Steady trend was witnessed on the cotton market on Tuesday as some leading mills indulged in renewed buying of quality lint, dealers said.
The official spot rate was unchanged at Rs 9000, they added. In ready session, about 15,000 bales of cotton changed hands between Rs 8450-9300, they said.
Rates of seed cotton per 40kg in Sindh were at Rs 3000-4250 and in the Punjab prices were at Rs 3800-4600, they said. In Balochistan, seed cotton prices were at Rs 4200-4700, they said.
In Sindh, Binola prices per maund were at Rs 1400-1700 and in Punjab rates were at Rs 1550-1750, they said and adding that polyester fibre was at Rs 183.
According to the market sources, trading activity improved on mills' buying to replenish the stock.
Cotton analyst, Naseem Usman said that despite the fact local cotton market is short of demand, the mills laying hands over fine quality.
Adds Reuters: ICE cotton futures dropped 2% on Monday, hurt by expectations of a robust harvest and as investors liquidated their positions ahead of the first notice day for the December contract due later this week.
Cotton contracts for March fell 1.31 cent, or 1.96% - set for its biggest daily percentage drop in a month- to 65.38 cents per lb by 12:05 p.m. EST (1705 GMT).
Total futures market volume fell by 13,381 to 26,148 lots. Data showed total open interest fell 3,725 to 227,399 contracts in the previous session.
The following deals reported: 2400 bales of cotton from Ghotki at Rs 9150/9300, 2000 bales from Dherki at Rs 9200/9250, 600 bales from Panu Aqil at Rs 9200/9250, 400 bales from Mirpur Mathelo at Rs 9150, 1400 bales from Khairpur at Rs 8450/8700, 600 bales from Rahim Yar Khan at Rs 9100, 400 bales from Sadiqbad at Rs 9100, 1000 bales from Haroonabad at Rs 8950, 1400 bales from Hasilpur at Rs 8800/8900, 800 bales from Mianwali at Rs 8800/8900, 1200 bales from Yazman Mandi at Rs 8875, 1400 bales from Shehr Sultan at Rs 8850, 600 bales from Faqeerwali at Rs 8840 and 600 bales from Alipur at Rs 8600, dealers 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 18-11-2019
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37.324 kg 9,000 160 9,160 9,160 NIL
Equivalent
40 kgs 9,645 171 9,816 9,816 NIL
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