Prices fluctuated marginally on the cotton market on Saturday in the process of modest trading activity, dealers said. The official spot rate was unchanged at Rs 5,250, dealers said. In Sindh, seed cotton prices were unchanged at Rs 2200 and Rs 3000 and in the Punjab, rates held the last levels at Rs 2200 and Rs 3100, they said. In the ready business, over 3,000 bales of cotton finalised between Rs 4900 and Rs 5500, they said.
According to the brokers, needy mills showed little interest of fresh buying of cotton. Cotton analyst, Naseem Usman said that like Pakistan, all cotton producing countries were facing shortage, even this factor, activity is not picking up. He said that China to cut down import of cotton by 33 percent because it has already unsold stock to meet the urgent needs.
Reuters adds: Cotton futures rallied on Thursday, rebounding from a three-week low hit the prior session, as traders covered short positions ahead of the holiday after a US government report showed a jump in export sales. Sales of upland cotton last week totalled 118,200 bales for the 2015/16 season, up 19 percent from the previous week but down 36 percent from the prior four-week average.
March cotton on ICE Futures US settled up 0.89 cent, or 1.42 percent, at 63.66 cents per lb. It traded within a range of 62.73 and 63.94 cents a lb. The following deals reported: 1200 bales of cotton from Chichawatni sold at Rs 4900, 400 bales from Bahawalpur at Rs 5200, 200 bales from Chistian at the same rate, 400 bales from Faqirwali at Rs 5300, 600 bales from Hasilpur at Rs 5350 and 400 bales from Mianwali at Rs 5500, 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 23.12.2015
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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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