AIRLINK 75.30 Increased By ▲ 0.05 (0.07%)
BOP 5.11 No Change ▼ 0.00 (0%)
CNERGY 4.52 Decreased By ▼ -0.08 (-1.74%)
DFML 34.50 Increased By ▲ 1.97 (6.06%)
DGKC 90.70 Increased By ▲ 0.35 (0.39%)
FCCL 22.96 Decreased By ▼ -0.02 (-0.09%)
FFBL 33.16 Decreased By ▼ -0.41 (-1.22%)
FFL 9.96 Decreased By ▼ -0.08 (-0.8%)
GGL 11.23 Increased By ▲ 0.18 (1.63%)
HBL 114.99 Increased By ▲ 0.09 (0.08%)
HUBC 136.45 Decreased By ▼ -0.89 (-0.65%)
HUMNL 10.20 Increased By ▲ 0.67 (7.03%)
KEL 4.61 Decreased By ▼ -0.05 (-1.07%)
KOSM 4.73 Increased By ▲ 0.03 (0.64%)
MLCF 40.60 Increased By ▲ 0.06 (0.15%)
OGDC 140.25 Increased By ▲ 0.50 (0.36%)
PAEL 27.63 Decreased By ▼ -0.02 (-0.07%)
PIAA 25.10 Increased By ▲ 0.70 (2.87%)
PIBTL 6.85 Decreased By ▼ -0.07 (-1.01%)
PPL 124.05 Decreased By ▼ -1.25 (-1%)
PRL 27.48 Decreased By ▼ -0.07 (-0.25%)
PTC 14.11 Decreased By ▼ -0.04 (-0.28%)
SEARL 62.25 Increased By ▲ 0.40 (0.65%)
SNGP 72.65 Decreased By ▼ -0.33 (-0.45%)
SSGC 10.50 Decreased By ▼ -0.09 (-0.85%)
TELE 8.79 Increased By ▲ 0.01 (0.11%)
TPLP 11.53 Decreased By ▼ -0.20 (-1.71%)
TRG 66.54 Decreased By ▼ -0.06 (-0.09%)
UNITY 25.79 Increased By ▲ 0.64 (2.54%)
WTL 1.40 Decreased By ▼ -0.04 (-2.78%)
BR100 7,806 Increased By 3.3 (0.04%)
BR30 25,719 Decreased By -97.1 (-0.38%)
KSE100 74,535 Increased By 3.5 (0%)
KSE30 23,994 Increased By 39.5 (0.16%)

A firm trend was seen on the cotton market on Thursday in the process of moderate business activity, dealers said. The official spot rate was unchanged at Rs 5,350, dealers said. In Sindh, prices of seed cotton low type was lower by Rs 200 to Rs 1600 and Rs 2800, in the Punjab, rates were down by Rs 50 to Rs 2000 and Rs 3000, they said. In the ready business, around 7,000 bales of cotton changed hands between Rs 47750 and Rs 5650, they said.
Some brokers observed that after a short break, needy spinners came back to the market to cover their immediate requirements. Cotton analyst, Naseem Usman said that most of the leading buyers were still on the sidelines in the absence of guiding factors. Other experts said that an uncertainty prevailed on the local market following the persistent weak trend in the world markets.
Negative economic developments played havoc in the globe, he said. Declining trend in the oil and commodities prices the world over, depressed the local leading participants, other analysts said. Lower phutti prices came down due to sluggish demand, besides, recent fall in the NY cotton futures and week-long closure of Far East and Chinese market owing to Lunar New Year also made the sentiments weak they added.
Reuters adds: Cotton futures edged higher on Wednesday, recovering from one-year lows hit a day earlier as investors covered bearish bets after five straight sessions of losses, even as concerns mounted about growing excess inventories.
Prices touched their lowest since late January last year after the US Department of Agriculture warned of bigger global stocks amid lower demand. The March cotton contract on ICE Futures US settled up 0.24 cent, or 0.41 percent, at 58.88 cents per lb, after hitting 58.94 cents a lb.
The following deals reported: 1200 bales from Dharki at Rs 5500, 400 bales from Dunyapur at Rs 4775, 600 bales from Faqirwali at Rs 5300, 2000 bales from Khanewal at Rs 5425, 1600 bales from Chowck Monda at Rs 5425, 400 bales from Bahawalpur at Rs 5600, 400 bales from Sadiqabad at Rs 5600 and 200 bales from Mianwali at Rs 5650, 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 10-02-2016
===========================================================================
37.324 kg 5,350 135 5,485 5,485 NIL
Equivalent
40 kgs 5,734 145 5,879 5,879 NIL
===========================================================================

Copyright Business Recorder, 2016

Copyright Reuters, 2016

Comments

Comments are closed.