Modest trading activity was seen on the cotton market on Saturday due to limited stock of fine quality, dealers said. Official spot rate was inert at Rs 7500, they added. In both Sindh and Punjab prices were at Rs 2800-3100, they said. In the ready session, over 5000 bales of cotton were finalised at Rs 6175, they said.
Market sources said that despite the fact that the ginners have over 450,000 bales of unsold cotton but quantity of quality cotton is very thin, which made spinners unable to go in a big way. Cotton analyst, Naseem Usman said that this is off season so that market is observing erratic mood. In Lower Sindh, cotton sowing has started but not in a proper manner due to short supply of irrigation water, other experts said.
They also observed that the government is mulling to increase cotton production, which will help textile sector to achieve expected target. Some experts said that in India, cotton trading activity is not showing visible improvement, so that prices are firm but not picking up sharply. In New York, markets were closed on account of Good Friday, 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 30.03.2018
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37.324 kg 7,500 145 7,645 7,645 NIL
Equivalent
40 kgs 8,038 155 8,193 8,193 NIL
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