Official spot rate came down further on the cotton market on Monday in the process of thin trading, dealers said. The official spot rate was lower by Rs 50 to Rs 5300, dealers said. In the ready session, around 600 bales of cotton finalised at Rs 4900, they said. Seed cotton prices in Sindh were at Rs 2300-2400 and in Punjab rates at Rs 2500 and Rs 2600, they said.
Cotton analyst, Naseem Usman said that trading activity was thin due to less buying interest among the buyers. In the absence of guiding factor, main participant were on the sidelines, experts said. The ginners were trying to sell unsold stock even at below the psychological levels, but mills showed no interest in fresh purchasing. Besides, shortage of quality lint is not propelling mills and spinners to new purchasing, they just want to buy quality lint, they said. The following deal reported, 200 bales of cotton from Kotri at Rs 4900, same figure from Hyderabad and 200 bales from Sanghar all down at same level, 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 1-1/32"
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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 20.06.2015
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37.324 Kgs 5,300 150 5,450 5,500 -50
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Equivalent
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40 Kgs 5,680 160 5,840 5,894 -54
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