Steadier trend was witnessed on the cotton market on Thursday in the process of trading, dealers said. The official spot rate was unchanged at Rs 7000, they said. In ready session, around 20,000 bales of cotton changed hands between Rs 5800-7500, they said. In Sindh and Punjab, seed cotton prices were at Rs 2800-3500, as per 40 kg, they said.
According to the market sources, trading activity was slowed down slightly on lack of quality cotton. Cotton analyst, Naseem Usman said that the buyers were facing shortage of lint cotton, trying to lay hands over the fine quality.
Other analysts said that an uncertainty was seen among the buyers after the news that India may cancel deals due to scarcity of the commodity.
Adds Reuters: ICE cotton futures gained nearly 1 percent on Wednesday, boosted by demand for the natural fibre from speculators. Cotton contracts for March settled up 0.68 cent, or 0.91 percent, at 75.71 cents per lb after trading within a range of 74.95 and 75.95 cents a lb.
Total futures market volume fell by 4,085 to 20,574 lots. Data showed total open interest fell 767 to 265,088 contracts in the previous session. The following deals reported: 3200 bales of cotton from Rahim Yar Khan at Rs 7400/7500, 1400 bales from Khanpur at Rs 7400/7500, 1400 bales from Mian Channu at Rs 6900/7350, 336 bales from Yazman Mandi at Rs 7300, 400 bales from Channi Goth at Rs 7300, 600 bales from Liaquatpur at Rs 7200/7250, 400 bales from Hasilpur at Rs 7150, 400 bales from Bahawalpur at Rs 6900, 800 bales from Fort Abbas at Rs 6700/6800, 600 bales from Chichawatni at Rs 6800, 1800 bales from Haroonabad at Rs 6250/6600, 1400 bales from Mianwali at Rs 6400/6500, 600 bales from Samundri at Rs 6475, 400 bales from Gojrah at Rs 6475, 200 bales from Khanewal at Rs 6400 and 1600 bales from Layyah at Rs 5800/6300, 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 20.12.2017
===========================================================================
37.324 kg 7,000 145 7,145 7,145 NIL
Equivalent
40 kgs 7,502 155 7,657 7,657 NIL
===========================================================================
No content from Business Recorder shall be reproduced, published, broadcast, rewritten for broadcast or publication, or redistributed directly or indirectly in any medium.
Business Recorder shall not be responsible or held liable for any error of fact, opinion or recommendation and also for any loss, financial or otherwise, resulting from business or trade or speculation conducted, or investments made, on the basis of the information posted here. Nor shall Business Recorder be held liable for any actions taken in consequence." >Copyright Business Recorder, 2017