Prices touched season's high at Rs 9300 on the cotton market on Monday amid short supply position, dealers said. The official spot rate was up by Rs 50 to Rs 9000, they added. In ready session, 14,000 bales of cotton changed hands between Rs 8850-9200, they said.
Rates of seed cotton per 40kg in Sindh were higher at Rs 3000-4300 and in the Punjab prices were at Rs 3700-4500, they said. In Balochistan, seed cotton prices were at Rs 4200-4650 and cotton prices were at Rs 8700-8900, they said.
In Sindh, Binola prices per maund were at Rs 1400-1700 and in Punjab rates were at Rs 1550-1650, they said and adding that polyester fibre was at Rs 187.
According to the market sources, shortage of quality lint and high prices deterred buyers from entering into deals.
Cotton analyst, Naseem Usman said that trading activity improved as mills showed renewed interest in fresh buying of cotton due to short supply.
As a result of persistent demand, few hundreds of bales from Dherki and Ghotki hit season's high at Rs 9300 and it looks that prices may go further up in days to come, other brokers said.
The following deals reported: 2000 bales from Khairpur at Rs 8875-9000, 1200 bales from Salehpat at Rs 8900-9000, 1000 bales from Pano Aqil at Rs 9200, 1000 bales from Mirpur Mathelo at Rs 9200, 400 bales from Kabirwala at Rs 8850, 600 bales from Bakhar at Rs 8850, 400 bales from Tonsa Sharif at Rs 9000, 400 bales from Bahawalpur at Rs 9000, 400 bales from Ahmedpur at Rs 9000, 600 bales from Lodhran at Rs 9000-9100, 600 bales from Shujabad at Rs 9050, 400 bales from Yazman Mandi at Rs 9100, 400 bales from Hasilpur at Rs 9100, 400 bales from Feroza at Rs 9150, 600 bales from Mianwali at Rs 9175-9200, 400 bales from Fort Abbas at Rs 9200, 600 bales from Haroonabad at Rs 9200, 1000 bales from Sadiqabad at Rs 9200 and 1000 bales from Rahim Yar Khan at Rs 9200, 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 19-10-2019
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37.324 kg 9,000 160 9,160 9,110 + 50/-
Equivalent
40 kgs 9,645 171 9,816 9,763 + 53/-
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Copyright Business Recorder, 2019
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