Prices slid on the cotton market on Monday in the process of slow trading activity, dealers said. The official spot rate was unchanged at Rs 5,250, dealers said. In Sindh, seed cotton prices were at Rs 2200 and Rs 2900 and in the Punjab, rates were at Rs 2200 and Rs 3000, they said. In the ready business, over 8,000 bales of cotton finalised between Rs 5200 and Rs 5550, they said.
According to the market sources, shortage of gas supply to the local industry and slow demand by the overseas market caused fall in activity and prices. Some needy mills and spinners took part in trading to meet immediate needs, they said. Both buyers and sellers were facing financial crises so making deals just to fulfil urgent needs, they added.
All the stakeholders of the Cotton Crop Assessment Committee (CCAC) met in Islamabad today to analyse the current crop size. The CCAC has revised downward the cotton crop production to nearly 10.85 million bales, cotton analyst, Naseem Usman said. The following deals reported, 1000 bales of cotton from Sanghar at Rs 5025, 800 bales from Khairpur at Rs 5350, 400 bales from Panu Aqil at Rs 5600, 400 bales from Ghotki at Rs 5600, 400 bales from Dharanwala at Rs 5200-5225, 800 bales from Chistian at Rs 5200-5225, 600 bales from Haroonabad at Rs 5200-5350, 600 bales from Rajanpur at Rs 5200-5400, 400 bales from Tonsa Sharif at Rs 5350, 200 bales from Fort Abbas at Rs 5350, 400 bales from Lodhran at Rs 5400, 200 bales from Multan at Rs 5500, 400 bales from Jalalpur at Rs 5500, 400 bales from Burewala at Rs 5500 and 600 bales from Mianwali at Rs 5500/5550, 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 12-12-2015
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37.324 kg 5,250 135 5,385 5,385 NIL
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Equivalent
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40 kgs 5,626 145 5,771 5,771 NIL
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