Volume of business showed significant improvement on the cotton market on Tuesday as some leading mills took interest in fresh buying of fine quality, dealers said.
The official spot rate was unchanged at Rs 8300, they added. In ready session, around 10,000 bales of cotton changed hands between Rs 8300-8550, they said. Rates of seed cotton per 40 kg from Lower Sindh were at Rs 3700-4100 and in Punjab prices were at Rs 3700-4200, they said.
In Sindh, Binola per maund prices were at Rs 1500-1525 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, trading activity improved as some needy mills showed interest in buying of fine quality cotton.
They also said that mills indulged in buying of quality cotton to keep a balance between demand and supply. Recent monsoon rains causing damage of quality and quantity, as well.
Besides, locust and virus attacks hurt variety and quantity of cotton production, but very little, they said.
The cotton analyst, Naseem Usman said that mills and spinners were on the sidelines owing to sales tax and other issues.
Adds Reuters: ICE cotton futures climbed 2% on Monday, after slipping to a three-year low in the previous session, as investors covered their shorts and on concerns of crop damage in major cotton-growing regions due to Hurricane Barry.
The most-active cotton contract on ICE Futures US, the second-month December contract settled up 1.27 cent, or 2%, at 63.95 cents per lb. It traded within a range of 62.68 and 64.09 cents a lb.
Total futures market volume fell by 2,138 to 16,533 lots. Data showed total open interest gained 786 to 190,421 contracts in the previous session.
The following deals reported: 1000 bales of cotton from Shahdadpur at Rs 8375/8400, 3000 bales from Tando Adam at Rs 8350/8400, 1600 bales from Mirpurkhas at Rs 8350/8400, 1400 bales from Sanghar at Rs 8350/8400, 400 bales from Sinjhoro at Rs 8375/8400, 200 bales from Khadro at Rs 8400, 400 bales from Matiari at Rs 8300/8375, 800 bales from Kotri at Rs 8300/8350, 400 bales from Hyderabad at Rs 8350/8400, 200 bales from Hasilpur at Rs 8500, 400 bales from Chichawatni at Rs 8500/8550, 200 bales from Vehari at Rs 8550 and 200 bales from Pak Pattan at Rs 8450, 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 15.07.2019
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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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