Selective buying was witnessed on the cotton market on Thursday as buyers remained focused on quality during the session, dealers said.
The official spot rate was unchanged at Rs8800, they added. In ready session, over 3000 bales of cotton changed hands between Rs8500-9150, they said.
Rate of seed cotton per 40kg in Sindh low quality was at Rs2800, while the best quality was available at Rs4200, and in the Punjab prices were at Rs3000-4500, they said.
In Sindh, Binola prices per maund were at Rs1400-1800, in Punjab rates were at Rs1650-1800, they said and added that polyester fibre was available at Rs179 per kg.
Market sources said that sluggish business was seen as a few spinners showed interest buying of fine quality.
Cotton analyst, Naseem Usman said that buyers still focused on quality to replenish their stock.
Quality cotton which is in short supply with the passage of time, it looks that demand would rise as stock of lint cotton is decreasing, other brokers said.
The New York cotton market was closed on Wednesday and Thursday due to Christmas holiday.
The following deals reported: 1000 bales of cotton from Dherki at Rs9150, 1000 bales from Rahim Yar Khan at Rs9000, 400 bales from Haroonabad at Rs8900, 200 bales from Marrot at Rs8500, 400 bales from Fort Abbas at Rs8500 and 400 bales from Ghazi Abbas at Rs8950, they said.
===========================================================================
The KCA Official Spot Rate for Local Dealings in Pakistan Rupees
---------------------------------------------------------------------------
FOR BASE GRADE 3 STAPLE LENGTH 1-1/16"
MICRONAIRE VALUE BETWEEN 3.8 TO 4.9 NCL
===========================================================================
Rate Ex-Gin Upcountry Spot Rate Spot Rate Difference
For Price Ex-Karachi Ex. KHI. As Ex-Karachi
on 24-12-2019
===========================================================================
37.324 kg 8,800 160 8,960 8,960 NIL
Equivalent
40 kgs 9,431 171 9,602 9,602 NIL
===========================================================================
Copyright Business Recorder, 2019
Comments
Comments are closed.