Seed-cotton prices went up on the cotton market on Thursday in the process of slow trading activity, dealers said. The official spot rate was unchanged at Rs 6300, dealers said. In Sindh, seed cotton prices were higher by Rs 150 to Rs 2800-3350, they said. In Punjab, phutti rates moved with slight gains at Rs 2800 and Rs 3550, as per 40 kg, they added.
In the ready session, over 3,000 bales of cotton changed hands between Rs 6550-6600, they said. Cotton analyst, Naseem Usman said that prices were moving with global track and it looks that present trend may continue in the near future. In India, there are some speculations that cotton production may fall and this factor is pushing prices up there with the passage of time, besides, it is also creating concern for the local spinners.
Sharing the same views, other experts said that ginners were reluctant in fresh selling as arrivals of fine quality slowed down in the local market. They also observed that the leading exporters of textile products were busy in Heimtextil fair, the biggest trade exhibition of textile products. The textile fair is to be held in Frankfurt, Germany from January 10 to 13, they said..
Reuters adds: ICE cotton futures jumped over 3 percent on Wednesday to hit a near five-month high, amid a weaker dollar. The March cotton contract on ICE Futures US touched a session high of 74.23 cents per lb, a peak since August 9, 2016. The following deals reported: 600 bales from Ghotki at Rs 6550, 200 bales from Mianwali at Rs 6000, 600 bales from Haroonabad at Rs 6450, 400 bales from Ghazighat at Rs 6450, 1000 bales from Sadiqabad 6550, 600 bales from Rahim Yar Khan at Rs 6600, 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 04-01-2017
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37.324 kg 6,300 135 6,435 6,435 NIL
Equivalent
40 kgs 6,752 145 6,897 6,897 NIL
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