Mills again played an active role in making forward deals on the cotton market ahead of Eid-ul-Azha holidays, dealers said. The official spot rate was unchanged at Rs 6050, they said. In the ready session, over 15,000 bales of cotton changed hands between Rs 6100-6275, they said. In Sindh seed cotton prices were at Rs 2700-2800 and in the Punjab rates were down at Rs 2600-2800, per 40 kg, they said. Market sources said that prices moved down slightly due to comfortable supply position.
Both quality and quantity improved in Punjab but the pest attack may damage standing crop. Besides, the ginners who were busy in selling, complaining about the shortage of availability of vehicles for the haulage of cotton and phutti. Most of the leading buyers were keen to buy fine quality, which look some different because of pest attack, particularly in the Punjab cotton belt, cotton analyst, Naseem Usman said
Reuters adds: ICE cotton prices jumped higher on Wednesday to their highest level in almost two weeks on worries over potential damage to crops in South Texas due to Tropical Depression Harvey. Cotton contracts for December settled up 1.08 cent, or 1.59 percent, at 68.89 cents per lb. It traded within a range of 67.91 and 69.47 cents a lb, its highest level since August 10. Total futures market volume rose by 11,669 to 24,080 lots. Data showed total open interest gained 756 to 226,101 contracts in the previous session
The following deals reported: 1000 bales from Hyderabad, 1000 bales from Tando Adam, 1000 bales from Mirpurkhas, 1400 bales from Shahdadpur, 400 bales from Khipro, 400 bales from Jhole, 1000 bales from Sanghar, 400 bales from Nawabshah, 1200 bales from Moro all deals were done at Rs 6100, 600 bales from Chistian at Rs 6175/6225, 400 bales from Gojra at Rs 6200, 1000 bales from Haroonabad at Rs 6200, 800 bales from Burewala at Rs 6200/6225, 400 bales from Pir Mehal at Rs 6225, 1200 bales from Vehari at Rs 6225/6250, 600 bales from Pak Pattan at Rs 6250, 400 bales from Kassowal, 400 bales from Qaboola, 1000 bales from Mian Chano, 400 bales from Chichawatni all were sold at the same rates and 400 bales from Mailsi at 6275, they said.
===========================================================================
The KCA Official Spot Rate for Local Dealings in Pakistan Rupees
---------------------------------------------------------------------------
FOR BASE GRADE 3 STAPLE LENGTH 1-1/16"
---------------------------------------------------------------------------
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 23.08.2017
===========================================================================
37.324 kg 6,050 145 6,195 6,195 NIL
Equivalent
40 kgs 6,484 155 6,639 6,639 NIL
===========================================================================
Comments
Comments are closed.