The rates moved cautiously on the cotton market on Tuesday 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 unchanged at Rs 2200 and Rs 3000 and in the Punjab, rates held the overnight levels at Rs 2200 and Rs 3100, they said. In the ready business, over 6,000 bales of cotton finalised between Rs 3800 and Rs 5600, they said.
Some brokers said that no major change was seen in the present outlooks as needy buyers were looking some active to meet urgent needs. In fact, both buyers and sellers were facing financial crisis ahead of bank closing, they said. Cotton analyst, Naseem Usman said that leading participants may indulge in fresh deals at the beginning of the New Year.
Reuters adds: Cotton futures rose for a second straight session on Monday, hitting their highest levels in 2-1/2 weeks, as traders squared books ahead of the New Year and a US government report showed a continued shortage of high-quality cotton. March cotton on ICE Futures US settled up 0.31 cent, or 0.49 percent, at 63.97 cents per lb, after rising as high as 64.44 cents a lb, the highest level since December 10.
The following deals reported: 200 bales from Chichawatni (low quality) at Rs 3800, 400 bales from Fort Abbas at Rs 5200, 400 bales from Faqirwali at Rs 5200, 600 bales from Haroonabad at Rs 5200-5400, 400 bales from Chistian at Rs 5215, 200 bales from Multan at Rs 5300, 200 bales from Hasilpur at Rs 5400, 400 bales from Fazilpur at Rs 5500, 400 bales from Ghazi Ghat at Rs 5500, 600 bales from Mianwali at Rs 5500-5550, 600 bales from Rajanpur at Rs 5500-5600, 400 bales from Shadan Lund at Rs 5600, 600 bales from Rahim Yar Khan at Rs 5600 and 400 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 28.12.2015
===========================================================================
37.324 kg 5,200 135 5,335 5,385 -50
---------------------------------------------------------------------------
Equivalent
---------------------------------------------------------------------------
40 kgs 5,573 145 5,718 5,771 -53
===========================================================================
Comments
Comments are closed.