Rates of quality lint went up further on the cotton market on Tuesday amid strong buying by mills and spinners, dealers said. The official spot rate appreciated by Rs 50 to Rs 6000, dealers said. In Sindh, seed cotton prices were unchanged at Rs 2200-3150, they said, in Punjab, phutti rates inert at Rs 2800 and Rs 3350, as per 40 kg, they added.
In ready business, over 50,000 bales of cotton changed hands between Rs 4300-6300, they said. A kind of firmness prevailed on the market as mills and spinners were busy in purchasing of quality lint to replenish their stock, experts said. They also observed that recent appreciation in the dollar's price, encouraging exporters of textile sector, hoping for rise in exports of textile items in the coming days.
The textile sector is keen to build up their stock as flow of quality cotton from Punjab was as it's peaks, they said. Increase in availability of quality cotton coupled with fears of less possibility of cotton import from India after the tension between the two neighbouring countries, propelling buyers to keep buying. These are obvious factors, helping rates to keep an upward trend with the passage of time, they said. Cotton analyst, Naseem Usman said that the present trend in the market may continue in the near future.
Adds Reuters: Cotton futures edged higher on Monday after trading in a fairly tight range, as gains on talk of a downward revision in production by China were capped by a stronger dollar. The March cotton contract on ICE Futures US settled up 0.28 cent, or 0.41 percent, at 69.31 cents per lb. It traded within a range of 68.55 and 69.6 cents a lb.
The following deals reported: 800 bales from Mirpurkhas at Rs 4300, 1000 bales from Tando Adam at Rs 4300/5550, 1000 bales from Sanghar at Rs 5300/5525, 400 bales from Shahpur Chakar at Rs 5600, 600 bales from Dadu at Rs 6000, 2000 bales from Khairpur at Rs 6000, 400 bales from Mirpur Mathilo at Rs 6000, 1400 bales from Salehpat at Rs 6050, 1400 bales from Rohri at Rs 6050/6150, 800 bales from Ghotki at Rs 6225, 1000 bales from Dharki at Rs 6250, 11000 bales from Mianwali at Rs 5900/6000, 1000 bales from Burewala at Rs 6100, 600 bales from Chichawatni at Rs 6100, 2400 bales from Chistian at Rs 6100/6125, 800 bales from Mian Chano at Rs 6125/6225, 1800 bales from Layyah at Rs 6125/6175, 400 bales from Shadan Lund at Rs 6150, 600 bales from Dharanwala at Rs 6150, 1200 bales from Faqirwali at Rs 6150/6175, 5000 bales from Haroonabad at Rs 6150/6200, 400 bales from Duniyapur at Rs 6175, 400 bales from Kachiwala at Rs 6175, 1000 bales from Fort Abbas at Rs 6175/6190, 2000 bales from Bahawalpur at Rs 6175/6200, 1000 bales from Hasilpur at Rs 6175/6225, 600 bales from Yazman Mandi at Rs 6195/6200, 400 bales from Shujabad at Rs 6200, 600 bales from Vehari at Rs 6200, 400 bales from Jalalpur at Rs 6200, 2000 bales from Sadiqabad at Rs 6200, 4200 bales from Rahim Yar Khan at Rs 6200/6225, 400 bales from Jahanian at Rs 6225, 800 bales from Khanpur at Rs 6275, 800 bales from Ahmedpur at Rs 6200/6300 and 400 bales from Khanewal at Rs 6300, 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 14-11-2016
===========================================================================
37.324 kg 6,000 135 6,135 6,085 + 50
Equivalent
40 kgs 6,430 145 6,575 6,522 + 53
===========================================================================
Comments
Comments are closed.