000 bales from Ghotki at Rs 6200, 1000 bales from Mianwali at Rs 5950, 800 bales from Layyah at Rs 6100, 1600 bales from Khanewal at Rs 6100/6150, 800 bales from Chistian at Rs 6100/6175, 2400 bales from Hasilpur at Rs 6135/6225, 600 bales from Mianchano at Rs 6150, 800 bales from Faqirwali at Rs 6150, 800 bales from Ahmedpur at Rs 6175, 600 bales from Lodhran at Rs 6175, 600 bales from Jalalpur at Rs 6175, 1600 bales from Bahawalpur at Rs 6175, 1600 bales from Dera Ghazi Khan at Rs 6175/6200, 1400 bales from Yazman Mandi at Rs 6175/6200, 1600 bales from Fort Abbas at Rs 6175/6200, 4200 bales from Haroonabad at Rs 6175/6200, 4800 bales from Rahim Yar Khan at Rs 6200, 2400 bales from Sadiqabad at Rs 6200, 1400 bales from Khanpur at Rs 6200, 600 bales from Rajanpur at Rs 6200, 600 bales from Shujabad at Rs 6200, 400 bales from Gojra at Rs 6200, 600 bales from Chanighot at Rs 6200 and 200 bales from Jahanian at Rs 6200, dealers said.
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The KCA Official Spot Rate for Local Dealings in Pakistan Rupees
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FOR BASE GRADE 3 STAPLE LENGTH 1-1/32"
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MICRONAIRE VALUE BETWEEN 3.8 TO 4.9 NCL
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Rate Ex-Gin Upcountry Spot Rate Spot Rate Difference
For Price Ex-Karachi Ex. KHI. As Ex-Karachi
on 08-11-2016
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37.324 kg 5,950 135 6,085 6,085 NIL
Equivalent
40 kgs 6,377 145 6,522 6,522 NIL
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