Cotton market: Phutti prices firm on improved activity

Cotton market: Phutti prices firm on improved activity

Rates of Phutti inched up on the cotton market on Tuesday in the process of trade activity, dealers said. The official spot rate was unchanged at Rs 6,550, dealers said. In Sindh, seed cotton prices gained Rs 100 to Rs 3100-3350, in Punjab Phutti rates were at Rs 2900-3300, as per 40 kg, respectively, they said.

In ready business, nearly 10,000 bales of cotton changed hands between Rs 6500 and Rs 7130, they said. According to the market sources despite the fact that activity was good but in the late evening, direction in the market slowed down in line with international market. Many mills and spinners kept on the sideline due to quality factor, they said.

Cotton analyst, Naseem Usman said that interesting thing is seed cotton prices gained momentum as moisture content in it is gradually decreasing, but some leading mills and spinners on their part are still reluctant to enter into the big deals on apprehensions of mixing of rain-affected Phutti.

Reuters adds: Cotton futures sank to a more than one-month low on speculative selling amid fading concerns over weather in key producing regions in the United States. The following deals were reported: 2000 bales from Shahdadpur at Rs 6500-6650, same number from Sanghar at Rs 6500-6675, 500 bales from Hyderabad at Rs 6500-6700, 200 bales from Khipro at Rs 6600, same figure from Shahpur Chakar at the same rate, 400 bales from Kotri at Rs 6600-6625, 1000 bales from Tando Adam at Rs 6600-6700, same number from Mirpurkhas at Rs 6675-6700, 400 bales from Moro at Rs 6700, 100 bales from Vehari at Rs 6900, same figure from Tande Wali at equal amount, 1000 bales from Khanewal at Rs 6900-7130, 400 bales from Chichawatni at Rs 7000 and 100 bales from Arif Wala at Rs 7075, 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 15-08-2016

===========================================================================

37.324 kg          6,550      135         6,685        6,685            NIL

Equivalent

40 kgs             7,020      145         7,165        7,165            NIL

===========================================================================

 

Copyright Business Recorder, 2016
 

Copyright Reuters, 2016
 

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