Home »Cotton and Textiles » Pakistan » Hectic trade activity on falling cotton rates

  • News Desk
  • Aug 19th, 2017
  • Comments Off on Hectic trade activity on falling cotton rates
Trade activity showed further improvement following the increase in arrivals, which caused a net loss of Rs 700 within a week, dealers said on the cotton market on Friday. The official spot rate extended overnight decline, losing Rs 150 to Rs 5950, they said. In the ready session, as a result of rising interest by both mills and exporters, volume of business increased so, 34,000 bales of cotton changed hands between Rs 5800-6100, they said.

In both Sindh and Punjab, seed cotton rates were at Rs 2600-2800 per 40 kg, they said. Keeping a close watch over the fresh decline in the rates, cotton analyst, Naseem Usman said that it looks that prices may not fall sharply in the coming days. Other analysts said that all buyers were taking interest in fine quality at lower rates, as well. They said that freights costs for the haulage of cotton have also went up owing to transportation of sacrificial animals from rural areas to urban areas.

Reuters adds: ICE cotton snapped a three session falling streak on Thursday and settled marginally higher after hitting a one-month low earlier in the session as markets appeared to digest last week's bearish data from the US Department of Agriculture. Cotton contracts for December settled up 0.09 cent, or 0.1 percent, at 66.91 cents per lb. It traded within a range of 66.64, a bottom since July 17, and 67.09 cents a lb.

The following deals reported: 3000 bales from Shahdadpur at Rs 5800/5975, 1000 bales from Khipro at Rs 5800/5900, 2600 bales from Tando Adam at Rs 5885/5975, 2000 bales from Mirpurkhas at Rs 5885/5975, 400 bales from Kot Ghulam Mohammad at Rs 5900, 400 bales from Hala at Rs 5900, 400 bales from Nawabshah at Rs 5900, 400 bales from Maqsoodo at Rs 5900, 600 bales from Shahpur Chakar at Rs 5900, 2000 bales from Sanghar at Rs 5900/5950, 1000 bales from Jhole at Rs 5900/5950, 1800 bales from Kotri at Rs 5950, 2000 bales from Hyderabad at Rs 5950, 600 bales from Samundri at Rs 5990/6000, 400 bales from Chistian at Rs 5975, 600 bales from Gojra at Rs 6000, 600 bales from Pir Mehal at Rs 6000, 400 bales from Pak Pattan at Rs 6000, 400 bales from Arifwala at Rs 6000, 200 bales from Muridwala at Rs 6000, 600 bales from Hasilpur at Rs 6000/6050, 1400 bales from Haroonabad at Rs 6000/6050, 1400 bales from Mian Chanu at Rs 6000/6050, 1000 bales from Sahiwal at Rs 6000/6050, 1400 bales from Chichawatni at Rs 6000/6050, 1200 bales from Vehari at Rs 6000/6050, 3600 bales from Burewala at Rs 6000/6050, 400 bales from Kabirwala at Rs 6000/6050, 400 bales from Bahawal Nagar at Rs 6000/6050, 1000 bales from Khanewal at Rs 6000/6100, 400 bales from Bahawalpur at Rs 6000/6100 and 400 bales from Jhang at Rs 6000/6100, 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 17.08.2017

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37.324 kg 5,950 145 6,095 6,245 - 150/-

Equivalent

40 kgs 6,377 155 6,532 6,692 - 160/-

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