LAHORE: The Spot Rate Committee of the Karachi Cotton Association on Friday decreased the rate of new cotton by Rs 200 and closed it at Rs 20,600 per maund.
The local market on Friday remained satisfactory and the trading volume remained satisfactory.
Cotton Analyst Naseem Usman told that rate of cotton in Sindh is in between Rs 20,500 to Rs 20,700 per maund. The rates of cotton in Punjab stable at Rs 21,500 per maund.
3400 bales of Tando Adam were sold at Rs 20,500 to Rs 20,800 per maund, 1000 bales of Shahdad Pur were sold at Rs 20,600 to Rs 20,700 per maund, 1600 bales of Sanghar were sold at Rs 20,500 to Rs 20,700 per maund, 200 bales of Mir Pur Khas were sold at Rs 20,500 per maund, 1000 bales of Hyderabad were sold at Rs 20,500 to Rs 20,700 per maund, 200 bales of Khanewal, 200 bales of Burewala were sold at Rs 21500 per maund.
ICE cotton futures rose more than 1% on Thursday on higher weekly exports to China and a retreat in the dollar.
The most-active December cotton ICE Futures rose 1.53 cent, or 1.3%, to 119.45 cents per lb, by 02:07 p.m. ET (1607 GMT). The dollar index retreated sharply, making the natural fiber cheaper for overseas buyers.
Net sales of 26,500 running bales (RB) for 2021/2022 were down 90% from the previous week and 86% from the prior 4-week average, but included increases for China, with 7,300 RB, according to the U.S. Department of Agriculture’s weekly export sales report.
China also accounted for 363,700 RB of the robust 380,200 RB sales for 2022/2023.
Some of the support is coming from mill fixations, said Jordan Lea, senior trader at DECA Global. “We’re approaching the first notice day for July contract. So everybody’s has to move out of July to December or just go ahead and fix the cotton,” Lea added.
Meanwhile, wheat and corn ticked up, while soybean was down as the market assessed hot, dry weather in US growing belts.
The Spot Rate Committee of the Karachi Cotton Association on Friday decreased the rate of new cotton by Rs 200 and closed it at Rs 20,600 per maund. The Polyester Fiber was available at Rs 310 per kg.
Copyright Business Recorder, 2022