Trade activity gains momentum


Trade activity gains momentum


Business activity improved further on the cotton market on Thursday after fresh rains in the cotton growing areas, dealers said. The official spot rate was lower by Rs 75 Rs 6,525, dealers said. In Sindh seed cotton prices were unchanged at Rs 3300 and Rs 3400 and in Punjab, phutti prices also inert at Rs 3200 and Rs 3300 per 40 kg, respectively, they said.

In ready business, over 11,000 bales of cotton changed hands between Rs 6725 and Rs 6960, they said. Market sources said that prices were almost firm due to sporadic rains in the cotton growing areas. Mills and spinners were active buyer to cover their immediate needs. In late evening, local prices showed increase modestly following the USDA data, showing surge in weekly export sales, cotton analyst, Naseem Usman said. If rains prolong, rates may increase in the coming days, he added.

Reuters adds: Cotton futures edged up on Wednesday as concerns over dry weather in Texas persisted amid broad gains across commodities even as the market awaited weekly export sales data on Thursday. The following deals were reported: 600 bales from Hala at Rs 6725/6750, 200 bales from Moro at Rs 6750, 400 bales from Nooriabad at Rs 6750, 800 bales from Kotri at Rs 6750, 1000 bales from Hyderabad at Rs 6750, 2000 bales from Mirpurkhas at Rs 6750, 2000 bales from Sanghar at Rs 6750, 1600 bales from Shahdadpur at Rs 6750, 2200 bales from Tando Adam at Rs 6750/6800, 200 bales from Vehari at Rs 6900 and 200 bales from Chichawatni at Rs 6960, dealers said.



The KCA Official Spot Rate for Local Dealings in Pakistan Rupees




                                    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 03-08-2016


37.324 kg         6,525       135         6,660        6,735           - 75


40 kgs            6,993       145         7,138        7,218           - 80



Copyright Business Recorder, 2016

Copyright Reuters, 2016
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