Cotton market: prices improve on tight supplies

Cotton market: prices improve on tight supplies

Tight supplies from Punjab pushed rates higher on the cotton market on Monday, dealers said. The official spot rate rose by Rs 100 to Rs 6,450, dealers said. In Sindh seed cotton prices picked up Rs 100-200 to Rs 3200 and Rs 3400 and in Punjab, phutti prices gained Rs 100 to Rs 3200 and Rs 3400 per 40 kg, respectively, they said.

In ready business, around 13000 bales of cotton changed hands between Rs 6700 and Rs 6750, they said.

In the late evening, cotton from Sindh was available at Rs 6950. In late evening, it was reported that light rains received in some parts of Punjab, this is a main factor, which is propelling mills to make forward deals.

Cotton analyst, Naseem Usman said that the cotton market turned volatile and it is expected that the prices may move both ways in the coming days.

Additionally, the ginners were not keen to sell at the present rates in expectations of increase in prices, he added.

The following deals were reported: 1000 bales from Hyderabad at Rs 6700, 1000 bales from Kotri at Rs 6700, 2000 bales from Sanghar at Rs 6700, 1200 bales from Khipro at Rs 6700, 400 bales from Kazi Ahmed at Rs 6700, 2000 bales from Shahdadpur at Rs 6700/6750, 1600 bales from Mirpurkhas at Rs 6700/6750 and 2400 bales from Tando Adam at Rs 6700/6750, dealers 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 1-1/32"

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                                    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 30-07-2016

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37.324 kg         6,450       135         6,585        6,485          + 100

Equivalent

40 kgs            6,912       145         7,057        6,950          + 107

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Copyright Business Recorder, 2016
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