Persistent demand pushed prices further higher on the cotton market on Friday, dealers said. The official spot rate was up by Rs 50 to Rs 6100, they said. In ready, business, nearly 20,000 bales of cotton changed hands between Rs 5900-6300, they said. In Sindh seed cotton prices were at Rs 2800-3000 and in the Punjab, rates were stable at Rs 2800-3050, as per 40 kg, they said.
According to the market sources, trading activity remained hectic due to reports of likely damages to the crop in Sindh and Punjab. Other experts said that heatwave in Sindh and Punjab may hurt the growth of cotton crop. Cotton analyst, Naseem Usman said that buying originating from leading mills and spinner, a very little number of exporters were also took part in fresh deals. Fears of further increase in rates, propelling buyers to replenish their stock, they observed.
Adds Reuters: ICE cotton fell on Thursday to its lowest in four weeks, as fears of potential damage from Hurricane Maria faded and the market awaited harvest. Cotton contracts for December settled down 1 cent, or 1.44 percent, at 68.25 cents per lb. It traded within a range of 68.18, its lowest since August 25, and 69.5 cents a lb. Total futures market volume rose by 11,640 to 21,930 lots. Data showed total open interest fell 47 to 238,703 contracts in the previous session.
The following deals reported: 1400 bales from Tando Adam sold at Rs 5900/6000, 1600 bales from Shahdadpur at Rs 6000, 2000 bales from Nawabshah at Rs 6125/6150, 1000 bales from Salehpat at Rs 6175/6200, 4000 bales from Khairpur at Rs 6200/6250, 200 bales from Dharanwala at Rs 6175, 1000 bales from Haroonabad at Rs 6175/6200, 400 bales from Layyah at Rs 6175/6200, 600 bales from Faqirwali at Rs 6200, 600 bales from Chistian at Rs 6200/6225, 800 bales from Burewala at Rs 6225/6250, 400 bales from Hasilpur at Rs 6225/6250, 400 bales from Vehari at Rs 6225/6300, 400 bales from Ahmedpur at Rs 6250, 200 bales from Shadan Lund at Rs 6250, 200 bales from Lodhran at Rs 6250, 200 bales from Chichawatni at Rs 6250, 400 bales from Fazilpur at Rs 6250/6300, 800 bales from Khanewal at Rs 6300, 400 bales from Dera Ghazi Khan, 600 bales from Khanpur and 600 bales from Rajanpur all sold at the same rates, dealers 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 21.09.2017
===========================================================================
37.324 kg 6,100 145 6,245 6,195 + 50/-
Equivalent
40 kgs 6,537 155 6,692 6,639 + 53/-
===========================================================================
Comments
Comments are closed.