Not a single deal reported in post-budget session on the cotton market on Monday, dealers said. The official spot rate did not move any side at Rs 5500, dealers said. Commenting on the lacklustre business on the cotton market, cotton analyst, Naseem Usman said rising uncertainties over the issue of Gas Infrastructure Development Cess (GIDC), raise in value-addition and increase in power rates forced main participants to take a sideline to observe prevailing development.
He further said that the ginners moving cautiously due to nearly 100,000 and 125,000 bales of cotton with them, on the other hand, the mills were sick and tired with anti-investment budget. The millers were not keen to take new position in the absence of guiding factors, other experts said. In the meantime, they said that seed cotton have started arriving at ginneries, they said. Not a single deal finalised till our going to press, 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 06.06.2015
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37.324 Kgs 5,500 150 5,650 5,650 Nil
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Equivalent
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40 Kgs 5,894 160 6,054 6,054 Nil
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