A rush for quality lint again witnessed on the cotton market on Friday amid depleting stock with the ginners, dealers said. The official spot rate held the overnight level at Rs 5,450 dealers said. In the Punjab, prices of seed cotton were at Rs 2600 and Rs 3200, they said. In the ready business, nearly 10,000 bales of cotton changed hands between Rs 5400 and Rs 5700, they said.
According to the market sources steady trend persisted as buyers remained in the forefront to cover their short position. Cotton analyst, Naseem Usman said that an apparent development is that country received good orders of around 225 million dollars by foreign countries at Texpo-2016, in the meantime, he said that present pace of business activity may not continue due to declining trend in the international market.
Reuters adds: Cotton futures fell from over two-month highs on Thursday, halting five days of gains, on a weak US export sales report. Sales of upland cotton totalled 84,600 running bales for the week ended April 7, down 60 percent from the previous week, government data showed.
The market was expecting export sales of over 100,000 bales, but the numbers were "very poor," said Rogers Varner, president of Varner Brokerage in Cleveland, Mississippi. The July cotton contract on ICE Futures US settled down 0.44 cent, or 0.72 percent, the biggest loss in over two weeks, at 60.85 cents per lb, after hitting as low as 60.05 cents. Total futures market volume fell by 13,404 to 50,957 lots. Data showed total open interest fell 3,138 to 208,746 contracts in the previous session.
The following deals reported: 400 bales of cotton from Pannu Akil at Rs 5500, 400 bales from Ghotki at Rs 5500, 400 bales from Mirpur Mathilo at Rs 5500, 5800 bales from Rahim Yar Khan at Rs 5700, 400 bales from Mohammadpur Dewan at Rs 5500, 600 bales from Noorpur Nauranga at Rs 5500, 800 bales from Ahmedpur East at Rs 5500, 200 bales from Liaquatpur at Rs 5450, 300 bales from Lodhran at Rs 5450 and 200 bales from Faqirwali at Rs 5400, they 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 14-04-2016
===========================================================================
37.324 kg 5,450 135 5,585 5,585 NIL
Equivalent
40 kgs 5,841 145 5,986 5,986 NIL
===========================================================================
Comments
Comments are closed.