Trading activity improved on the cotton market on Tuesday following the reports of fall in production, dealers said. The official spot rate was unchanged at Rs 5,250, dealers said. In Sindh, seed cotton prices were at Rs 2200 and Rs 2900 and in the Punjab, rates were at Rs 2200 and Rs 3000, they said.
In the ready business, over 15,000 bales of cotton finalised between Rs 4700 and Rs 5600, they said. Market sources said that reports of further decline in the cotton output propelled mills to cover their immediate requirements. Cotton analyst, Naseem Usman said that textile mills facing closure due to non-availability of gas, so that under the circumstances they asked All Pakistan Textile Mills Association (APTMA) to closed down more units in the near future. The positive development is that Ministry of Petroleum assured the Aptma that it would restore gas supply by eight hours to the industry, he added.
Reuters adds: Cotton futures fell for the third straight session on Monday, touching nearly a two-week low as prices on the upper end of a recent trading range continued to deter buyers, who held out for further dips. March cotton on ICE Futures US settled down 0.33 cent, or 0.52 percent, at 63.38 cents per lb. It traded within a range of 62.98 and 63.91 cents a lb. Total futures market volume rose by 4,427 lots to 17,950. Data showed total open interest fell 1,271 contracts to 195,905 in the previous session.
The following deals reported, 400 bales from New Saeedabad at Rs 4800, 400 bales from Kazi Ahmed at Rs 5300, 400 bales from Rohri at Rs 5275-5550, 200 bales from Sui Gas at Rs 5350, 400 bales from Kumb at Rs 5350, 400 bales from Salehpat at Rs 5450, 600 bales from Dharki at Rs 5550-5600, 600 bales from Ghotki at Rs 5550-5600, 400 bales from Khanpur Mehar at Rs 5575, 600 bales from Kabirwala at Rs 4600-5200, 600 bales from Khanewal at Rs 4600-5200, 200 bales from Tonsa Sharif at Rs 4700, 200 bales from Alipur at Rs 4750, 200 bales from Jahanian at Rs 5100, 800 bales from Hasilpur at Rs 5100-5150, 800 bales from Burewala at Rs 5150, 400 bales from Bahawalpur at Rs 5150, 200 bales from Dharanwala at Rs 5150, 600 bales from Chistian at Rs 5150/5200, 500 bales from Haroonabad at Rs 5200, 400 bales from Maroot at Rs 5200, 600 bales from Yazman Mandi at Rs 5200, 400 bales from Fort Abbas at Rs 5350, 600 bales from Mianwali at Rs 5500-5550, 600 bales from Chichawatni at Rs 5575, 600 bales from Rahim Yar Khan at Rs 5575, 400 bales from Khanpur at Rs 5600, 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 1-1/32"
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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 14-12-2015
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37.324 kg 5,250 135 5,385 5,385 NIL
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Equivalent
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40 kgs 5,626 145 5,771 5,771 NIL
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