Home »Cotton and Textiles » Pakistan » Cotton market: Volume of business improves on budget announcement

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  • May 27th, 2017
  • Comments Off on Cotton market: Volume of business improves on budget announcement
Activity picked up on the cotton market on Friday as some needy mills indulged in buying amid announcement of federal budget 2017-18, dealers said. The official spot rate was unchanged at Rs 6750, they said. In the ready session, around 3000 bales of cotton changed hands between Rs 6900 and Rs 7000, they said.

Market sources said that mills and spinners showed fresh interest in buying of fine quality. Commenting on the expectations on the announcement of budget, cotton analysts, Naseem Usman said that ginners and farmers were hoping for several incentives from the government.

Whereas the textile sector is also expecting different packages in the budget, other experts said. In the absence of basic incentives to the growers, how one can achieve target for cotton production? They said.

Adds Reuters: ICE cotton futures were little changed on Thursday after a weekly government report showed lower-than-expected export cancellations.

The December cotton contract on ICE futures US settled up 0.14 cent, or 0.19 percent, at 73.22 cents per lb. It traded within a range of 72.61 and 73.47 cents a lb. Meanwhile, the July cotton contract settled down 0.5 percent at 77.16 cents per lb. The following deals reported: 200 bales of cotton from Sadiqabad sold at Rs 6900, 400 bales from Ahmedpur Noranga at Rs 6970, 1900 bales from Rahim Yar Khan at Rs 6925 and 200 bales from Burewala (10-15 June delivery) at Rs 7000, they 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 1-1/16"

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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 25.05.2017

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37.324 kg 6,750 135 6,885 6,885 NIL

Equivalent

40 kgs 7,234 145 7,379 7,379 NIL

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