Consistant prices in punjab and sindh on account of active local purchase/sale

Cotton market: rates steady on easy supply of Phutti

Prices held the present levels on the cotton market on Friday despite easy supply of seed cotton, partly from Punjab, dealers said. The official spot rate was unchanged at Rs 6,500, dealers said. In Sindh, seed cotton prices were inert at Rs 3200-3400, in Punjab Phutti rates were at Rs 3000-3400, as per 40 kg, respectively, they said.

In ready business, over 10,000 bales of cotton changed hands between Rs 6575 and Rs 6750, they said. Some brokers said that prices fluctuated slightly due to sustained buying by mills. The needy spinners made buying to replenish their stocks, they added.

Cotton analyst, Naseem Usman said that it is encouraging to note that with the passage of time the quality as well as flow of seed cotton was showing visible rise. The mills and spinners were busy in making forward buying in anticipation of increase in export consignments, other experts said. Furthermore, they observed that trading activity may come down slightly if the ginners raise asking prices to gain profit.

Reuters adds: Cotton futures rose on Thursday on a positive weekly export sales report from the US Department of Agriculture (USDA), backed by a weaker US dollar while certificated stocks dipped to their lowest level in over three months. The following deals were reported: 800 bales from Hyderabad at Rs 6575-6700, 1600 bales from Sanghar at Rs 6600-6700, 2000 bales from Shahdadpur, 1200 bales from Mirpurkhas all done at the same rate, 2200 bales from Tando Adam at Rs 6650-6700, 800 bales from Moro at the same rate and 200 bales from Mongi Bangla at Rs 6750, 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 18.08.2016


37.324 kg          6,500      135         6,635        6,635            NIL


40 kgs             6,966      145         7,111        7,111            NIL



Copyright Business Recorder, 2016

Copyright Reuters, 2016

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