February 15, 2020

Volume of business improves on cotton market.

Volume of business went up on the cotton market on Friday during the trading session, dealer said.

The official spot rate was at Rs9100, they added. In the ready session, 3600 bales of cotton from Rahim Yar Khan and Sadiqabad change hands between Rs9000-Rs9200, they said.


Rate of seed cotton per 40kg in Sindh low quality was at Rs2800, while the best quality was unchanged at Rs4100, and in the Punjab prices of low quality were at Rs2800 while the fine type was available at Rs4600, they said.


In Sindh, Binola prices per maund were at Rs1400-1800, in the Punjab rates were at Rs1650-1800, they said and the rate of polyester fibre was at Rs176 per kg, they added.


According to the market sources, trading activity improved on the cotton market owing to buying by mills, they said that contracts have been signed to import 48 lacks bales of cotton from other countries.


Under the circumstances, the ginners are willing to sell their unsold stock of cotton at the present levels, they said.


Reuters adds: Cotton futures fell more than 1% on Thursday after a sharp rise in coronavirus cases in China rekindled fears of its impact on the global economy, overshadowing positive export sales data from the U.S. government.


Cotton contracts for March settled down 0.83 cent, or 1.2%, at 67.75 cents per lb. Prices marked their biggest one-day percentage decline since January 31.


Total futures market volume fell by 1,995 to 55,557 lots. Data showed total open interest fell 4,300 to 220,310 contracts in the previous session.