A kind of dullness prevailed on the cotton market on Monday leading spinners remained on the sideline due to lack of buying interest, dealers said. The official spot rate was unchanged at Rs 5,350, dealers said. In Sindh, prices of seed cotton at Rs 1600 and Rs 2800, in the Punjab, rates were at Rs 2000 and Rs 3000, they said.
In the ready business, about 800 bales of cotton changed hands between Rs 5050 and Rs 5500, they said. Cotton analyst, Naseem Usman said that business activity was thin as persistent of slowdown in the globe continued to affect trade in the local market as spinners showing lack of interest despite shortage of cotton production.
The whole world is facing difficult position because China has reduced import which has directly hitting many cotton exporting countries, including Pakistan. China has still huge cotton inventory, naturally bound to depend on it, other experts observed. The following deals reported: 400 bales from Vindar at Rs 5050 and same figure 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 13-02-2016
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37.324 kg 5,350 135 5,485 5,485 NIL
Equivalent
40 kgs 5,734 145 5,879 5,879 NIL
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