Firm trend amid sizeable activity: Cotton Market

August 16, 2013

Cotton Market
Cotton Market

Prices were firm on the cotton market on Thursday amid persistent demand by mills and spinners, dealers said. The official spot rate was unchanged at Rs 6,600, they said. Prices of seed cotton per 40 kg in Sindh were down by Rs 300 to Rs 2400-3800, while in Punjab at Rs 2600-2900, they said. In the ready session, around 13,000 bales of cotton changed hands between Rs 6675-6750, they said.

Cotton analyst, Naseem Usman, said rains were good for standing cotton crop but quality might damage slightly due to moisture. Recent rains likely to help in eliminating Cotton Curl Leave Virus and other diseases from the crop, he added. According to the Reuters, the ICE cotton gained on Tuesday in heavy trading as a speculator-driven rally and worry over tight supplies in the United States, the world’s top exporter, lifted fiber to a near five-month high.

The most-active December cotton contract on ICE Futures US closed up 1.64 cent, or 1.8 percent, at 91.72 cents per lb after rallying to 92.54 cents. Cotton futures were little changed on Wednesday, consolidating after hitting a near five month high during the previous session amid renewed speculator investment and forecasts of tight supplies in the United States, the world’s top exporter.

The benchmark December cotton contract on ICE Futures US edged down 0.17 cent, or 0.2 percent, to settle at 91.55 cents, hovering near an almost five-month high of 92.54 cents touched on Tuesday. The following deals were reported: 400 bales from Golarchi at Rs 6675-6700, 400 bales from Shah Pur Chakar at Rs 6675/6700, 600 bales of cotton from Kotri at Rs 6675-6700, 1,000 bales from Hyderabad at Rs 6675-6700, 2000 bales from Mir Pur Khas at Rs 6675-6700, 3,000 bales from Sanghar at Rs 6675-6700, 2,000 bales from Shahdad Pur at Rs 6675-6700, 400 bales from Hala at Rs 6700, 600 bales from Nooriabad at Rs 6700, 200 bales from Vehari at Rs 6700, 200 bales from Renala Khurd at Rs 6700, 400 bales from Haroonabad at Rs 6700, 200 bales from Sahiwal at Rs 6725, 200 bales from Chichawatni at Rs 6725, 400 bales from Hasil Pur at Rs 6740-6750 and 600 bales from Khanewal at Rs 6750, 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 13.08.2013
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37.324 Kgs        6,600       155        6,755        6,755             NIL
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Equivalent
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40 Kgs            7,073       155        7,228        7,228             NIL
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Courtesy Business Recorder

Published in ZaraiMedia.com

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