Firmness prevailed on the cotton market on Friday as prices maintained overnight levels in the process of modest trading activity, dealers said. The official spot rate was unchanged at Rs 8100, they added. In ready session, over 4000 bales of cotton changed hands between Rs 7700 and Rs 8400, they said. Rates of seed cotton per 40kg in Sindh were at Rs 3000-3600, in Punjab prices were at Rs 3200-3800, they said. In Balochistan, seed cotton prices were at Rs 3600-3700, they said.
In Sindh, Binola prices per maund rates were at Rs 1400-1550 and in Punjab rates were at Rs 1550-1650, they said and adding that polyester fibre per kg rates were at Rs 180. Some brokers said that lack of transportation facility, participants failed in making deals in big way, but it is most likely that trading activity may revive in the near future. Commenting on the market trend, cotton analyst, Naseem Usman said that prices are likely to fluctuate slightly in days to come.
In the meantime, reports show that the government has decided to provide incentives to cotton growers for achieving the desired target for the current season.
Adds Reuters: ICE cotton futures rose more than 1% on Thursday as the threat from Hurricane Dorian resurfaced, while investors turned optimistic after Washington and Beijing agreed to hold high-level talks next month.
The cotton contract for December gained 0.78 cent, or 1.34%, to 58.99 cents per lb at 12:44 p.m. EDT (1644 GMT). It traded within a range of 58.14 and 59.17 cents per lb.
Total futures market volume fell by 3,550 to 14,579 lots. Data showed total open interest gained 1,764 to 224,871 contracts in the previous session.
The following deals reported: 800 bales of cotton from Tando Adam at Rs 7700/7800, 1000 bales from Shahdadpur at Rs 7700/7800, 600 bales from Sanghar at Rs 7700/7750, 600 bales from Haroonabad at Rs 8250/8400, 400 bales from Burewala at Rs 8325 and 1000 bales from Rahim Yar Khan at Rs 8325, 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 05-09-2019
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37.324 kg 8,100 160 8,260 8,260 + 100/-
Equivalent
40 kgs 8,681 171 8,852 8,852 + 107/-
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