Main buyers kept on the sidelines on the cotton market on Saturday as prices hit season's high in the process of trading activity, dealers said. The official spot rate did not show any fluctuation at Rs 6,600, they said. In the ready session, over 45,000 bales of cotton changed hands between Rs 6450-7050, they said. In Sindh, seed cotton prices were same at Rs 2800-3350, in the Punjab, rates were at Rs 2800-3500, as per 40 kg, they said.
According to the market sources, buyers were on the sidelines owing to lack of buying interest. Cotton analyst, Naseem Usman said that spinners have already made arrangements for import of around 1.6 million bales from other countries particularly from the US, Brazil, West Africa and Central Asian countries. Adds Reuters: ICE cotton futures rose over 1 percent on Friday in light trade, marking its biggest weekly gain in over two months, after the release of US export sales data amid a weaker dollar.
Cotton contracts for March settled up 0.79 cent, or 1.11 percent, at 71.93 cents per lb. It traded within a range of 71.07 and 72.08 cents a lb - a peak since September 11-during an abbreviated session following the Thanksgiving holiday in the United States on Thursday. Total futures market volume fell by 20,269 to 22,960 lots. Data showed total open interest gained 200 to 230,858 contracts in the previous session. Most of the market participants were away due to the holiday.
The following deals were reported to have changed hands on the ready counter: 800 bales of cotton from Ghotki at Rs 7050, 800 bales from Dherki at Rs 7050, 400 bales from Lodhran at Rs 7000, 400 bales from Khanpur at Rs 7000, 3000 bales from Sadiqabad at Rs 7000, 1200 bales from Rahim Yar Khan at Rs 7000, 200 bales from Bahawalpur at Rs 6900, 200 bales from Shadan Lund at Rs 6900, 200 bales from Ghazi Ghat at Rs 6900, 1507 bales from Bakhar at Rs 6925, 400 bales from Mianwali at Rs 6600/6650, 200 bales from Burewala at Rs 6600, 200 bales from Hasilpur at Rs 6500 and 200 bales from Chistian at Rs 6450, 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 24.11.2017
===========================================================================
37.324 kg 6,600 145 6,745 6,745 NIL
Equivalent
40 kgs 7,073 155 7,228 7,228 NIL
===========================================================================
Comments
Comments are closed.