Cotton market: Business activity down on cautious buying
RECORDER REPORT
KARACHI: Business activity slowed down on the cotton market on Saturday as mills adopted cautious attitude towards new deals, dealers said.
The official spot rate was unchanged at Rs 6600, they said. In the ready session, around 8,000 bales of cotton changed hands between Rs 6500-7000, they said.
In Sindh seed cotton prices were at Rs 2800-3350, in the Punjab rates were at Rs 2900-3450, as per 40 kg, they said.
Market sources said that the mills and spinners made selective buying of lint cotton due to higher rates.
Nearly, orders booked to import approximately 16 lacs of bales from other countries, they said.
Cotton analyst, Naseem Usman said that prices may not maintained present levels in the coming days.
Adds Reuters: ICE cotton futures rose on Friday with the biggest one-day percentage gain in a week, supported by buying amid December options expiry and mill fixations.
Cotton contracts for March settled up 0.6 cent, or 0.88 percent, the biggest one-day percentage rise since Nov. 2, at 69.14 cents per lb. It traded within a range of 68.64 and 69.25 cents a lb.
Total futures market volume fell by 23,006 to 40,274 lots. Data showed total open interest fell 3,335 to 233,372 contracts in the previous session.
The following deals were reported to have changed hands on the ready counter: 200 bales of cotton from Mian Channu at Rs 7000, 3200 bales from Rahim Yar Khan at Rs 6900, 800 bales from Sadiqabad at Rs 6900, 400 bales from Ferozah at Rs 6900, 600 bales from Muhammadpur Dewan at Rs 6900, 400 bales from Jalalpur at Rs 6800, 400 bales from Shujabad at Rs 6800, 200 bales from Bakhar at Rs 6600, 200 bales from Kachiwala at Rs 6600, 200 bales from Layyah at Rs 6500 and 200 bales from Chichawatni at Rs 6500, they said.
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The KCA Official Spot Rate for Local Dealings in Pakistan Rupees
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FOR BASE GRADE 3 STAPLE LENGTH 1-1/16"
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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-Karachi
on 10.11.2017
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37.324 kg 6,600 145 6,745 6,745 NIL
Equivalent
40 kgs 6,073 155 7,228 7,228 NIL
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