Prices maintained a firm posture on the cotton market on Tuesday in the process of low supply of best quality, dealers said. The official spot rate was unchanged at Rs 8,850, they added. In the ready session, over 15000 bales of cotton Changed hands between Rs 7500-9000, they said.
Market sources said that continued increase in demand pushed the rates firm. The mills were trying to replenish their stock. On the other hand, the ginners refrained from fresh selling due to little stock with them, they said. Cotton analyst, Naseem Usman said that cotton yarn is in demand and this is an encouraging factor. Sowing is on full swing because of availability of irrigation water in both Sindh and Punjab, he observed.
Achievement of better and improved cotton production will demand on weather condition and supply of irrigation water to the standing crop, he added. Reuters adds: ICE cotton futures settled higher on Monday as the dollar weakened and tumultuous weather in the US Southeast restricted progress in plantation of the natural fibre crop.
The most-active cotton contract on ICE Futures US July settled up 0.2 cent, or 0.26 percent, at 78.47 cents per lb. Total futures market volume fell by 3,638 to 20,861 lots. Data showed total open interest gained 293 to 213,138 contracts in the previous session.
The following deals reported: 2000 bales of cotton from Ghotki at Rs 9000, 1000 bales from Sadiqabad at Rs 9000, 1600 bales from Khanewal at Rs 7500/9000, 1800 bales from Rahim Yar Khan at Rs 8900/8950, 1400 bales from Dera Ghazi Khan at Rs 8900, 2600 bales from Haroonabad at Rs 8600, 1400 bales from Bahawalpur at Rs 8500, 2077 bales from Lodhran at Rs 8400 and 1000 bales from Rajanpur at Rs 9000, 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"
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 22-04-2019
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37.324 kg 8,850 160 9,010 9,010 Nil
Equivalent
40 kgs 9,485 171 9,656 9,656 Nil
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