Rates gained momentum on the cotton market on Thursday as mills showed interest in fresh buying of lint cotton, dealers said. The official spot rate was unchanged at Rs 7,600, they added. In ready session, only 14,000 bales of cotton changed hands between Rs 6450-8000, they said. In both Sindh and the Punjab, seed cotton prices were same at Rs 2800 and Rs 3300, they said.
Market sources said that there is rising expectation for achieving sizeable export orders in the Heimtextil, which started from January 9 and will continue till January 12, 2018. Other experts said that hope of improvement in the exports of textile products is a driving factor behind the increase in daily-intake.
Cotton analyst, Naseem Usman said that as a whole tone is firm to steady due to strong demand in the global market. Adds Reuters: ICE cotton futures rose over 1.5 percent on Wednesday, buoyed by speculator buying, as prices of the natural fibre crop hovered close to a 3-1/2-year high touched last week.
The most active ICE cotton contract for March expiry settled up 1.3 cent, or 1.66 percent, at 79.65 cents per lb. It traded within a range of 78.33 and 79.93 cents a lb. Cotton futures on Friday breached the key 80-cent level for the first time since June 2014, touching a high of 80.05 cents a lb.
Total futures market volume rose by 7,048 to 32,632 lots. Data showed total open interest fell 883 to 285,954 contracts in the previous session. The following deals reported: 8400 bales of cotton from Sadiqabad at Rs 8000, 209 bales from Karor Pakka at Rs 7800, 1000 bales from Haroonabad at Rs 7000, 400 bales from Fort Abbas at Rs 6800, 1000 bales from Bahawal Nagar at Rs 6700, 400 bales from Faqirwali at Rs 6700, 400 bales from Chichawatni at Rs 6700, 200 bales from Mianwali at Rs 6600, 200 bales from Moongi Bangla at Rs 6550, 553 bales from Bakhar at Rs 6450 and 400 bales from Layyah at Rs 6450, 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 10.01.2018
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37.324 kg 7,600 145 7,745 7,745 NIL
Equivalent
40 kgs 8,145 155 8,300 8,300 NIL
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