Seed cotton prices dropped sharply on the cotton market on Monday as main participants kept on the sidelines owing less buying interest, dealers said. The official spot rate was inert at Rs 5350, dealers said. In Sindh, seed cotton prices were lower by Rs 200 to Rs 2400 and Rs 2800 and in Punjab rates were at Rs 2600 and Rs 3100, they said.
In the ready business, over 2,000 bales of cotton changed hands between Rs 5400 and Rs 5450, they said. Some brokers said that trading activity came down amid post-holiday session. It is likely that main participants may take less interest fresh buying in expectations further decline in rates.
Cotton analyst, Naseem Usman said that the mills have already bought enough to meet their needs. He also said that the mills and spinners were trying to purchase the fine quality to meet the export obligations. The following deals reported: 1200 bales of cotton from Khairpur at Rs 5450, 400 bales from Nawabshah at Rs 5400 and same figure from Daur at Rs 5400, dealers 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 1-1/32"
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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 22-10-2015
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37.324 kg 5,350 135 5,485 5,485 NIL
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Equivalent
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40 Kgs 5,734 145 5,879 5,879 NIL
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