Official spot rate was lowered on the cotton market on Monday in slow mills demand due to fall in international market, dealers said. The Karachi Cotton Association (KCA) official spot rate was lowered by Rs 500 at Rs 8,500, they said. In Sindh and Punjab phutti price of low type was at Rs 2500 and that of superior quality at Rs 3000, they said.
In ready business nearly 3000 bales of cotton changed hands between Rs 8000-8450, they added. Some analysts said that mills were not much active in cotton buying on hope that the prices will come down but it came under observation that rates stabilised after the Indian move in which it fix a quota on exports of cotton.
Other fact is the size of unsold stock is receding, so prices may not fluctuate sharply in the coming days, they said. The following deals were reported: 800 bales from Ghotki at Rs 8000, 400 bales from Bahawal Pur at Rs 8450, 400 bales from Sadiquabad at Rs 8000 and 1300 bales from Karoor Pacca at Rs 8000.
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The KCA Official Spot Rate for Local Dealings in Pak 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 07.05.2011
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37.324 Kgs 8,500 120 8,620 9,120 -500
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Equivalent
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40 Kgs 9,109 120 9,229 9,765 -536
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