Lacklustre condition was seen on the cotton market on Tuesday as leading buyers remained on the sidelines amid release of the Pakistan Cotton Ginners Association (PCGA) report, dealers said. The official spot rate was unchanged at Rs 6250, dealers said. In Sindh, seed cotton prices were at Rs 2600-3250, they said that in Punjab, phutti rates were at Rs 2800 and Rs 3500, as per 40 kg, they added.
In the ready session, around 3,000 bales of cotton changed hands between Rs 6325-6500, they said. Market sources said that some leading ginners did not take interest in selling in anticipation of better profit in near future. Cotton analyst, Naseem Usman said that after the release of PCGA fortnightly report, which indicating cotton production at 10.366 million bales, showing an increase by 11.72 percent against the last year.
Local prices may depict firmness in line with the international market, he said. Despite a rise in arrivals figure, the ginners preferred to stay away so they could get higher rates for their unsold cotton stock, other experts said. They said that very little unpicked cotton stock has been left in the field, whereas the country has to import nearly four million bales to fulfil it's requirements. The following deals reported: 800 bales from Duniyapur at Rs 6325 and 2000 bales from Sadiqabad at Rs 6500, dealers said.
===========================================================================
The KCA Official Spot Rate for Local Dealings in Pakistan Rupees
---------------------------------------------------------------------------
FOR BASE GRADE 3 STAPLE LENGTH 1-1/32"
---------------------------------------------------------------------------
MICRONAIRE VALUE BETWEEN 3.8 TO 4.9 NCL
===========================================================================
Rate Ex-Gin Upcountry Spot Rate Spot Rate Difference
For Price Ex-Karachi Ex. KHI. As Ex-Karachi
on 02-01-2017
===========================================================================
37.324 kg 6,250 135 6,385 6,385 NIL
Equivalent
40 kgs 6,698 145 6,843 6,843 NIL
===========================================================================
Comments
Comments are closed for this article.