In both Sindh and Punjab, seed cotton rates were lower by Rs 100 at Rs 2600-2800 per 40 kg, they said. Thus, prices dropped by Rs 600 within a week, they said. Some experts said that persistent rise in phutti arrivals, encouraging mills and spinners to make deals in fine quality. On the other hand, most of them were laying hands over the quality cotton at the lower rates, they said.
Cotton analyst, Naseem Usman said that there is growing concern that if sliding trend in the rates continues, the ginners and growers may suffer badly like last year.
Reuters adds: ICE cotton fell for the third straight session to touch a one-month low on Wednesday as expectations of record high output from major producer United States weighed on the natural fibre market. Cotton for December settled 0.34 cent, or 0.5 percent, lower at 66.82 cents per lb. Earlier in the session, the contract hit a low of 66.76 cents, its lowest since July 17. Total futures market volume rose by 67 to 18,726 lots. Data showed total open interest gained 471 to 218,749 contracts in the previous session.
The following deals reported: 4000 bales from Shahdadpur at Rs 5900/6100, 2000 bales from Mirpurkhas at Rs 5975/6100, 2600 bales from Hyderabad at Rs 6000/6100, 2000 bales from Sanghar, 2000 bales from Kotri, 2600 bales from Tando Adam all done at the same rates, 200 bales from Nawabshah at Rs 6025, 200 bales from Jhang at Rs 6100, 200 bales from Bhakar at Rs 6100, 1000 bales from Khanewal at Rs 6100/6250, 400 bales from Haroonabad at Rs 6100/6175, 400 bales from Bahawal Nagar at Rs 6150/6200, 3000 bales from Burewala, 1000 bales from Chichawatni, 600 bales from Vehari all were finalised at the same prices, 400 bales from Sahiwal at Rs 6175/6250, 600 bales from Hasilpur at Rs 6175/6250, 200 bales from Kassowal at Rs 6250, 400 bales from Mianchanu, 200 bales from Mongi Bangla, 400 bales from Jehanian, 200 bales from Arifwala and 200 bales from Pak Pattan all were sold at Rs 6200, 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 16.08.2017
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37.324 kg 6,100 145 6,245 6,345 -100/-
Equivalent
40 kgs 6,537 155 6,692 6,800 -108/-
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Copyright Business Recorder, 2017