Prices firmly held the overnight levels amid improved business activity on the cotton market on Tuesday, dealers said. The official spot rate was up by Rs 100 to Rs 8100, they added. In ready session, around 6000 bales of cotton changed hands between Rs 8000-8400, they said. Rates of seed cotton per 40kg from Lower Sindh and Punjab were higher by Rs 200 to Rs 3600-4000, they said.
Binola per maund prices were at Rs 1500-1550 in Sindh, they said and adding that Binola was available at Rs 1500-1700. Polyester fibre rates were also firm amid better demand, they said. Market sources said that trading activity moving with the gradual pace. Other brokers said that traders were still confused about the announcements in the Federal Budget.
Commenting on the present developments in the market, cotton analyst, Naseem Usman said that as compare to the last several sessions, trading activity improved and it will improve further in the coming days. Adds Reuters, ICE cotton futures prices surged 3% on Monday to scale a one-month peak, after US President Donald Trump said China has agreed to buy US farm products and resume trade talks, while a stronger dollar kept the natural fiber under pressure.
The most-active cotton contract on ICE Futures US, the third-month December contract, was up 0.46 cent or 0.70% at 66.54 cents per lb as of 2:23 p.m. EDT (1823 GMT). Total futures market volume rose by 14,532 to 30,687 lots. Data showed total open interest fell 187 to 175,758 contracts in the previous session. Meanwhile, China cotton futures on the Zhengzhou Commodity Exchange were down 0.80% at 13,690 yuan per tonne. The spread between China futures and US cotton was 60.02 cents.
The following deals reported: 2000 bales of cotton from Tando Adam at Rs 8100/8200, 400 bales from Shahdadpur at Rs 8200, 1200 bales from Sanghar at Rs 8000/8100, 800 bales from Mirpurkhas at Rs 8200, 1000 bales from Hyderabad at Rs 8200, 600 bales from Kotri at Rs 8200 and 200 bales from Burewala at Rs 8400, 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 01.07.2019
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37.324 kg 8,100 160 8,260 8,160 + 100/-
Equivalent
40 kgs 8,681 171 8,852 8,745 + 107/-
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