Sluggish business was witnessed on the cotton market on Friday as spinners were on the sidelines due to less buying interest, dealers said. The official spot rate was unchanged at Rs 6,900, they added. In Sindh and the Punjab, seed cotton prices were at Rs 2400-3000, they said. In the ready session, only 550 bales of cotton from Nawabshah finalised at Rs 6000, they said.
Market sources said that only one deal was finalised as leading spinners were looking for quality lots but failed to make several deals at their psychological levels. Cotton analyst, Naseem Usman said that the demand is increasing for quality cotton from spinners who strived to build up their inventories.
In fact, spinners were facing short of quality, which is not helping volume of business to go up also, brokers said. In New York, NY cotton futures moved both ways on Thursday, brokers said and adding that in India, prices showed weakness as Shankar lost Rs 200 to Rs 39700, J-34 shed Rs 200 to Rs 39100 and MECH was also down by Rs 200 to Rs 3800 per candy 356 kg.
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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 22.02.2018
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37.324 kg 6,900 145 7,045 7,045 NIL
Equivalent
40 kgs 7,395 155 7,550 7,550 NIL
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