Volume of business improved on the cotton market on Saturday in the process of trading activity, dealers said. The official spot rate sustained overnight level at Rs 6300, they said. In the ready session around 2600 bales of cotton changed hands between Rs 6350-6400, they said.
In Sindh, seed cotton rates were at Rs 2700-3100 per 40 kg, they said. In the Punjab, phutti prices were available at Rs 2800-3200 per 40 kg, they said. According to the market sources, volume of business showing a modest rise with the passage of time due to short arrivals of seed cotton.
Cotton analyst, Naseem Usman said that some mills and spinners played an active role in fresh purchasing. Adds Reuters: ICE cotton futures slipped on Friday, but marked their biggest weekly percentage rise since early February on a higher demand for the natural fiber.
The December cotton contract on ICE Futures settled down 0.56 cent, or 0.81 percent, at 68.42 cents per lb. It traded within a range of 67.51 and 69.2 cents a lb. ICE cotton futures hit one-month highs on Thursday after a positive weekly exports sales report from the US government suggested higher demand for the fibre.
Total futures market volume rose by 5,514 to 22,648 lots. Data showed total open interest gained 875 to 217,465 contracts in the previous session. The following deals reported: 200 bales of cotton from Mirpurkhas sold at Rs 6350, 200 bales from Sinjoro, same figure from Hyderabad, same number from Kotri all finalised at the same levels, 600 bales from Tando Adam at Rs 6350-6400, 1000 bales from Sanghar at the same rate and 200 bales from Pithoro at Rs 6400, they 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 1-1/16"
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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 21.07.2017
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37.324 kg 6,300 135 6,435 6,435 NIL
Equivalent
40 kgs 6,752 145 6,897 6,897 NIL
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