Cotton prices stayed firm on the local market on Friday in the process of slow trading activity, dealers said. The official spot rate was unchanged at Rs 7400, they added. In the ready session, approximately, 2000 bales of cotton changed hands between Rs 6300-7000, they said.
Some needy spinners showed interest in purchasing of few lots to meet their urgent needs. According to the market sources, off-season mood is fully prevent as buyers were not ready to enter into fresh deals because they are not getting lots of their choice.
Besides, despite the fact that the yarn market is gaining momentum on strong demand from value-added sector, cotton analyst, Naseem Usman said and adding that spinners are either holding sufficient stocks or are not able to achieve quality lint, which is running in short supply.
In the world markets, cotton prices fell sharply despite the fact that reports showing that the world markets may face short supply position in the coming days, they said.
The following deals were reported: 450 bales of cotton from Pir Mahal at Rs 6300, 900 bales from Mian Chunn at Rs 6550 and 700 bales from Kabirwala at Rs 6600-7000, 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 09-05-2018
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37.324 kg 7,400 145 7,545 7,545 NIL
Equivalent
40 kgs 7,931 155 8,086 8,086 NIL
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