Prices were firm on the cotton market on Thursday in the process of selective buying by spinners and mills, dealers said. The official spot rate was unchanged at Rs 6650, they said. In Sindh, seed cotton prices were at Rs 3300-3400, in Punjab phutti prices were at Rs 3300-3700, they said.
In the ready season, over 2000 bales of cotton changed hands between Rs 6800-7000, as per 40 kg, they added. Market sources said that cotton rates after touching a peak level came under correction on profit-selling. They observed that sluggish off-take of cotton yarn and textile products are dampening sentiment but some needy spinners rushed to replenish their stocks to meet their requirements. Cotton analyst, Naseem Usman said that prices to stabilise due to shortage of quality lint. New York cotton futures were lower on Wednesday. The following deals reported: 1600 bales of cotton from Sadiqabad sold at Rs 7000, 200 bales from Khanewal at Rs 6800 and 400 bales from Fort Abbas at Rs 6800, 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 1-1/16"
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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 22-02-2017 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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