Cotton market: trade activity slumps ahead of holiday

December 25, 2013

Cotton Market
Cotton Market
Trading activity came down on the cotton market on Tuesday as some leading buyers were on the sidelines ahead of birth anniversary of Quaid-e-Azam Mohammad Ali Jinnah, dealers said. The official spot rate was unchanged at Rs 6,650, they added. Prices of seed cotton in Sindh per 40 kg were inert at Rs 2500-3100, in Punjab rates were at Rs 2900-3400, dealers said.

In the ready session, around 12,000 bales of cotton changed hands between Rs 5900-7000, dealers said. Prices were firm as fine quality is in demand by the mills and spinners, cotton analyst Naseem Usman said. Seed cotton arrivals are coming down day by day and good type is short in demand, some were importing fine cotton from India to compete the world market, other brokers said.

They said that industries were facing problem due to shortage of gas and power in the country, it was learnt that the Sui Northern Gas Pipelines Company Limited (SNGPL) did not restore gas supply to the industry for 48 hours in Southern Punjab, this factor is dragging us in the unforeseen uncertainties, other analysts said. NY cotton futures were down on Monday.

The following deals reported as 800 bales from Mir Pur Khas at Rs 5900-6000, 1500 bales from Mir Pur Dewan at Rs 7000, 400 bales from Ghotki at Rs 7000, 200 bales from Samandri at Rs 6625, 400 bales from Basti Malook at Rs 6650, 400 bales from Bahawal Nagar at Rs 6700, 400 bales from Vehari at Rs 6750, 800 bales from Rajan Pur at Rs 6800-6850, 800 bales from Bakhar at Rs 6800-6950, 400 bales from Rahim Yar Khan at Rs 6800, 800 bales from Khan Pur at Rs 6800, 1600 bales from Hasil Pur at Rs 6850, 1000 bales from Ali Pur at Rs 7000, 400 bales from Burewala (Conditional) at Rs 7000 and 1600 bales from Mian Wali at Rs 7000, they added.

 

===========================================================================
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 23.12.2013
===========================================================================
37.324 Kgs        6,650       155        6,805        6,805             NIL
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Equivalent
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40 Kgs            7,127       155        7,282        7,282             NIL
===========================================================================

 
Courtesy BR

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