Listless business was seen on the cotton market on Saturday ahead of fortnightly Pakistan Cotton Ginners Association (PCGA) report, 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 overnight levels at Rs 2200 and Rs 3100, they said.
In the ready business, not a single deal finalised due to less buying interest among buyers, they said. According to the market sources, leading participants were on the sidelines owing to lack of motivating factors. Cotton analyst, Naseem Usman said that we are expecting 93 lac of bales of cotton in the PCGA report, due shortly. Prices may maintain a firm posture in the coming days due to short supply position, he added. There is strong indication that the cotton crop size may not exceed 10 million bales, he observes.
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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 01-01-2016
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37.324 kg 5,250 135 5,385 5,385 NIL
Equivalent
40 kgs 5,626 145 5,771 5,771 NIL
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