Steady trend was witnessed on the cotton market on Friday in the process of the improved trading activity, dealers said. The official spot rate was unchanged at Rs 8750, they added. In ready session, over 14,000 bales of cotton changed hands between Rs 8050-9000, they said. Rates of seed cotton per 40kg in Sindh were at Rs 3300-4200 and in the Punjab prices were at Rs 3600-4200, they said. In Balochistan, seed cotton prices were up by Rs 100 at Rs 4100-4600 and cotton prices were at Rs 8700-8900, they said.
In Sindh, Binola prices per maund were at Rs 1550-1650 and in Punjab rates were at Rs 1450-1550, they said and adding that polyester fibre was at Rs 187. According to the market sources, mills continued buying of cotton to replenish their stock. Mills have no choice but to lay hands over the fine quality, they said.
The country may miss the cotton production target during the current year, on the other hand non-availability of fine quality cotton is also a big problem for the mills and spinners, cotton analyst, Naseem Usman said. In India, prices of cotton is coming down with the passage of time, prices drifted lower by Rs 300-500 per candy (356kg), besides, Cotton Corporation of India (CCI) is purchasing cotton from northern areas of growers and farmers to support local prices, he added.
Adds Reuters: NY cotton futures were down on Thursday. Rates of cotton were mixed in the other parts of the world. The following deals reported: 400 bales of cotton from Hala at Rs 8050/8100, 1000 bales from Khairpur at Rs 8700/8750, 200 bales from Mirpur Mathelo at Rs 8900, 200 bales from Ghotki at Rs 8900, 600 bales from Mianwali at Rs 9000, 600 bales from Rahim Yar Khan at Rs 8900, 1400 bales from Haroonabad at Rs 8800/8950, 400 bales from Fort Abbass at Rs 8950, 400 bales from Muhammad Pur Dewan at Rs 8900, 1600 bales from Rajanpur at Rs 8900, 400 bales from Sadiqabad at Rs 8900, 200 bales from Khanewal at Rs 8900, 2200 bales from Yazman Mandi at Rs 8850/8900, 400 bales from Liaquatpur at Rs 8900, 400 bales from Donga Bonga at Rs 8900, 400 bales from Hasilpur at Rs 8800/8850, 200 bales from Mian Channu at Rs 8850, 400 bales from Chistian at Rs 8800, 200 bales from Bahawal Nagar at Rs 8800, 200 bales from Madarsa at Rs 8800, 200 bales from Kot Addu at Rs 8775, 200 bales from Chichawatni at Rs 8770, 200 bales from Burewala at Rs 8725, 200 bales from Vehari at Rs 8725 and 1200 bales from Ghaziabad at Rs 8700, 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 10-10-2019
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37.324 kg 8,750 160 8,910 8,910 NIL
Equivalent
40 kgs 9,377 171 9,548 9,548 NIL
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Copyright Business Recorder, 2019
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