Official spot rate was down on the local cotton market on Saturday in the process of sluggish trading activity, dealers said. The official spot rate dropped by Rs 100 to Rs 8900, they added. In the ready session, approximately 1600 bales changed hands between Rs 8200-8850, dealers said. Rate of seed cotton per 40kg in Sindh low quality was at Rs 2800, while the best quality was unchanged at Rs 4100, and in the Punjab prices of low quality were at Rs 2800 while the fine type was available at Rs 4600, they said.
In Sindh, Binola prices per maund were at Rs 1400-1800, in Punjab rates were at Rs 1650-1800, they said and the rate of polyester fibre was at Rs 170 per kg, they added. Some brokers said that the instead of increase in rates, slide in prices was surprising, because local cotton is in demand due to improvement in import lint cotton.
Other experts said that cotton importing countries avoiding Chinese cotton, textile products, they preferring to import cotton from Indian, Pakistan and Bangladesh. Cotton analyst, Naseem Usman said that the ginners are not willing in fresh selling in expectations of rise in rates in coming days. According to the reports, Brazilian cotton farmers have finished sowing their crop on 1.619 million hectares (4 million acres), marking a 0.05% increase from last season's record area as estimated by the government, agribusiness consultancy INTL FCStone said in a report on Friday.
Adds Reuters: ICE cotton futures rose on Friday as expectations for more stimulus measures to counter the economic impact of the coronavirus provided investors a glimmer of hope following sharp sell-offs this week. Cotton contract for May settled up 0.79 cent, or 1.3%, at 60.49 cents. Total futures market volume fell by 7,949 to 57,934 lots. Data showed total open interest gained 1,809 to 214,594 contracts in the previous session. Following deals were reported: 1400 bales from Rahim Yar Khan at Rs 8200 and 200 bales from Khanpur at Rs 8850, they said.
Source: Business Recorder
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