Prices gained momentum on the local cotton market on Tuesday owing to brisk trading activity, dealers said. The official spot rate was unchanged at Rs 8850, they added. In ready session, over 22,000 bales of cotton changed hands between Rs 7800-9100, they said. Rates of seed cotton per 40kg in Sindh were up by Rs 50 to Rs 3600-4200 and in the Punjab prices were at Rs 3700-4300, they said. In Balochistan, seed cotton prices were up by Rs 100 at Rs 4100-4600 and cotton prices were at Rs 8700-8900, they said.
In Sindh, Binola prices per maund were at Rs 1550-1600 and in Punjab rates were at Rs 1550-1650, they said and adding that polyester fibre was at Rs 187. Market sources said that mills took interest in fresh buying of fine quality cotton, they said. Cotton analyst, Naseem Usman said that mills don't want to lose any deal of fine quality, because quantity is short of demand and quality is also not available, as well.
Both factors were propelling mills to keep buying as much as they can, other brokers said. They also said that in Faisalabad, yarn merchant and other traders were on indefinite strike against registration and other issues. Adds Reuters: Cotton prices fell over 1% on Monday as investors booked profits after the natural fibre scaled a three-month high on the back of initial optimism around last week's trade talks between Washington and Beijing.
The front-month December contract fell about 1.1 cent, or 1.6%, to 62.83 cents per lb as of 1:46 p.m. EDT (1746 GMT). Total futures market volume fell by 18,905 to 42,932 lots. Data showed total open interest gained 5,822 to 241,825 contracts in the previous session.
The following deals reported: 400 bales of cotton from Bhira at Rs 8900, 400 bales from Naushero Feroze at Rs 8850, 1000 bales from Kadro at Rs 7800, 1000 bales from Shahpur Chakar at Rs 7800, 1000 bales from Rohri at Rs 8850/8950, 1000 bales from Saleh Pat at Rs 8800/8900, 1400 bales from Khairpur at Rs 8800/8900, 400 bales from Ghambat at Rs 8750, 3400 bales from Rahim Yar Khan at Rs 9000/9100, 2400 bales from Rajanpur at Rs 9000/9100, 1800 bales from Sadiqabad at Rs 9100, 400 bales from Mianwali at Rs 9050, 400 bales from Faqeerwali at Rs 9000, 1200 bales from Fort Abbas at Rs 9000, 600 bales from Haroonabad at Rs 8925/9000, 200 bales from Marrot at Rs 9000, 600 bales from Yazman Mandi at Rs 9000, 600 bales from Taunsa Shareef at Rs 9000, 400 bales from Hasilpur at Rs 9000, 200 bales from Ahmedpur East at Rs 8950, 600 bales from Bahawalpur at Rs 8950, 200 bales from Khanewal at Rs 8950, 800 bales from Chichawatni at Rs 8700/8925, 400 bales from Liaquatpur at Rs 8900, 400 bales from Layyah at Rs 8800, 300 bales from Burewala at Rs 8700/8750 and 200 bales from Vehari at Rs 8700, 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 14-10-2019
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37.324 kg 8,850 160 9,010 9,010 NIL
Equivalent
40 kgs 9,485 171 9,656 9,656 NIL
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