Rates came down marginally on the cotton market on Tuesday in the process of moderate trade activity, dealers said. The official spot rate was lower by Rs 50 to Rs 6250, dealers said. In Sindh, seed cotton prices were at Rs 2600-3250, they said that in Punjab, phutti rates were at Rs 3000 and Rs 3550, as per 40 kg, they added.
In the ready session, over 36,000 bales of cotton changed hands between Rs 5850-6530, they said. According to market sources, trade activity remained brisk despite decline in rates. The leading buyers were focusing on purchase of quality lint, which may not be available easily by the end of current month, they said. There are indications that the local quality cotton was in demand as import of Indian cotton was not possible under the circumstances, cotton analyst, Naseem Usman said.
Reuters adds: Cotton futures rose for the first time in six sessions on Monday, climbing 1 percent, supported by buying on worries of crop damage in China, amid a weaker dollar.
The March cotton contract on ICE Futures US settled up 0.77 cent, or 1.08 percent, at 72.02 cents per lb. It traded within a range of 70.76 and 72.3 cents a lb. The following deals reported: 400 bales from Shahpur Chakar at Rs 5850, 200 bales from Bandhi at Rs 5850, 400 bales from Sakrand at Rs 5850, 1200 bales from Rohri at Rs 6200/6250, 600 bales from Salehpat at Rs 6250, 1000 bales from Dharki at Rs 6400/6500, 1600 bales from Ghotki at Rs 6400/6500, 2400 bales from Mianwali at Rs 5950/5975, 400 bales from Mian Chano at Rs 6060, 600 bales from Toba Tek Singh at Rs 6100, 800 bales from Vehari at Rs 6150, 400 bales from Khanewal at Rs 6175, 600 bales from Layyah at Rs 6250, 1600 bales from Alipur at Rs 6250, 1400 bales from Chistian at Rs 6300/6350, 1600 bales from Haroonabad at Rs 6300/6350, 600 bales from Dharanwala at Rs 6325, 1000 bales from Fort Abbas at Rs 6400, 1400 bales from Faqirwali at Rs 6400, 1800 bales from Ahmedpur at Rs 6400, 1800 bales from Yazman Mandi at Rs 6400/6500, 2200 bales from Khanpur at Rs 6400/6500, 3400 bales from Sadiqabad at Rs 6400/6500, 4600 bales from Rahim Yar Khan at Rs 6400/6500, 800 bales from Kot Sabzal at Rs 6500, 800 bales from Shujabad at Rs 6500 and 400 bales from Jahanian at Rs 6530, dealers said.
===========================================================================
The KCA Official Spot Rate for Local Dealings in Pakistan Rupees
---------------------------------------------------------------------------
FOR BASE GRADE 3 STAPLE LENGTH 1-1/32"
---------------------------------------------------------------------------
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 28-11-2016
===========================================================================
37.324 kg 6,250 135 6,385 6,435 -50
Equivalent
40 kgs 6,698 145 6,843 6,897 -54
===========================================================================