Steady trend was seen on the cotton market on Friday in the process of improved business activity, dealers said. The official spot rate was unchanged at Rs 8,600, they added. In the ready session, approximately 6000 bales of cotton changed hands between Rs 5200-8900, they said. Prices of seed cotton in Sindh and Balochistan were at Rs 3000-3500 and in Punjab seed cotton prices at Rs 3000-3600, they said. According to the market sources, expectations for better deal between the US and China encouraged mills and spinners to make new deals.
Cotton analyst Naseem Usman said that locally, the government is struggling hard to improve the cotton production and quality, which is also an encouraging factor behind the revival of business these days. Adds Reuters: ICE cotton futures rose on Thursday, supported by a weaker dollar and gains in oil prices, while investors awaited the outcome of US-China trade talks. The most active cotton contract on ICE Futures US, the March contract, settled up 0.27 cent, or 0.39 percent, at 70.13 cents per lb. Total futures market volume fell by 14,554 lots to 45,845. Data showed total open interest fell 481 to 241,475 contracts in the previous session.
The following deals reported: 200 bales of cotton from Ghotki at Rs 8750, 2600 bales from Mirpur Mathelo at Rs 8900, 400 bales from Maqsoodo Rind at Rs 7000, 600 bales from Khanpur at Rs 8800, 400 bales from Rahim Yar Khan at Rs 8725, 400 bales from Lodhran at Rs 8500, 600 bales from Alipur at Rs 8600, 200 bales from Shujabad at Rs 8100, 400 bales from Bahawalpur at Rs 8000 and 600 bales from Haroonabad at Rs 7300, 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 14-02-2019
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37.324 kg 8,600 160 8,760 8,760 NIL
Equivalent
40 kgs 9,217 171 9,388 9,388 NIL
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