Mills' buying improved on the cotton market on Tuesday in the process of trading activity, dealers said. The official spot rate was unchanged at Rs 8100, they added. In ready session, around 7000 bales of cotton changed hands between Rs 8000-8250, they said. Rates of seed cotton per 40kg from Lower Sindh and Punjab were at Rs 3600-4000, they said.
Binola per maund prices were higher at Rs 1575-1600 in Sindh, they said and adding that Binola was available at Rs 1500-1700. Polyester fibre rates were also firm amid better demand, they said. Some brokers said that little improvement was seen as mills and spinners showed fresh interest for buying fine quality cotton.
They said that common man or business community have no option just to discuss budgetary measures, most of them do not know about the latest developments regarding General Sales Tax (GST) and other many schemes, introduces by the present government. Cotton analyst, Naseem Usman said that cotton market will show further improvement in the coming days.
A positive development emerges in the economic front that US-China may show flexible behaviour in several business deals, he added. According to the report, fraught US-China trade negotiations are now headed in a positive direction following this weekend's meeting between President Donald Trump and his Chinese counterpart Xi Jinping, a top White House aide said on Tuesday.
After talks nearly collapsed in May, Trump and Xi on Saturday agreed at a meeting in Japan to resume negotiations toward ending their year-long trade war. Adds Reuters: ICE cotton futures rose on Tuesday as optimism on a prospective trade truce between Washington and Beijing and uncertainty around the crop condition lent further support to the natural fiber.
The most-active cotton contract on ICE Futures US, the third-month December contract, was up 0.37 cent, or 0.56%, at 66.95 cents per lb as of 1:48 PM EDT (1548 GMT).
Total futures market volume fell by 8,765 to 21,922 lots. Data showed total open interest fell 12 to 175,746 contracts in the previous session. The following deals reported: 400 bales of cotton from Sinjoro at Rs 8150/8200, 2400 bales from Tando Adam at Rs 8200/8250, 400 bales form Shahdadpur at Rs 8200, 1800 bales from Sanghar at Rs 8150/8250, 1200 bales from Mirpurkhas at Rs 8150/8250, 400 bales from Khipro at Rs 8150/8190 and 600 bales from Kotri at Rs 8200, 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 02.07.2019
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37.324 kg 8,100 160 8,260 8,260 NIL
Equivalent
40 kgs 8,681 171 8,852 8,852 NIL
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