Rates showed firmness on the cotton market on Saturday in the process of modest trading, dealers said. The official spot rate was unchanged at Rs 5,200, dealers said. In Sindh, seed cotton prices were at Rs 2200 and Rs 2800 and in the Punjab, rates were at Rs 2300 and Rs 3000, they said. In the ready business, around 8,000 bales of cotton finalised between Rs 4800 and Rs 5600, they said.
According to the market sources, some needy buyers indulged in fresh purchasing to meet their urgent needs. Sharing the same opinion, cotton analyst, Naseem Usman, said that the ginners were not interested in selling at the present levels as these were not matching with their psychological levels. Instead of rising, prices stayed at the current levels. The spinners were facing financial crisis so that they were not able to pay higher rates, they observed. The ginners were hoping for better profits, but despite short crop news, prices showed no improvement, other brokers said.
Reuters adds: Cotton futures rose to their highest levels in more than three months on Friday as signals mounted that poor harvest weather in top-producing state Texas had harmed crop yield and quality. March cotton on ICE Futures US settled up 0.76 cent, or 1.19 percent, at 64.71 cents per lb, after rising as high as 64.89 cents a lb.
The move cemented cotton's fourth consecutive weekly gain, the longest such streak since March and April.
Total futures market volume rose by 1,297 to 26,235 lots. Data showed total open interest gained 2,994 to 186,376 contracts in the previous session. The following deals reported, 400 bales of cotton from Sanghar at Rs 4800, 600 bales from Shahdadpur at the same rate, 600 bales from Rohri at Rs 5475, 400 bales from Burewala at Rs 5050, 600 bales from Sahiwal at Rs 5300, 800 bales from Mianwali at Rs 5300-5600, 400 bales from Yazman Mandi at Rs 5350, 1000 bales from Haroonabad at Rs 5350-5400, 600 bales from Fort Abbas at Rs 5350 and 800 bales from Khanpur at Rs 6500, 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 04-12-2015
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37.324 kg 5,200 135 5,335 5,335 NIL
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Equivalent
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40 kgs 5,573 145 5,718 5,718 NIL
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