Rates held the overnight levels on the cotton market on Saturday in the process of modest trading activity, dealers said. The official spot rate was unchanged at Rs 8700, they added. The seed cotton per 40kg from Lower Sindh was available at Rs 3800-4000, they said. In the ready session, about 1200 bales of cotton traded at Rs 8850, they said.
According to the market sources, some mills showed little interest in fresh buying of cotton to meet their urgent needs. Cotton analyst, Naseem Usman said that several mills were on the sideline just to observe new developments on the economic front.
Adds Reuters: Cotton prices gained on Friday and were on track for their best week since mid-July, closely following an upbeat grains market which was at the mercy of extreme wet weather in parts of the United States. Cotton contracts for July rose 0.90 cent, or 1.3%, at 68.38 cents per lb, as of 2:10 pm EDT (1810 GMT). It traded within a range of 67.35 and 68.59 cents a lb.
Total futures market volume fell by 5,322 to 22,453 lots. Data showed total open interest fell 1,085 to 214,757 contracts in the previous session.The following deals reported: 400 bales from Lodhran at Rs 8850 and 800 bales from Rahim Yar Khan at the same rate, 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 24-05-2019
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37.324 kg 8,700 160 8,860 8,860 Nil
Equivalent
40 kgs 9,324 171 9,495 9,495 Nil
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