Prices dropped modesty on the cotton market on Monday as imported cotton started reaching from India and partly because of release of the Pakistan Cotton Ginners Association (PCGA) fortnightly report shortly, dealers said. The official spot rate was down by Rs 50 to Rs 5450, dealers said. In Sindh, seed cotton price of low type was unchanged at Rs 2500 while the best quality was lower by Rs 300 to Rs 2800 and in Punjab rates of inferior quality was inert at Rs 2600 while the good type was lower by Rs 200 to Rs 3000, they said.
In the ready business, nearly 22,000 of deals were finalised between Rs 4600 and Rs 5700, they said. According to the market sources said that import of cotton started from India. It looks that country has to import about 2.5 million bales of cotton from other countries to meet the demand, they added. In the meantime, cotton analyst, Naseem Usman said that one thing which is noticeable is ginners' expectations who were hoping to earn desired profit due to short supply, are looking not satisfied under circumstances.
Other brokers said that cotton production target for the next crop came down to 11.7 million bales from 15 million bales, this factor is causing agitation among mills due to shortage of cotton. The following deals reported: 1600 bales of cotton from Mirpurkhas at Rs 4600-5000, 1000 bales from Tando Adam at Rs 4750-5000, 1600 bales from Shahdadpur at Rs 4750-5000, 1200 bales from Sanghar at Rs 5000-5100, 400 bales from Sakrand at Rs 5400, 3000 bales from Khairpur at Rs 5500-5550, 3000 bales from Upper Sindh at Rs 5500-5550, 400 bales from Deepalpur at Rs 5025, 400 bales from Pak Pattan at Rs 5025, 400 bales from Sahiwal at Rs 5025, 200 bales from Vehari at Rs 5025, 200 bales from Kassowal at Rs 5025, 800 bales from Chichawatni at Rs 5025-5600, 1000 bales from Ahmedpur at Rs 5585-5650, 400 bales from Chistian at Rs 5600, 2000 bales from Rajanpur at Rs 5600-5650, 1200 bales from Bahawalpur at Rs 5600-5650, 1200 bales from Fazilpur at Rs 5600-5650, 1000 bales from Sadiqabad at Rs 5650-5700, 600 bales from Mianwali at Rs 5650-5700 and 1000 bales from Layyah at Rs 5650-5700, 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 31-10-2015
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37.324 kg 5,450 135 5,585 5,635 -50
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Equivalent
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40 Kgs 5,841 145 5,986 6,039 -53
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