Prices firm amid good activity on cotton market

July 14, 2013

cotton market
cotton market

Steadier trend was seen on the cotton market on Saturday in the process of good trading, dealers said. The official spot rate was firm at Rs 6,550, they said. In the ready business, nearly 4,000 bales of cotton changed hands between Rs 6600-6650, dealers said. Prices of seed cotton per 40 kg in Sindh were unchanged at Rs 3150-3200 and in the Punjab rates were at Rs 3000-3050, they said.

Cotton analyst, Naseem Usman said prices retained firmness due to good demand by mills and spinners. The ginners were not satisfied with the present trend in prices as they were expecting that prices would increase in the coming days, brokers said. Supply of Phutti was tight and that factor might help rates to sustain overnight levels, other expert said.

According to the Reuters, NY cotton futures edged up on Friday, consolidating after falling the most in more than two months during the previous session on a US Department of Agriculture (USDA) forecast that reinforced concerns about ballooning global inventories. The most-active December cotton contract on ICE Futures US edged down 0.34 cent, or 0.4 percent, to settle at 85.08 cents per lb in light trading volumes.

The following deals reported as 400 bales of cotton from Sanghar sold at Rs 6650, 400 bales from Shahdad Pur at Rs 6650, 400 bales from Tando Adam at Rs 6650, 200 bales from Mir Pur Khas at Rs 6650, 400 bales from Kotri at Rs 6650, 600 bales from Khanewal at Rs 6600, 600 bales from Burewala at Rs 6600, 200 bales from Chichawatni at Rs 6600, 200 bales from Vehari at Rs 6600, 200 bales from Haroonabad at Rs 6600 and 200 bales from Pak Pattan at Rs 6600, they added.

===========================================================================
The KCA Official Spot Rate for Local Dealings in Pak Rupees
---------------------------------------------------------------------------
FOR BASE GRADE 3 STAPLE LENGTH 1-1/32"
---------------------------------------------------------------------------
                                    MICRONAIRE VALUE BETWEEN 3.8 TO 4.9 NCL
===========================================================================
Rate              Ex-Gin   Upcountry   Spot Rate    Spot Rate    Difference
                    For      Price     Ex-Karachi  Ex. KHI. As   Ex-Karachi
                                                  on 12.07.2013
===========================================================================
37.324 Kgs         6,550      155         6,705       6,705             NIL
---------------------------------------------------------------------------
Equivalent
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40 Kgs             7,020      155         7,175       7,175             NIL
===========================================================================

Courtesy Business Recorder

Published in ZaraiMedia.com

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