Volume of business showed slight improvement on the cotton market on Thursday in the process of trading activity, dealers said. The official spot rate continued to slide, losing more Rs 100 to Rs 7,000 and since the week opened, the spot rate lost Rs 200, they added. In both Sindh and the Punjab seed cotton prices were inert at Rs 2600-3200, they said.
Cotton Analyst, Naseem Usman said that some needy mills and spinners took part in fresh buying to replenish their stock at the falling prices. Some analysts were of the view that prices may not decline sharply in the near future.
According to reports, the United States Department of Agriculture (USDA), exports and sales have increased this factor likely to boost the NY cotton futures. This factor may cause rise in volume of business and prices in the coming days, experts said. Adds Reuters: In the New York market, futures showed an easier trend on Wednesday.
The following deals were reported: 2600 bales of cotton from Khanpur at Rs 7000/7200, 200 bales from Ghazi Ghat at Rs 7200, 4648 bales from Rahim Yar Khan at Rs 7000/7050, 400 bales from Multan at Rs 6450, 400 bales from Mianwali at Rs 6200/6450, 400 bales from Haroonabad at Rs 6400, 200 bales from Chichawatni at Rs 6400 and 200 bales from Shujabad at Rs 6000, 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 07.02.2018
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37.324 kg 7,000 145 7,145 7,245 - 100/-
Equivalent
40 kgs 7,502 155 7,657 7,764 - 107/-
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