Prices stable on moderate trading

Firm trend seen on moderate trade

Prices stabilised on the cotton market on Thursday in the process of moderate trade activity, dealers said. The official spot rate was unchanged at Rs 6,650, dealers said. In Sindh, seed cotton prices were down by Rs 100 to Rs 3400-3450 and in Punjab rates of Phutti, were inert at Rs 3000-3350, per 40 kg, they said. In ready business, around 13,000 bales of cotton changed hands between Rs 6750 and Rs 7000, they said.

Market sources said that recent rains in Punjab and Sindh created panic among some leading buyers. Besides, seed cotton supply stopped temporarily as Hindu community is going to observe a festival in the coming week.

Cotton analyst, Naseem Usman said that despite falling trend in the globe, prices stabilised in the local market due to several factors. He also observed that prices gained momentum on the back of hovering fears of short supply of fine quality.

Reuters adds: Cotton futures fell to the lowest in over a week on Wednesday, weighed down by rains in key producing areas in the United States and a stronger US dollar.`

The following deals were reported: 400 bales of cotton from Sanjoro at Rs 6750, 300 bales from Nawabshah at Rs 6750, 300 bales from Sakrand at Rs 6750, 400 bales from Sarhari at Rs 6750, 200 bales from Hala at Rs 6800, 600 bales from Maqsoodo at Rs 6800, 200 bales from Kotri at Rs 6800, 600 bales from Mirpurkhas at Rs 6800, 600 bales from Shahdadpur at Rs 6800, 1600 bales from Sanghar at Rs 6800/6825, 2000 bales from Tando Adam at Rs 6800-6825, 600 bales from Hyderabad at Rs 6800/6835, 200 bales from Pak Pattan at Rs 6900, 100 bales from Renala Khurd at Rs 6900, 600 bales from Mian Chano at Rs 6900, 100 bales from Harrapa at Rs 6900, 700 bales from Burewala at Rs 6900/6925, 600 bales from Chichawatni at Rs 6900/6925 and 2200 bales from Khanewal at Rs 6900/7000, 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 24-08-2016

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

37.324 kg         6,650       135         6,785        6,785            NIL

Equivalent

40 kgs            7,127       145         7,272        7,272            NIL

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

 

Copyright Business Recorder, 2016
 

Copyright Reuters, 2016
 

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