Seed cotton prices touched six-year high on the cotton market on Tuesday in process of improved trading activity, dealers said. The official spot rate was unchanged at Rs 7,400, they added. In the ready session, around 6000 bales of cotton changed hands between Rs 6500-7400, they said. Cotton analyst, Naseem Usman said that prices of 2000 Maund of seed cotton hit six-year high at Rs 4000 per 40 kg for 30 June to 10 July delivery.
According to the market sources trading improved as some needy spinners showed interest in fresh buying to replenish their stocks. They said that continued increase in the international market, propelled spinners to make deals to cover their position. On the other hand, reports of arrivals of seed cotton, forced the ginners to dispose of old stocks, they said.
In the world markets, prices went on reports of short crop and over-sold, they said and adding that in Indian market, cotton prices rose sharply on rising demand, in NY rates moved up slightly, they said. The following deals were reported: a deal of 400 bales of cotton from Dharki done at Rs 7400, 2200 bales from Ghotki at Rs 7050-7300, 400 bales from Fort Abbas at Rs 6500, 1700 bales from Ahmedpur at Rs 6875 and 600 bales from Liaquatpur at Rs 6800, 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 28-05-2018
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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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