RECORDER REPORT | 21 Aug 2019
KARACHI: Persistent buying of fine cotton, helped the rates to maintain present levels on the cotton market on Tuesday, dealers said.
The official spot rate did not move any side at Rs 7800, they added. In ready session, over 11000 bales of cotton changed hands between Rs 7550 and Rs 8225, they said. Rates of seed cotton per 40kg in Sindh were at Rs 3000-3400, in Punjab prices were at Rs 3500-4000, they said. In Balochistan, seed cotton prices were at Rs 3500-3600, they said. In Sindh and Punjab, Binola prices per maund were at Rs 1500-1600, they said and adding that polyester fibre per kg rates were at Rs 187.
According to the market sources, if India releases water, it can hurt standing cotton crop. Cotton analyst, Naseem Usman said that cotton prices may go up due to rising demand by mills in the near future.
Adds Reuters: ICE cotton futures fell over 1% on Monday in low-volume trade, snapping four sessions of gains, as absence of progress in the US-China trade war weighed on investor sentiment.
The most-active cotton contract on ICE Futures US, the second-month December contract fell 0.79 cent, or 1.31 %, to 59.34 cents per lb at 2 p.m. EDT, recording its biggest percentage fall in two weeks. Total futures market volume fell by 8,165 to 9,931 lots. Data showed total open interest fell 438 to 214,828 contracts in the previous session. (Source: Business Recorder)