Lacklustre trading activity was witnessed on the cotton market on Friday as mills kept on the sidelines in the process of trading, dealers said. The official spot rate was unchanged at Rs 6750, they said. In ready session, only 2000 bales of cotton sold at Rs 7000, they said. According to market sources, most of the leading spinners kept on the sidelines on lack of buying interest.
Cotton analyst, Naseem Usman said that in Sindh sowing is continue and it has started in Punjab. Other experts said that the cotton yarn off-take and falling textile hurt trading sentiments slightly. Besides, a kind of uncertainty prevailed in the world markets following the reports that the Syrian army said a US missile attack on one of its airbases killed six people and caused extensive damage, adding it would respond by continuing its campaign to "crush terrorism" and restore peace and security to all of Syria.
Reuters adds: ICE cotton futures retreated to touch a 10-week low on Thursday, as speculators liquidated and index funds rolled positions. The May cotton contract on ICE Futures US settled down 0.48 percent at 74.51 cents per lb. The contract touched a session low at 74.48 cents, slightly farther from the near 10-week low of 74.55 cents on Tuesday. The May cotton contract on ICE Futures US settled down 0.36 cent, or 0.48 percent, at 74.51 cents per lb. It traded within a range of 74.48 and 75.07 cents a lb.
Total futures market volume rose by 2,210 to 35,262 lots. Data showed total open interest fell 6,385 to 271,090 contracts in the previous session. Only one deal reported of 2000 bales of cotton from Rahim Yar Khan sold at Rs 7000, they said.
===========================================================================
The KCA Official Spot Rate for Local Dealings in Pakistan Rupees
---------------------------------------------------------------------------
FOR BASE GRADE 3 STAPLE LENGTH 1-1/16"
---------------------------------------------------------------------------
MICRONAIRE VALUE BETWEEN 3.8 TO 4.9 NCL
===========================================================================
Rate Ex-Gin Upcountry Spot Rate Spot Rate Difference
For Price Expenses Ex-Karachi Ex. KHI, As Ex-Karachi
on 06-04-2017 in Rupees
===========================================================================
37.324 kg 6,750 135 6,885 6,885 NIL
Equivalent
40 kgs 7,234 145 7,379 7,379 NIL
===========================================================================
Comments
Comments are closed.