Firmness prevailed on the cotton market on Thursday as mills and spinners continued buying of quality lint to replenish their stock from the local market, dealers said. The official spot rate was unmoved at Rs 6700, dealers said. In Sindh, seed cotton prices were at Rs 3200-3500, they said. In Punjab, phutti rates were at Rs 3300 and Rs 3800, as per 40 kg, they added.
In the ready session, over 11,000 bales of cotton changed hands between Rs 6400 and Rs 7000, they said. According to market sources, mills indulged in normal buying to meet urgent needs. Cotton analyst, Naseem Usman said that higher trend in the rates propelled mills and spinners to do panic buying as they prepared to hold of maximum quantity of cotton from the domestic market. Short supply of cotton causing firmness in the rates with the passage of time and it is an indication that prices may go up in days to come, he added.
Adds Reuters: ICE Cotton futures edged up on Wednesday to snap a three-day losing streak on cautious buying ahead of the monthly supply and demand report from the US government. The March cotton contract on ICE Futures US settled up 0.16 cent, or 0.21 percent, at 75.25 cents per lb. It traded within a range of 75.07 and 75.72 cents a lb.
The following deals reported: 663 bales from Mirpurkhas at Rs 6400, 1000 bales from Bahawal Nagar at Rs 6660-6700, 1200 bales from Dharanwala at Rs 6700-6750, 1400 bales from Faqirwali at the same rate, 1000 bales from Fort Abbas at Rs 6775-6800, 400 bales from Burewala at Rs 6800, 2000 bales from Haroonabad at Rs 6800-7000 and 3000 bales from Sadiqabad at Rs 6900, 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 08-02-2017
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37.324 kg 6,700 135 6,835 6,835 NIL
Equivalent
40 kgs 7,180 145 7,325 7,325 NIL
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