Cotton market: less buying interest pushes rates down

Lack of buying interest caused modest fall in rates on the cotton market on Tuesday in the process of trading, dealers said. The official spot rate, after maintaining a stable for a long-time, shed Rs 100 to Rs 7,400, they added. In ready session, over 8000 bales of cotton changed hands between Rs 6250-7100, they said. In Sindh seed cotton prices were unchanged at Rs 2700 and Rs 3300, and in the Punjab, rates fell slightly by Rs 100 to Rs 2700-3200 due to quality factor, they said.
Market sources observed that persistent fall in the international market pushed the rates down in the local market. Some leading experts attributed the slide to declining trend in the petroleum and commodities' prices. Cotton Analyst, Naseem Usman said that leading mills have covered their requirements by purchasing best quality of lint cotton.
The New York cotton futures were lower on Monday. The following deals reported: 400 bales of cotton from Gambat at Rs 6700, 400 bales from Hingorja at Rs 6800, 1100 bales from Hyderabad at Rs 6500, 600 bales from Shahdadpur at Rs 6250, 4000 bales from Mianwali at Rs 6400/7100, 1000 bales from Bakhar at Rs 7000, 600 bales from Liaquatpur at Rs 6900 and 400 bales from Kachiwala at Rs 6700, 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 29-01-2018

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37.324 kg          7,400        145        7,545      7,645         - 100/-

Equivalent

40 kgs             7,931        155        8,086      8,193         - 107/-

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