RECORDER REPORT

KARACHI: Steadier trend was witnessed on the cotton market on Friday as some leading ginners refrained from selling in anticipation of further rise in prices, dealers said.

The official spot rate recovered by Rs 50 to Rs 6300, they said.

In the ready session, over 20,000 bales of cotton changed hands between Rs 6275-6550, they said.

In Sindh seed cotton prices were at Rs 2700-3100, in the Punjab rates were at Rs 2900-3250, as per 40 kg, they said.

Cotton analyst, Naseem Usman said that the Pakistan Cotton Ginners Association (PCGA) issued fortnightly phutti arrivals report till November 1st, 2017 at 81,34,404 depicting 17 percent increase against the last year.

Other experts were of the opinion that despite the rise in arrivals’ figure, the ginners did not show any haste in selling.

On the other hand, the mills were trying to lay hands over the fine quality lint to replenish their stock but the ginners were not ready to oblige them.

Adds Reuters: ICE cotton futures rose on Thursday, registering their biggest one-day percentage gain in nearly two weeks on supportive export sales data from the US Department of Agriculture (USDA).

Cotton contracts for December settled up 0.91 cent, or 1.33 percent, at 69.08 cents per lb. They traded within a range of 68.11 and 69.3 cents a lb, the highest since Oct. 25.

The contract registered its biggest one-day percentage gain since October 23.

Total futures market volume rose by 3,117 to 40,087 lots. Data showed total open interest gained 437 to 234,555 contracts in the previous session.

The following deals were reported to have hanged hands on the ready counter: 600 bales of cotton from Ghotki at Rs 6550, 600 bales from Dherki at Rs 6550, 2000 bales from Saleh Pat at Rs 6350/6450, 1000 bales from Rohri at Rs 6350/6400, 1000 bales from Khairpur at Rs 6350/6400, 2400 bales from Rahim Yar Khan at Rs 6500, 1200 bales from Sadqabad at Rs 6500, 800 bales from Ahmedpur East at Rs 6350/6500, 600 bales from Bahawalpur at Rs 6400/6500, 1400 bales from Layyah at Rs 6275/6500, 600 bales from Rajanpur at Rs 6475/6500, 400 bales from Shujabad at Rs 6500, 200 bales from Liaquatpur at Rs 6500, 1200 bales from Yazman at Rs 6400, 800 bales from Mianwali at Rs 6400, 200 bales from Vehari at Rs 6400, 300 bales from Mian Channu at Rs 6375, 1800 bales from Fort Abbas at Rs 6290/6350, 800 bales from Haroonabad at Rs 6275/6350, 200 bales from Burewala at Rs 6300, 400 bales from Chistian at Rs 6275/6285 and 200 bales from Pir Mahal at Rs 6275, they said.

===========================================================================


The KCA Official Spot Rate for Local Dealings in Pakistan Rupees


---------------------------------------------------------------------------


FOR BASE GRADE 3 STAPLE LENGTH 1-1/16"


---------------------------------------------------------------------------


                                    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 02.11.2017


===========================================================================


37.324 kg          6,300      145        6,445         6,395         + 50/-


Equivalent


40 kgs             6,752      155        6,907         6,853         + 54/-


===========================================================================