Cotton prices showed firmness in line with the global trend on Monday after the United States (US) and China agreed to restart trade talks as US President Donald Trump offered concessions on new tariffs and restrictions on tech company Huawei. The official spot rate was adjusted at Rs 8000 on the beginning session of the fiscal year 2019-20, they added. In the ready session, around 2600 bales of cotton changed hands between Rs 8000-8075, they said. Rates of seed cotton per 40kg from Lower Sindh and Punjab were higher by Rs 100 to Rs 3500-3800, they said.
Binola per maund prices were at Rs 1500-1550, they said. Polyester fibre rates were also firm amid better demand, they said.
According to the market sources, after the US-China news, it looks that the business activity may improve on the cotton market because traders were looking cheerful in expectations of good business on the coming days.
According to the Reuters, the United States and China agreed on Saturday to restart trade talks as US President Donald Trump offered concessions on new tariffs and restrictions on tech company Huawei.
The following deals reported: 800 bales of cotton from Shahdadpur at Rs 8000, 1000 bales from Tando Adam at Rs 8075 and 800 bales from Sanghar at Rs 8000, they 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 1-1/16"
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 -------
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37.324 kg 8,000 160 8,160 - -
Equivalent
40 kgs 8,574 171 8,745 - -
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