Business activity improved on the cotton market on Tuesday due to renewed buying, dealers said. Resulting, the official spot rate was inert at Rs 6250, dealers said. In Sindh, seed cotton prices were at Rs 2600-3300, they said that in Punjab, phutti rates were at Rs 2800 and Rs 3550, as per 40 kg, they added.
In the ready session, over 25,000 bales of cotton changed hands between Rs 5950 and Rs 6600, they said. According to the market sources, the spinners indulged in fresh buying to replenish their stock. Cotton analyst, Naseem Usman said that prices of quality lint may maintain stable in the near future.
Reuters adds: Cotton futures remained little changed on Monday in subdued trading activity, ahead of the monthly supply-demand report from the US Department of Agriculture later this week. The March cotton contract on ICE Futures US settled down 0.03 cent, or 0.04 percent, at 71.01 cents per lb. It traded within a range of 70.8 cents and 71.75 cents a lb.
The following deals reported: 600 bales from Shahpur Chakar at Rs 5950, 600 bales from Sarhari at Rs 5975, 1000 bales from Jam Sahab at Rs 6000, 2000 bales from Nawabshah at Rs 6025/6050, 600 bales from New Saeedabad at Rs 6050, 800 bales from Sakrand at Rs 6000, 1200 bales from Rohri at Rs 6260/6400, 2000 bales from Salehpat at Rs 6300/6350, 800 bales from Ghotki at Rs 6500, 600 bales from Dharki at Rs 6500, 3000 bales from Mianwali at Rs 5950/6000, 600 bales from Mianchano at Rs 6000, 1000 bales from Layyah at Rs 6000/6275, 400 bales from Chistian at Rs 6350, 1200 bales from Bahawalpur at Rs 6350, 2000 bales from Haroonabad at Rs 6300/6350, 1400 bales from Fort Abbas at Rs 6350, 1600 bales from Rahim Yar Khan at Rs 6500/6550, 400 bales from Shujabad at Rs 6575, 1400 bales from Sadiqabad at Rs 6600 and 1200 bales from Hasilpur at Rs 6600, 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 05-12-2016
===========================================================================
37.324 kg 6,250 135 6,385 6,385 NIL
Equivalent
40 kgs 6,698 145 6,843 6,843 NIL
===========================================================================
Comments
Comments are closed.