Selective buying seen on cotton market

Selective buying was witnessed on the cotton market on Tuesday in the process of trading, dealers said. The official spot rate was unchanged at Rs 7000, they said. In ready session, around 18,000 bales of cotton changed hands between Rs 6650-7500, they said. In Sindh and Punjab, seed cotton prices were at Rs 2800-3500, as per 40 kg, they said.
According to the market sources, sustained buying by spinners helped the rates to maintain present levels in the process of trading. Spinners continue to chase quality lint in the back ground of diminishing prospects of imports owing to the prevailing higher rates in world market, they said.
Cotton analyst, Naseem Usman said that there was little dullness in the business activity due to holidays. In India, rates of cotton went up by Rs 400-900 per candy, other experts said. The following deals reported: 2800 bales of cotton from Ghotki at Rs 7500, 2200 bales from Rohri at Rs 6900, 600 bales from Rasoolabad at Rs 6900, 3000 bales from Lodhran at Rs 7500, 2000 bales from Shujabad at Rs 7500, 2000 bales from Rajanpur at Rs 7500, 600 bales from Shahar Sultan at Rs 6900, 600 bales from Garah More, Vehari at Rs 6800, 1400 bales from Haroonabad at Rs 6700, 200 bales from Fort Abbas at Rs 6700, 200 bales from Faqeerwali at Rs 6650, they 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 1-1/16"

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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 23.12.2017

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37.324 kg          7,000      145        7,145         7,145            NIL

Equivalent

40 kgs             7,502      155        7,657         7,657            NIL

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