Prices moved further higher on the cotton market on Saturday as spinners showed more interest in fresh buying of fine quality lint, dealers said. The official spot rate was higher by Rs 100 to Rs 8200, they added. In ready session, about 12000 bales of cotton changed hands between Rs 7700 and Rs 8650, they said. Rates of seed cotton per 40kg in Sindh and Punjab were at Rs 3600-4000, they said. In Balochistan, cotton prices showed rising trend at Rs 8300-8500, seed cotton prices were also higher at Rs 3900-4300, they said.
In Sindh, Binola prices per maund rates were at Rs 1400-1550 and in Punjab rates were at Rs 1550-1650, they said and adding that polyester fibre per kg rates were at Rs 180. According to the market sources arrivals of seed cotton are on full swing, despite this rates are going higher mainly because of short supply of fine quality lint.
Commenting on the continued rise in the rates, cotton analyst, Naseem Usman said that availability of better quality cotton looks some difficult, so the genuine buyers lay hands over the fine type. Other factor behind the surge in the local market was persistent rise in the international market, he added. Prices of fine quality may increase in the near future, he said.
Adds Reuters: Cotton prices rose on Friday to post their best week in over a year on hopes of a trade deal between the biggest consumer of the fiber, China, and the United States. Cotton contracts for December settled up 0.07 cent, or 0.1%, at 62.28 cents per lb. It traded within a range of 62.07 and 63.39 cents a lb, its highest level since August 1.
Total futures market volume fell by 23,193 to 37,636 lots. Data showed total open interest gained 4,890 to 234,320 contracts in the previous session. The following deals reported: some 2000 bales of cotton from Shahdadpur at Rs 7750/7950, 1600 bales from Sanghar at Rs 7700/7750, 2400 bales from Tando Adam at Rs 7700/7900, 1000 bales from Kotri at Rs 7700/7800, 1000 bales from Hyderabad at Rs 7750/7800, 1000 bales from Nawabshah at Rs 8000, 400 bales from Dour at Rs 8000, 1400 bales from Haroonabad at Rs 8350/8450, 400 bales from Yazman Mandi at Rs 8400, 400 bales from Bahawalpur at Rs 8350, 400 bales from Khanewal at Rs 8650 and 1000 bales from Daranwala at Rs 8400/8450, 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 13-09-2019
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37.324 kg 8,200 160 8,360 8,260 + 100/-
Equivalent
40 kgs 8,788 171 8,959 8,852 + 107/-
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