Both exporters and mills indulged in panic buying of cotton on the local market on Tuesday, pushing the volume of business higher in the process of trading activity, dealers said. After maintaining a stable trend for a long time, the official spot rate moved up after gaining Rs 50 to Rs 8,050, they added. Prices of seed cotton in Sindh managed to pick up Rs 100 to Rs 3700-3800, in the Punjab rates of seed cotton were at Rs 3500-3800 and in Balochistan, prices of seed cotton were at Rs 3800-3900, they said.
In ready session, around 20,000 bales of cotton finalised between Rs 8100-8300, they said.
According to the market sources extended buying of fine quality of cotton helped the rates to go up and it is most likely that the prices may maintain firm trend in the near future.
Cotton analyst, Naseem Usman said that arrivals of seed cotton are high, providing full opportunity to the buyers lay hands over the best quality.
Cotton arrivals will improve but growers said that they cannot say any thing about the quality because recent monsoon rains damaged quality of cotton but how much presently it is difficult to say about this, leading brokers said.
Cotton prices moved both ways in the global markets, they added.
The following deals reported: 2000 bales of cotton from Tando Adam at Rs 8100/8150, 1600 bales from Sanghar at Rs 8100/8150, 2000 bales from Shahdadpur at Rs 8100/8150, 1800 bales from Mirpurkhas at Rs 8100/8150, 400 bales from Daur at Rs 8150, 400 bales from Sakrand at Rs 8150, 1000 bales from Nawabshah at Rs 8150, 800 bales from Bandhi at Rs 8150, 400 bales from Khipro at Rs 8100/8125, 600 bales from Khanewal at Rs 8250/8300, 600 bales from Chichawatni at Rs 8250/8300, 600 bales from Haroonabad at Rs 8250/8300, 400 bales from Burewala at Rs 8230/8250, 400 bales from Vehari at Rs 8250/8275, 400 bales from Gojra at Rs 8230/8300, 600 bales from Mongi Bangla at Rs 8230/8290, 600 bales from Pir Mehal at Rs 8250/8300, 600 bales from Mian Channu at Rs 8250/8300, 200 bales from Tounsa Sharif at Rs 8250, 200 bales from Yazman Mandi at Rs 8250, 200 bales from Adda Flour at Rs 8250, 200 bales from Ahmedpur East at Rs 8300, 200 bales from Bahawal Nagar at Rs 8250, 200 bales from Dharanwala at Rs 8275, 200 bales from Duniyapur at Rs 8250, 200 bales from Fazilpur at Rs 8250, 200 bales from Garah Mor at Rs 8250, 400 bales from Rajanpur at Rs 8250, 200 bales from Short Kot at Rs 8230, 400 bales from Tiba Sultan at Rs 8250 and 200 bales from Bahawana at Rs 8250, 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 03-09-2018
===========================================================================
37.324 kg 8,050 160 8,210 8,160 + 50/-
Equivalent
40 kgs 8,627 171 8,798 8,745 + 53/-
===========================================================================
Comments
Comments are closed.