Balochi cotton prices hit season's high on the cotton market on Saturday, dealers said. The official spot rate jumped by Rs 200 to Rs 7300 in a single day rally, they said. In ready session, over 20,000 bales of cotton changed hands between Rs 6450-7800, they said. In Sindh and Punjab, seed cotton prices were at Rs 2800-3350, as per 40 kg, they said.
According to the market sources supply position was tight and this is the factor which was helping rates to climb sharply. Cotton analyst, Naseem Usman said that in the international market, position is not so different because of lack of fine quality. Some experts said that trading activity may improve with the beginning of the New Year. Most of the trading centres and banks were engaged in the process of closing accounts, they added.
Reuters adds: ICE cotton futures jumped 25 percent this year, marking its best annual performance since 2010, with prices hovering near a 3-1/2-year high on Friday, on higher demand for the natural fibre. Cotton futures rose nearly 20 percent in the fourth quarter this year, notching their best quarterly gain since 2011, while also registering a 10th straight weekly gain, the longest such streak since at least the end of 2005, according to data on Thomson Reuters Eikon.
The most active ICE cotton contracts for March expiry settled down 0.17 cent, or 0.22 percent, at 78.63 cents per lb on Friday. Total futures market volume rose by 1,787 to 20,615 lots.
The following deals reported: 800 bales of cotton from Ghotki at Rs 7800, 600 bales from Dherki at Rs 7700, 400 bales from Mehrabpur at Rs 7200, 400 bales from Nawabshah at Rs 7200, 400 bales from Setharja at Rs 7200, 400 bales from Rasoolabad at Rs 7125, 600 bales from Rohri at Rs 7125, 1200 bales from Rahim Yar Khan at Rs 7500, 600 bales from Lodhran at Rs 7300/7500, 1200 bales from Ahmedpur East at Rs 7350, 200 bales from Bahawalpur at Rs 7000, 200 bales from K P Tamewali at Rs 7000, 1400 bales from Haroonabad at Rs 6700/6900, 400 bales from Vehari at Rs 6800, 600 bales from Fort Abbas at Rs 6600/6725, 1200 bales from Faqeerwali at Rs 6450/6700, 200 bales from Khanewal at Rs 6700, 400 bales from Layyah at Rs 6700 and 10300 bales from Khanpur at Rs 7800, 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 29.12.2017
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37.324 kg 7,300 145 7,445 7,245 + 200/-
Equivalent
40 kgs 7,823 155 7,978 7,764 + 214/-
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