September 06, 2019

Trade activity falls on cotton market.

Trade activity came down on the cotton market on Thursday as most of the buyers were on the sidelines owing to less interest in fresh deals, dealers said.

The official spot rate was higher by Rs 100 to Rs 8100, they added. In ready session, over 7000 bales of cotton changed hands between Rs 7750 and Rs 8615, they said.

 

Rates of seed cotton per 40kg in Sindh were at Rs 3000-3600, in Punjab prices were at Rs 3200-3900, they said. In Balochistan, seed cotton prices were at Rs 3600-3700, they said.

 

In Sindh, Binola prices per maund were at Rs 1400-1550 and in Punjab rates were at Rs 1550-1650, they said and adding that polyester fibre per kg rates were at Rs 180.

 

Market sources said that major buyers showed no interest in new deal due to quality factor.

 

Cotton analyst, Naseem Usman said that recent rains in country, hurt the standing cotton crop in the field.

 

Adds Reuters: ICE cotton futures inched up on Wednesday but were stuck in a small range because of a lack of demand for the natural fiber and improving crop conditions in the United States.

 

The cotton contract for December settled up 0.35 cent, or 0.60%, at 58.21 cents per lb as of 02:18 pm EDT (1849 GMT), after two straight sessions of losses. It traded within a range of 57.84 and 58.79 cents a lb.

 

Total futures market volume fell by 11,248 to 17,803 lots. Data showed total open interest gained 979 to 223,107 contracts in the previous session.

 

The following deals reported: 1000 bales of cotton from Tando Adam at Rs 7750, 800 bales from Shahdadpur at Rs 7750/7775, 400 bales from Jhol at Rs 7775, 400 bales from Kotri at Rs 7800, 200 bales from Maqsoodo Rind at Rs 7850, 1200 bales from Khanewal at Rs 8600/8615, 800 bales from Rajanpur at Rs 8425/8500, 600 bales from Vehari at Rs 8400/8500, 400 bales from Lodhran at Rs 8435, 200 bales from Burewala at Rs 8400, 800 bales from Chichawatni at Rs 8400, 400 bales from Haroonabad at Rs 8400, 400 bales from Shujabad at Rs 8400, 200 bales from Hasilpur at Rs 8300 and 200 bales from Gojra at Rs 8250, they said.