Prices maintained an upward trend on the cotton market on Wednesday owing to rising movement elsewhere in the world, dealers said. The official spot rate was unchanged at Rs 6000, they said. In the ready session, about 30,000 bales of cotton changed hands between Rs 5875-6250, they said. The seed cotton was at Rs 2800-2900 in Sindh and in Punjab prices were at Rs 2800-3050, they said.

Market sources said that cotton prices were on the rising trend owing to fresh buying. Cotton analyst, Naseem Usman said that it is hoped that surging trend may continue in days to come. Other experts said that the ginners, however, adopting cautious attitude before making any deal.

Reuters adds: ICE cotton futures edged down on Tuesday after a federal report on Monday showed less-than-expected damage to the natural fiber caused by storms in the top cotton producing areas of the United States. The cotton contract for December settled down 0.23 cent, or 0.33 percent, at 69.27 cents per lb. It traded within a range of 68.81 and 69.87 cents a lb. Total futures market volume fell by 5,621 to 16,031 lots. Data showed total open interest fell 2,293 to 239,663 contracts in the previous session.

The following deals reported: 3000 bales from Tando Adam sold at Rs 5875/6000, 1200 bales from Sanghar at Rs 5900/5950, 2000 bales from Shahdadpur at Rs 5900/5950, 400 bales from Hyderabad at Rs 5950, 400 bales from Daur at Rs 6100, 200 bales from Buchari at Rs 6100, 400 bales from Sakrand at Rs 6100, 1000 bales from Nawabshah at Rs 6100/6125, 3000 bales from Khairpur at Rs at Rs 6150/6175, 2000 bales from Rohri at Rs 6125/6200, 1600 bales from Saleh Pat at Rs 6125/6200, 200 bales from Samundri at Rs 6150, 400 bales from Bahawal Nagar at Rs 6150, 400 bales from Multan at Rs 6150/6185, 1600 bales from Haroonabad at Rs 6150/6200, 1400 bales from Hasilpur at Rs 6150/6250, 200 bales from Jehanian at Rs 6175, 200 bales from Mailsi at Rs 6185, 600 bales from Mianwali at Rs 6175/6200, 1400 bales from Fort Abbas at Rs 6175/6200, 600 bales from Kabirwala at Rs 6200, 400 bales from Dera Ghazi Khan at Rs 6200, 800 bales from Burewala at Rs 6200, 600 bales from Tonsa Sharif at Rs 6200, 1000 bales from Ahmedpur at Rs 6225, 1200 bales from Chichawatni at Rs 6225/6250, 400 bales from Kassowal at Rs 6250, 200 bales from Harappa at Rs 6250 and 600 bales from Mian Chano at Rs 6250, 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 19.09.2017

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37.324 kg         6,000       145         6,145        6,145            NIL

Equivalent

40 kgs            6,430       155         6,585        6,585            NIL

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Copyright Business Recorder, 2017