Selective buying was witnessed on the cotton market on Friday in the process of post-holiday session, dealers said. The official spot rate was unchanged at Rs 7750, they added. In ready session, about 2000 bales of cotton changed hands between Rs 7650 and Rs 7800, they said. Rates of seed cotton per 40kg in Sindh were at Rs 3000-3300, in Punjab prices were at Rs 3300-3700, they said. In Balochistan, seed cotton prices were at Rs 3500-3600, they said.

In Sindh and Punjab, Binola prices per maund were at Rs 1500-1600, they said and adding that polyester fibre per kg rates were at Rs 192. Market sources said that if monsoon rains continue for some weeks, this could be harmful for not quantity, just for quality for the standing crop. Commenting on the same lines, cotton analyst, Naseem Usman said that quality is the same concern for growers, because cotton is short of demand, cotton growing countries were facing shortage problem and country is also facing the same.

Adds Reuters: ICE cotton futures hit a two-week peak on Thursday, gaining for a third straight session, boosted by strong export sales data from the US Department of Agriculture, which highlighted high demand from Bangladesh. The most-active cotton contract on ICE Futures US, the second-month December contract, settled up 0.05 cent, or 0.1%, at 59.62 cents per lb. It earlier rose to 60.18 cents a lb, its highest since August 2.

Total futures market volume rose by 788 to 19,533 lots. Data showed total open interest fell 801 to 214,745 contracts in the previous session. Following deals were reported: 700 bales from Shahdadpur at Rs 7800, 800 bales from Sanghar at Rs 7650-7700 and 400 bales from Hyderabad at the same rate, they said.

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KCA Official Spot Rates for 2018-19 for Local Dealings in Pak Rupees

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                FOR BASE GRADE 3 (THREE) STAPLE LENGTH 1-1/16"

                   MICRONAIRE VALUE BETWEEN 3.8 TO 4.9 NCL.

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Rate        Ex-Gin    Upcountry    Spot Rate      Spot Rate     Difference

For          Price    Expenses    Ex-Karachi   Ex, KHI, As on   Ex-Karachi

                                                 10-08-2019     in Rupees.

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37.324 kg    7,750       160         7,910          7,910              NIL

Equivalent

40 kgs       8,306       171         8,477          8,477              NIL

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