Volume of business came down on soaring rates of lint cotton, dealers said on the cotton market on Friday. The official spot rate was unmoved at Rs 6300, they said. In the ready session, over 20,000 bales of cotton changed hands between Rs 5600-6550, they said. In Sindh seed cotton prices were at Rs 2800-3100, in the Punjab rates were at Rs 2950-3250, as per 40 kg, they said. Cotton analyst, Naseem Usman said that most of the leading buyers kept on the sidelines just to see latest developments.
Other dominating factor was higher rates of lint cotton, which discouraged mills to finalise deals on the other hand, the ginners were not ready to oblige them (mills). Adds Reuters: ICE cotton futures slipped over 1 percent on Thursday as concerns of crop damage due to freezing weather in West Texas faded, with prices further weighed down by a stronger dollar. Cotton contracts for December settled down 1.12 cent, or 1.62 percent, at 68.19 cents per lb. Cotton traded within a range of 68.1 and 69.27 cents a lb.
The contract registered its biggest one-day percentage fall since Sept. 12. On Monday, the contract rose over 4 percent, in its largest one-day percentage gain, on expectations of crop damage following forecasts for freezing weather later in the week.
The following deals were reported to have hanged hands on the ready counter: 1000 bales of cotton from Dharki at Rs 6550, 1000 bales from Ghotki at Rs 6550, 400 bales from Mirpur Mathero at Rs 6550, 2000 bales from Khairpur at Rs 6350/6400, 400 bales from Panno Aqil at Rs 6550, 400 bales from Mirpurkhas at Rs 5600, 1000 bales from Saleh Pat at Rs 6300/6400, 2800 bales from Rahim Yar Khan at Rs 6450, 400 bales from Sadiqabad at Rs 6450, 1600 bales from Khanpur at Rs 6400/6450, 400 bales from Mianwali at Rs 6400, 200 bales from Chani Goth at Rs 6400, 600 bales from D. G. Khan at Rs 6400, 1000 bales from Vehari at Rs 6275/6300, 400 bales from Layyah at Rs 6300, 400 bales from Yazman Mandi at Rs 6300, 600 bales from Bahawalpur at Rs 6300, 1600 bales from Burewala at Rs 6275/6300, 400 bales from Hasilpur at Rs 6250, 400 bales from Bahawal Nagar at Rs 6225, 800 bales from Chistian at Rs 6225 and 600 bales from Hasilpur at Rs 6200, 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 25.10.2017
===========================================================================
37.324 kg 6,300 145 6,445 6,445 NIL
Equivalent
40 kgs 6,752 155 6,907 6,907 NIL
===========================================================================
Comments
Comments are closed.