Persistent demand for quality lint, helped the rates to maintain rising trend on the cotton market on Thursday, dealers said. The official spot rate was inert at Rs 8400, they added. In ready session, around 8000 bales of cotton changed hands between Rs 8400-8600, they said. Rates of seed cotton per 40kg from Lower Sindh and Punjab were inert at Rs 3600-4200, they said.
Binola per maund prices were at Rs 1425-1475 in Sindh and in Punjab rates were at Rs 1650-1700, they said and adding that polyester fibre per kg rates were at Rs 205 amid better demand, they said. Cotton analyst, Naseem Usman said that fine quality cotton was in demand as both mills and spinners were busy in covering the forward buying. It is most likely that prices of cotton may improve in the coming days, he added.
In the Punjab cotton quality is better as compare to the Sindh type, so the buyers were trying to lay hands over the good type. In Sindh farmers and growers were praying for rains, fresh rains will be beneficial for the crop, he observed. Whereas, the Punjab Agriculture Department (PAD) has advised the cotton growers to pay heed to their crop especially because the recent rains as it may help weeds grow in the fields.
Weeds not only share the food of the crops but also prove shelters for different pests.
An advisory issued here on Thursday urged the growers to eradicate weeds from their fields through hands or machines. In other parts of the world, cotton prices were mixed in the process of trading activity, they said. Adds Reuters: ICE cotton futures rose on Wednesday after falling to a three-year low in the previous session, as investors covered short positions ahead of the release of the USDA's monthly supply-demand report and the weekly export sales data.
The most-active cotton contract on ICE Futures US, the second-month December contract, settled up 0.54 cent, or 0.85%, at 63.82 cents per lb. Total futures market volume fell by 31,505 to 23,976 lots. Data showed total open interest gained 4,576 to 186,731 contracts in the previous session.
The following deals reported: 1600 bales of cotton from Tando Adam at Rs 8400/8475, 1200 bales from Sanghar at Rs 8400/8475, 600 bales from Shahdadpur at Rs 8450, 400 bales from Sinjoro at Rs 8425-8475, 800 bales from Mirpurkhas at Rs 8425, 800 bales from Kotri at Rs 8400, 600 bales from Hyderabad at Rs 8400/8450, 600 bales from Chichawatni at Rs 8550/8600, 700 bales from Mian Chunnu at Rs 8550/8600 and 400 bales from Samandri at Rs 8600, 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 10.07.2019
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37.324 kg 8,400 160 8,560 8,560 NIL
Equivalent
40 kgs 9,002 171 9,173 9,173 NIL
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