Prices of seed cotton in Sindh and Balochistan were at Rs 3000-3500 and in Punjab seed cotton prices at Rs 3000-3600, they said. Market sources said that concerned with the textile sector and spinners showed no interest in new deals awaiting for more positive developments in days to come. Cotton analyst Naseem Usman said that trading activity may not pick up in the local market as regional markets will be closed due to local festivals.
According to reports, State Bank of Pakistan (SBP) raised its key policy rate by 25 basis points to 10.25 percent on Thursday in the face of high fiscal and current account deficits and continuing inflation pressure. Whereas, just after the announcement, the business community urged the central bank to bring down the mark up rate to ensure cheap running capital for the country's industries.
A positive change was witnessed on the economic front as the World Wildlife Fund (WWF) held a symposium in Sadiqabad in order to promote organic cotton in Balochistan with collaboration of Directorate of Agriculture Extension, Government of Balochistan. Reports suggest, to keep balance between demand and supply, efforts are continue as Balochistan marked the certification of Pakistan's first organic cotton bales at Kot Sabzal. Balochistan government was committed to promote organic agriculture throughout the province, report said. Organic cotton is grown without using any chemical fertilizer or pesticides and is cultivated on land that in detoxified from residues of chemical fertilisers and pesticides over period of at least three years, it added.
Adds Reuters: ICE cotton futures inched higher on Wednesday, as investors eyed developments from trade talks between the United States and China and as a weaker dollar lent further support to the natural fibre.
The most active cotton contract on ICE Futures US-the March contract-settled up 0.21 cent, or 0.28 percent, at 74.36 cents per lb. It traded within a range of 73.76 and 74.55 cents a lb.
Total futures market volume fell by 10,293 to 19,530 lots. Data showed total open interest gained 908 to 231,628 contracts in the previous session.
The following deals reported: 1000 bales of cotton from Moro at Rs 7900, 200 bales from Bahawalpur at Rs 7850, 200 bales from Alipur at Rs 8800, 200 bales from Yazman Mandi at Rs 7900, 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 30-01-2019
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37.324 kg 8,700 160 8,860 8,860 NIL
Equivalent
40 kgs 9,324 171 9,495 9,495 NIL
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