Steadier trend on cotton market on low supply of fine quality

January 24, 2013

Cotton Market
Cotton Market

Firmness prevailed on the cotton market on Wednesday as official spot rate and fine quality went up on rising demand by mills, dealers said. Official spot rate was higher by Rs 50 to Rs 6000, they said. Prices of seed cotton (phutti) of low type was unchanged at Rs 1800 in both Punjab and Sindh, but fine quality improved by Rs 100 to Rs 2800, they added.

In Ready business, over 18000 bales of cotton changed hands between Rs 5500-6200, they added. They said that the mills were preferring to buy fine variety of cotton on expectations of increase in demand in time to come. Little number of exporters were also in the market to buy low type of cotton, because rising demand by importing countries, cotton analyst, Naseem Usman said. He also said that trading activity may improve further on better demand by mills and spinners. According to the Reuters: the NY cotton futures were sharply higher due to strong demand by China.

The following deals were reported: 200 bales of cotton from Shadadpur at Rs 5500, 600 bales from Qaziabad at Rs 5900, 2000 bales from Khairpur at Rs 6000, 400 bales from same station at Rs 6100, 3000 bales from Upper Sindh at Rs 6025-6100, 400 bales from Daranwala at Rs 5750, same figure from Haroonabad at Rs 5800, same number from Faqirwali at the same rate, same figure from Duniapur at Rs 5850, 800 bales from Multan at Rs 5850, 400 bales from Jalalpur at Rs 6100, same figure from Sadiqabad at same figure, same number from Mohammadpur at the same rate, 800 bales from Mianwali at the same rate, 4000 bales from Rahim Yar Khan at Rs 6200, 200 bales from Feroza and 1000 bales from Khanpur at the same rate, they added.

 

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The KCA Official Spot Rate for Local Dealings in Pak Rupees
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FOR BASE GRADE 3 STAPLE LENGTH 1-1/32"
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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-Karachion 22.01.2013
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37.324 Kgs         6,000      155        6,155        6,105             +50
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Equivalent
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40 Kgs             6,430      155        6,585        6,532             +53
===========================================================================

 

Courtesy: BR

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