Trade activity came down on the cotton market on Thursday in the process of modest trading activity, dealers said. The official spot rate stopped further erosion, holding overnight level at Rs 7750, they added. In ready session, about 5,000 bales of cotton changed hands between Rs 7700-8050, they said. Rates of seed cotton per 40kg in both Sindh and Punjab were higher by Rs 50 to Rs 3300-3800, they said. In Balochistan, seed cotton prices were at Rs 3500-3600, they said.
In Sindh and Punjab, Binola prices per maund were at Rs 1500-1600, they said and adding that polyester fibre per kg rates were at Rs 192. According to the market sources, a few mills took interest in fresh buying of fine type of cotton to cover immediate needs.
Cotton analyst, Naseem Usman said that mills were not taking interest in fresh deals because they have already bought enough for the coming days, so it is most likely that normal trading activity may revive after Eid holidays. Adds Reuters: ICE cotton futures fell over 1% on Wednesday, hovering near 3-1/2-year lows touched early this week as worries about the US-China trade war weighed on the natural fibre, already hurt by weak global demand.
The most-active cotton contract on ICE Futures US, the second-month December contract, fell 0.77 cent, or 1.31 %, at 57.95 cents per lb as of 11:24 a.m. EDT (1524 GMT). Total futures market volume fell by 11,307 to 14,948 lots. Data showed total open interest gained 3,371 to 206,644 contracts in the previous session.
The following deals reported: 400 bales of cotton from Shahdadpur at Rs 7700/7750, 1000 bales from Tando Adam, 1000 bales from Sanghar, 600 bales from Hyderabad all finalised at the same rates, 400 bales from Mirpurkhas at Rs 7750, 200 bales from Hasilpur at Rs 7950, 600 bales from Vehari at Rs 7950/8000, 600 bales from Burewala at Rs 7975/8000 and 200 bales from Chichawatni at Rs 8050, 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 Ex-Karachi Ex. KHI. As Ex-Karachi
on 07.08.2019
===========================================================================
37.324 kg 7,750 160 7,910 7,910 NIL
Equivalent
40 kgs 8,306 171 8,477 8,477 NIL
===========================================================================
Comments
Comments are closed.