Market sources said that mills showed interest in buying of fine quality cotton to replenish their stock following the fears of cancellation of import orders by Indian exporters. Cotton analyst, Naseem Usman said that under the circumstance, local businessmen and traders are confused about the future business.
Other brokers said that surge in cotton buying from spinners was based on rising fears of fixing of higher duty by Pakistan in retaliation of Indian move of imposing 200 percent on the local products. According to reports, the government is planning to fix indicative price of cotton crop in order to encourage cotton growers and control decline in area under cultivation of crop.
Adds Reuters: ICE cotton futures slipped more than 1 percent on Friday after combined weekly export sales data from the US government fell short of investors' expectations. The most active cotton contract on ICE Futures US, the May contract, settled down one cent, or 1.35 percent, at 73.01 cents per lb. Total futures market volume fell by 4,422 to 42,897 lots. Data showed total open interest fell 7,202 to 216,593 contracts in the previous session.
The following deals reported: 400 bales of cotton from Sanghar at Rs 8000, 400 bales from Hasilpur at Rs 7350, 200 bales from Dera Ghazi Khan at Rs 8700, 1000 bales from Haroonabad at Rs 7800, 1000 bales from Alipur at Rs 7900, 1800 bales from Mianwali at Rs 8050/8100, 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 22-02-2019
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37.324 kg 8,500 160 8,660 8,660 NIL
Equivalent
40 kgs 9,109 171 9,280 9,280 NIL
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