Cotton prices halted further decline on the cotton market on Saturday in the process of hectic trading, dealers said. The official spot rate was unchanged at Rs 8550, they added. In ready session, over 15,000 bales of cotton changed hands between Rs 7800 and Rs 8800, they said. Rates of seed cotton per 40kg in Sindh were at Rs 3600-3900 and in the Punjab prices were at Rs 3600-4100, they said. In Balochistan, cotton prices showed rising trend at Rs 8300-8500, seed cotton prices were also higher at Rs 4000-4400, they said.
In Sindh, Binola prices per maund were at Rs 1400-1550 and in Punjab rates were at Rs 1550-1650, they said and adding that polyester fibre per kg rates picked up more Rs 5 to Rs 190. According to market sources, mills' interest in fresh buying of fine cotton is a solid factor behind the hectic trading activity.
Cotton analyst Naseem Usman said mills indulged in forward buying of cotton owing to rising fears of short supply of better quality. Country has already started importing cotton to meet their demand, in the meantime, it looks that textile exports may not improve from current levels in the near future, he added.
Cotton prices were little changed on Friday in low volume trade as tepid export sales and lack of demand from China were offset by dry weather concerns in the cotton belt in Texas. Cotton contracts for December rose 0.02 cent, or 0.03%, to 60.35 cents per lb as of 01:50 pm EDT (1750 GMT). It traded within a range of 60.2 and 60.87 cents a lb.
Total futures market volume fell by 5,322 to 13,472 lots. Data showed total open interest gained 1,196 to 231,987 contracts in the previous session. The following deals reported: 1600 bales of cotton from Tando Adam at Rs 7900/7950, 1000 bales from Shahdadpur at Rs 7800/8100, 400 bales from Shahpur Chakar at Rs 8100, 400 bales from Hyderabad at Rs 7800, 400 bales from Kotri at Rs 7800, 600 bales from Jam Sahab at Rs 7900, 400 bales from Hala at Rs 8100, 400 bales from Chowdagi at Rs 8100, 1200 bales from Khairpur at Rs 8650/8725, 400 bales from Saleh Pat at Rs 8700, 400 bales from Kot Sabzal at Rs 8700/8800, 400 bales from Shujabad at Rs 8800, 600 bales from Fazilpur at Rs 8700/8750, 1200 bales from Haroonabad at Rs 8750, 200 bales from Hasilpur at Rs 8750, 400 bales from Bahawal Nagar at Rs 8700, 200 bales from Khairpur Taniwal at Rs 8700, 200 bales from Mianwali at Rs 8700, 800 bales from Rajanpur at Rs 8700, 200 bales from Shadan Lund at Rs 8700, 200 bales from Vehari at Rs 8700, 400 bales from Fort Abbas at Rs 8660, 200 bales from Ahmedpur East at Rs 8650, 1400 bales from Burewala at Rs 8650, 600 bales from Chichawatni at Rs 8650, 400 bales from Chistian at Rs 8650, 400 bales from Faqirwali at Rs 8650, 400 bales from Mian Channu at Rs 8650, 200 bales from Tiba Sultan at Rs 8650, 400 bales from Yazman Mandi at Rs 8650 and 200 bales from Layyah at Rs 8650, 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 20-09-2019
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37.324 kg 8,550 160 8,710 8,710 NIL
Equivalent
40 kgs 9,163 171 9,334 9,334 NIL
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