Cotton prices of fine quality rise

Prices of fine type improved on the cotton market on Tuesday in the process of trading activity, dealers said. The official spot rate was higher by Rs 100 to Rs 9100, they said. In ready session, about 20,000 bales of cotton changed hands between Rs 7800-9300, they said.

Rates of seed cotton per 40kg in Sindh were 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, mills indulged in fresh buying of cotton to replenish their stock.

All leading mills showed interests in new deals despite higher rates, cotton analyst, Naseem Usman said. Rates of fine variety of cotton will go up in the coming days, he added.

Reuters adds: NY cotton prices eased off a one-week peak on Monday as the dollar pared some losses from earlier in the session, while investors anticipated lower demand going into the harvest season and awaited clarity on U.S.-China trade.

The front-month December contract, fell 0.40% at 64.90 cents per lb as of 12:31 pm EDT (1631 GMT), having earlier hit its highest since October 14 at 65.48 cents. It traded within a range of 64.55 and 65.48 cents a lb.

Total futures market volume fell by 9,574 to 17,619 lots. Data showed total open interest fell 3,779 to 237,835 contracts in the previous session.

The following deals reported: 400 bales of cotton from Shahdadpur sold at Rs 7800, 200 bales from Sanghar at Rs 7800, 1800 bales from Rohri at Rs 8750/9050, 1600 bales from Saleh Pat at Rs 8750/9100, 160 bales from Khairpur at Rs 8900/9100, 400 bales from Pano Aqil at Rs 9200, 800 bales from Mirpur Mathelo at Rs 9200/9300, 400 bales from Ghotki at Rs 9300, 1600 bales from Layyah at Rs 8800/8950, 1200 bales from Rajanpur at Rs 8800/8950, 600 bales from Khanewal at Rs 8900, 1000 bales from Hasilpur at Rs 8975/9100, 1200 bales from Ahmedpur at Rs 9000/9100, 400 bales from Tonsa Sharif at Rs 9075/9150, 1200 bales from Haroonabad at Rs 9050/9200, 1400 bales from Yazman Mandi at Rs 9000/9150, 600 bales from Dharanwala at Rs 9100/9150, 800 bales from Fort Abbas at Rs 9150/9200, 1000 bales from Mianwali at Rs 9250, 600 bales from Khanewal at Rs 9250, 1000 bales from Sadiqabad at Rs 9250/9300 and 2000 bales from Rahim Yar Khan at Rs 9250/9300, 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 21-10-2019
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37.324 kg         9,100       160        9,260         9,160        + 100/-
Equivalent
40 kgs            9,752       171        9,923         9,816        + 107/-
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