Brisk activity was seen on the cotton market on Thursday as mills showed interest in fresh buying of lint cotton, dealers said.
The official spot rate was unchanged at Rs 9100, they added. In ready session, 24,000 bales of cotton changed hands between Rs 7800-9325, they said.
Rates of seed cotton per 40kg in Sindh were higher at Rs 3000-4400 and in the Punjab prices were at Rs 3600-4500, they said. In Balochistan, seed cotton prices were at Rs 4200-4700 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.
Market sources said that mills and spinners were not reluctant in making new deals despite higher prices. They said that short supply pushed the rates at peak levels but now it looks that market may stay at present levels.
Cotton analyst, Naseem Usman, sharing the same views, said that prices may not show more upward trend in the near future.
Adds Reuters: ICE cotton futures gained for a second-straight session on Wednesday as investors covered their short positions on optimism over Sino-US trade ties, ahead of the US weekly export sales data.
The front-month December contract rose 0.5% to 65.00 cents per lb by 12:36 pm EDT (1636 GMT). It traded within a range of 64.4 and 65.10 cents a lb.
Total futures market volume fell by 14,325 to 15,830 lots. Data showed total open interest gained 303 to 237,912 contracts in the previous session.
The following deals reported: 400 bales of cotton from Mirpurkhas at Rs 7800, 1600 bales from Saleh Pat at Rs 8850/9000, 2000 bales from Rohri at Rs 8850/8900, 800 bales from Khairpur at Rs 8900/9000, 600 bales from Ghotki at Rs 9300, 600 bales from Vehari at Rs 8700/8750, 1000 bales from Hasilpur at Rs 8850/8950, 800 bales from Rajanpur at Rs 8850/9000, 800 bales from Chistian at Rs 9000/9050, 800 bales from Ahmedpur at Rs 9000/9100, 400 bales from Bahawalpur at Rs 9100, 800 bales from Faqeerwali at Rs 9100, 400 bales from Liaquatpur at Rs 9100, 6000 bales from Haroonabad at Rs 9100/9200, 2800 bales from Yazman Mandi at Rs 9150/9250, 400 bales from Tounsa Shareef at Rs 9200, 1000 bales from Fort Abbas at Rs 9200, 200 bales from Lodhran at Rs 9250, 400 bales from Khanpur at Rs 9300, 400 bales from Sadiqabad at Rs 9300, 600 bales from Rahim Yar Khan at Rs 9300 and 1000 bales from Kot Sabzal at Rs 9325, 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 23-10-2019
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37.324 kg 9,100 160 9,260 9,260 NIL
Equivalent
40 kgs 9,752 171 9,923 9,923 NIL
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