Spot rate depicted sharp gains on the cotton market on Thursday amid selective buying by mills, dealers said. The official spot rate was higher by Rs 100 to Rs 4,900, dealers said. In the ready session, around 10,000 bales of cotton changed hands between Rs 4700 and Rs 5200, they said. The seed cotton in Sindh was available at Rs 1800 and Rs 2400, in Punjab rates were at Rs 1800 and Rs 2800, they said.
Some brokers said that prices stabilised as buyers showed interest in purchasing of fine quality. In the meantime, the ginners were not trying to sell best quality at the present level. They are hoping for higher rates of good type because this is the only way to recover their losses, cotton analyst, Naseem Usman said. In the world market, the prices are almost soft due to easy supply position, so this factor is also creating uncertaintiess among the ginners, he added
Reuters adds: the New York cotton futures were higher. The following deals reported: 1400 bales of cotton from Sakrand at Rs 4700, 800 bales from Rohri done at Rs 5000, 400 bales from Dharki at the same rate, 800 bales from Faqirwali at Rs 4900, 1000 bales from Haroonabad at the same rate, 2800 bales from Lodhran at Rs 5100, 1000 bales from Khanewal at the same rate, 400 bales from Shadan Lund at Rs 5150, 1200 bales from Rahim Yar Khan at Rs 5150, 1000 bales from Sadiqabad at the same rate and 600 bales from Khanpur at Rs 5200, dealers 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 1-1/32"
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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 07.01.2015
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37.324 Kgs 4,900 150 5,050 4,950 +100
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Equivalent
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40 Kgs 5,251 160 5,411 5,304 +107
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