Renewed buying by mills pushed the rates further higher on the cotton market on Tuesday in the process of trading, dealers said. The official spot rate was unchanged at Rs8900, they added. In ready session, nearly 11,000 bales of cotton changed hands between Rs7575-9300, they said.
Rate of seed cotton per 40kg in Sindh low quality was at Rs2800, while the best quality was available at Rs4200, and in the Punjab prices were at Rs3000-4500, they said. In Sindh, Binola prices per maund were at Rs1400-1800, in the Punjab rates were at Rs1650-1800, they said and prices of polyester fibre went up to Rs181 per kg, they said.
Market sources said that short supply of fine cotton and expectations for a rise in the textile exports helped the rates to go up in the near future. Cotton analyst, Naseem Usman said that decline in cotton production will push the rates of cotton higher.
Besides, the ginners were not willing to sell cotton at the present levels in the expectation of further rise in the rates of cotton, other brokers said. Reuters adds: ICE cotton futures rose 1% on Monday to a seven-month high, propelled by hopes of a breakthrough in the U.S.-China trade dispute.
The front-month March contract rose 0.71 cent, or 1.03%, to 69.91 cents per lb by 12:30 p.m. EST (1730 GMT). Total futures market volume fell by 8,077 to 23,363 lots. Data showed total open interest gained 3,016 to 229,873 contracts in the previous session.
The following deals reported: 1000 bales of cotton from Dherki at Rs9050, 1000 bales from Mirpur Mathilo at Rs9050, 800 bales from Ghotki at Rs9100/9300, 400 bales from Khairpur at Rs8000, 800 bales from Rahim Yar Khan at Rs9100, 600 bales from Sadiqabad at Rs9100, 800 bales from Haroonabad at Rs8500/9000, 1400 bales from Lodhran at Rs9000, 1200 bales from Rajanpur at Rs8300/8700, 200 bales from Shujabad at Rs8600, 400 bales from Fort Abbas at Rs8350/8550, 400 bales from Faqeerwali at Rs8450, 400 bales from Shehar Sultan at Rs8000, 1000 bales from Khanewal at Rs7875 and 200 bales from Chichawatni at Rs7575, 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 06-01-2020
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37.324 kg 8,900 160 9,060 9,060 NIL
Equivalent
40 kgs 9,538 171 9,709 9,709 NIL
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