Prices steady on the cotton market on Saturday in the process of sluggish business activity, dealers said.
The official spot rate was unchanged at Rs 8300, they added. In ready session, over 4000 bales of cotton changed hands between Rs 8325-8600, they said. Rates of seed cotton per 40kg from Lower Sindh and Punjab were at Rs 3600-4200, they said.
Binola per maund prices were at Rs 1425-1475 in Sindh and in Punjab rates were at Rs 1650-1700, they said and adding that polyester fibre per kg rates were at Rs 205 amid better demand, they said.
According to the market sources, main participants refrained from indulging in big deals, keeping on the sidelines just to observe latest situation on both the political and economic fronts.
They said that with the passage of time, the arrivals of phutti not picking up, furthermore, reports showing that some cotton growing areas in Punjab are experiencing pest attacks.
The Cotton analyst, Naseem Usman said that trading activity moving but with low pace due to lack of fresh leads.
Country's traders and businessmen holding rallies and protests against the imposition of sales tax on different products, he said.
Besides, the Pakistan Oil Mills Association (POMA) has also threatened to go on strike against the five percent GST on cotton seed oil cake, other brokers said.
In the international markets prices were mixed in the process of trading activity, they said.
Adds Reuters: ICE cotton futures hit fresh three-year lows on Friday in low volume trading on projections for higher output even as the natural fibre battled demand woes.
The most-active cotton contract on ICE Futures US, the second-month December contract hit a low of 62.65, levels not seen since May 2016. Prices fell 0.16 cent, or 0.25%, to 62.92 cents per lb as of 01:52 pm EDT (1753 GMT).
Total futures market volume fell by 6,429 to 13,634 lots. The December contract was down 5.6% so far this week, registering its biggest weekly loss since week-ending May 10.
The following deals reported: 400 bales of cotton from Shahdadpur at Rs 8375, 1000 bales from Tando Adam at Rs 8375/8400, 800 bales from Mirpurkhas at Rs 8375, 800 bales from Sanghar at Rs 8350, 200 bales from Shahpur Chakar at Rs 8325, 400 bales from Kotri at Rs 8375, 400 bales from Hyderabad at Rs 8375 and 200 bales from Haroonabad at Rs 8600, 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 12.07.2019
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37.324 kg 8,300 160 8,460 8,460 NIL
Equivalent
40 kgs 8,895 171 9,066 9,066 NIL
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