Prices maintained current levels on the cotton market on Wednesday in the process of modest trading, 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 10,000 bales of cotton finalised between Rs 4600 and Rs 5600, they said.
According to some brokers, needy mills and spinners took part in fresh buying to replenish their stock. Cotton analyst, Naseem Usman said that high cost of doing business under the circumstances is so risky, the traders and businessmen are under pressure, because they were not achieving better return. He said that it's a fact that since the Cotton Crop Assessment Committee (CCAC) has revised downward it's estimate to about 10 million bales against 15.5 million bales of cotton, the mills were busy in making deals to get fine quality.
Reuters adds: Cotton futures fell in light volume as traders hesitated to take on new positions before the US Federal Reserve's statement on Wednesday. March cotton on ICE Futures US settled down 0.07 cent, or 0.11 percent, at 63.31 cents per lb. It traded within a range of 63.03 and 64.00 cents a lb. Total futures market volume fell by 3,985 to 13,987 lots. Data showed total open interest fell 1,776 to 194,129 contracts in the previous session.
The following deals reported, 200 bales of cotton from New Saeedabad at Rs 4600, 200 bales from Hyderabad at Rs 4700, 500 bales from Nawab Shah at Rs 5250, 400 bales from Sui Gas at Rs 5325, 1200 bales from Layyah at Rs 5000, 400 bales from Vehari at Rs 5200, 600 bales from Yazman Mandi at Rs 5200, 400 bales from Haroonabad at Rs 5250, 200 bales from Fort Abbas at Rs 5300, 400 bales from Mianwali at Rs 5550, 2000 bales from Rahim Yar Khan at Rs 5600 and 2000 bales from Sadiqabad at Rs 5600, dealers said.
===========================================================================
The KCA Official Spot Rate for Local Dealings in Pakistan Rupees
---------------------------------------------------------------------------
FOR BASE GRADE 3 STAPLE LENGTH 1-1/32"
---------------------------------------------------------------------------
MICRONAIRE VALUE BETWEEN 3.8 TO 4.9 NCL
===========================================================================
Rate Ex-Gin Upcountry Spot Rate Spot Rate Difference
For Price Ex-Karachi Ex. KHI. As Ex-Karachi
on 15-12-2015
===========================================================================
37.324 kg 5,250 135 5,385 5,385 NIL
---------------------------------------------------------------------------
Equivalent
---------------------------------------------------------------------------
40 kgs 5,626 145 5,771 5,771 NIL
===========================================================================
Comments
Comments are closed.