Cotton market: prices recover on strong demand

September 08, 2013

کاٹن
کاٹن

Prices improved on the cotton market on Saturday amid strong buying by mills, dealers said. The official spot rate recovered its overnight loss, picking up Rs 50 to Rs 6,700, they said. Prices of seed cotton (low type) per 40 kg in Sindh rose by Rs 50 to Rs 3050, and the best variety was unchanged at Rs 3,100, while in Punjab rates of inferior type was higher by Rs 100 to Rs 2,800 and superior quality was inert at Rs 3,000, they said.

In the ready session, 17,000 bales of cotton changed hands between Rs 6690-6800, they said. Cotton analyst, Naseem Usman said Punjab variety improved after monsoon rains, so prices were also picking up with gradual pace. Market sources said there were steady arrivals but quality cautious buyers laid hands over the best type, which might help prices to move up in the coming days. Importers inquired about rates but could not make any deal as prices were higher above their psychological levels, they added.

According to the Reuters, cotton futures gained on Friday for the first time in four sessions as weekly US export data reinforced hope that low prices have renewed demand, although for the week the futures posted their third straight weekly loss. The most-active December cotton contract on ICE Futures US edged up 0.91 cent, or 1.1 percent, to settle at 83.21 cents per lb, the contract’s biggest gain in three weeks.

The following deals were reported as 2,200 bales of cotton from Shahdad Pur at Rs 6775-6800, 2,200 bales from Tando Adam at Rs 6775/6800, 2,600 bales from Sanghar at Rs 6775-6800, 2,200 bales from Mir Pur Khas at Rs 6750-6800, 600 bales from Nawab Shah at Rs 6800, 1,000 bales from Hyderabad at Rs 6775-6800, 800 bales from Kotri at Rs 6775-6800, 800 bales from Shah Pur Chakar at Rs 6775-6800, 400 bales from Khadro at Rs 6800, 200 bales from Golarchi at Rs 6785, 800 bales from Vinder at Rs 6800, 200 bales from KZA at Rs 6800, 600 bales from Haroon abad at Rs 6690-6750, 600 bales from Khanewal at Rs 6700-6750, 400 bales from Burewala at Rs 6700, 200 bales from Chinute at Rs 6700, 200 bales from Head Bakani at Rs 6700, 400 bales from Chichawatni at Rs 6700, 200 bales from Daran wala at Rs 6700, 200 bales from Vehari at Rs 6700, 1,000 bales from Arif wala at Rs 6700, 200 bales from Rahim Yar Khan 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 06,09,2013
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37.324 Kgs        6,700       155        6,855        6,805             +50
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Equivalent
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40 Kgs            7,180       155        7,335        7,282             +53
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Courtesy Business Recorder
Cotton market

Published in ZaraiMedia.com

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