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Steady trend prevailed on the cotton market on Friday in process of hectic trading activity, dealers said. The official spot rate was higher by Rs 50 to Rs 8650, they added. In ready session, about 15,000 bales of cotton changed hands between Rs 7800-8900, they said. Rates of seed cotton per 40kg in Sindh were modestly higher at Rs 3600-4100 and in the Punjab prices were at Rs 3800-4150, they said. In Balochistan, cotton prices showed rising trend at Rs 8300-8500, seed cotton prices were also higher at Rs 4000-4300, they said.

In Sindh, Binola prices per maund were at Rs 1300-1500 and in Punjab rates were at Rs 1450-1600, they said and adding that polyester fibre per kg rates picked up more Rs 5 to Rs 190. Market sources said that despite higher prices mills indulged to fresh buying of fine quality. They said that leading mills have already started booking for cotton imports to meet the expected shortfall in the country.

Cotton analyst Naseem Usman said that main mills were taking advantage of the government's scheme of Duty and Taxes Remission on Exports (DTRE) to meet shortage of cotton output. At the same time, the ginners and growers were not in a hurry to dispose off the unsold cotton stock after the reports of damage of cotton production, he added.

Adds Reuters: ICE cotton futures fell on Thursday, in low volume trade, on growing expectations of a robust harvest and sagging demand for the natural fiber due to the protracted trade war between US and China. The most-active cotton contract on ICE Futures US December fell 0.73%, at 60.01 cents per lb as of 2:01 pm EDT(1801 GMT). It traded within a range of 59.93 and 60.94 cents a lb. Total futures market volume fell by 974 to 14,385 lots. Data showed total open interest gained 570 to 234,295 contracts in the previous session.

The following deals reported: 600 bales of cotton from Hala at Rs 8100/8600, 200 bales from Dour at Rs 8300, 200 bales from Gupchani at Rs 8300, 200 bales from Buchari at Rs 8200, 400 bales from Shahpur Chakar at Rs 7800, 400 bales from New Saeedabad at Rs 8175, 1200 bales from Saleh Pat at Rs 8800, 1600 bales from Rohri at Rs 8650/8750, 1600 bales from Khairpur at Rs 8700/8800, 200 bales from Muhammadpur Dewan at Rs 8900, 600 bales from Fazilpur at Rs 8775/8850, 1400 bales from Haroonabad at Rs 8800/8850, 1200 bales from Rajanpur at Rs 8800/8850, 200 bales from Bahawal Nagar at Rs 8800, 400 bales from Dharanwala at Rs 8800, 200 bales from Faqeerwali at Rs 8800, 200 bales from Fort Abbas at Rs 8800, 200 bales from Tamewali at Rs 8800, 600 bales from Maroot at Rs 8800, 400 bales from Yazman Mandi at Rs 8750/8800, 400 bales from Multan at Rs 8750, 600 bales from Ghaziabad at Rs 8700, 400 bales from Chichawatni at Rs 8700, 400 bales from Burewala at Rs 8700 and 800 bales from Vehari at Rs 8650/8700, 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"

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 26-09-2019

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37.324 kg 8,650 160 8,810 8,760 + 50/-

Equivalent

40 kgs 9,270 171 9,441 9,388 + 53/-

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