No visible change was witnessed on the cotton market on Tuesday in the process of trading activity, dealers said. The official spot rate was unmoved at Rs 6650, they said. In Sindh, seed cotton prices were lower by Rs 100 to Rs 3300-3400, they said. In Punjab, phutti rates were at Rs 3300 and Rs 3700, as per 40 kg, they added.
In the ready session, only one deal of 1200 bales of cotton from Rahim Yar Khan reported at Rs 6950, they said. Market sources said that most of the leading mills were busy in payments as they have bought enough for the coming days. Since the week, started there is a kind of dullness due to bearish trend in the international market, other experts said. In Sindh picking operation almost completed and growers were preparing for sowing of new crop and in Punjab picking is very slow but would be completed within weeks, they said. Cotton analyst, Naseem Usman said that demand is improving in the world markets, which may boost the sentiments in the local market. The US markets were closed for the Presidents Day holiday on Monday.
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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 1-1/16"
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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 Expenses Ex-Karachi Ex. KHI, As Ex-Karachi
on 20-02-2017 in Rupees
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37.324 kg 6,650 135 6,785 6,785 NIL
Equivalent
40 kgs 7,127 145 7,272 7,272 NIL
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