In Sindh seed cotton prices were at Rs 2700-3100, in the Punjab rates were up by Rs 50 to Rs 2950-3250, as per 40 kg, they said. Cotton analyst, Naseem Usman observed that persistent demand for lint cotton helping the rates touched new highs of the season, but now it looks that rising tempo may not continue for the short-run.
Other brokers said that some fears about crop are main concern and this is one of the factors behind the surge in rates. Many in the market feel that dollar may appreciate versus the rupee, so that they prefer to replenish their stock, other viewers said. Adds Reuters: ICE cotton futures on Monday surged over 4 percent, its largest one day percentage gain, as freezing weather forecasts in top producing state Texas raised concerns of crop damage.
"Prices shot up due to a lot of talk about freezing weather forecasts in West Texas for Thursday and Friday night," said Rogers Varner, president of Varner Brokerage in Cleveland, Mississippi, adding "these temperatures are very seasonal and normal, but the crop is light." Cotton contracts for December settled up 2.84 cents, or 4.25 percent, its biggest one day percentage gain, at 69.72 cents per lb. The contract traded within a range of 66.89 and 69.79 cents a lb, its highest since October 10.
The following deals were reported to have hanged hands on the ready counter: 1600 bales of cotton from Shahdadpur at Rs 5600/5800, 400 bales from Bandhi at Rs 6150, 3000 bales from Khairpur at Rs 6300/6400, 1600 bales from Dharki at Rs 6400/6500, 1600 bales from Ghotki at Rs 6400/6500, 1600 bales from Saleh Pat at Rs 6350/6400, 1400 bales from Rohri at Rs 6350/6400, 400 bales from Rajanpur at Rs 6500, 800 bales from Sadiqabad at Rs 6400/6500, 1000 bales from D. G. Khan at Rs 6350/6500, 2200 bales from Rahim Yar Khan at Rs 6350/6450, 200 bales from Gahzi Ghath at Rs 6350, 1000 bales from Khanewal at Rs 6375, 1800 bales from Layyah at Rs 6285/6350, 200 bales from Liaquatpur at Rs 6350, 4200 bales from Mianwali at Rs 6250/6350, 200 bales from Yazman Mandi at Rs 6275/6400, 400 bales from Hasilpur at Rs 6250/6300, 400 bales from Bakhar at Rs 6250, 400 bales from Jahania at Rs 6300, 400 bales from Marrot at Rs 6300, 200 bales from Vehari at Rs 6250, 1600 bales from Burewala at Rs 6250/6275, 1000 bales from Chichawatni at Rs 6150/6200, 2000 bales from Fort Abbas at Rs 6175/6250, 800 bales from HRB at Rs 6175/6200, 200 bales from Multan at Rs 6240, 200 bales from BWN at Rs 6175, 1000 bales from CCW at Rs 6200 and 200 bales from Mian Channu 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 23-10-2017
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37.324 kg 6,300 145 6,445 6,295 +150
Equivalent
40 kgs 6,752 155 6,907 6,746 +161
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Copyright Business Recorder, 2017