Thin trading activity was seen on the cotton market on Wednesday as the ginners were not ready to sell little stock of fine quality, dealers said. The official spot rate unchanged at Rs 6750, they said. In Punjab prices were unchanged at Rs 3400-3750, as per 40 kg, they said. In ready business, over 3000 bales of cotton changed hands between Rs 6775 and Rs 7300, they said.
According to the market sources, volume of business could not pick up as the mills and spinners were interested in fresh buying of quality lint but on the other hand, the ginners were not keen in fresh deals because they want to sell at the psychological levels. There were some market anticipations that the Federal Reserve may announce increase in interest rates next week, as a result of speculations, leading markets came under pressure, particularly, cotton prices fell globally, Cotton analyst, Naseem Usman said that prices came down in the world leading markets in absence of strong demand.
Reuters adds: the New York cotton futures fell sharply on Tuesday. The following deals reported: 1600 bales of cotton from Jalalpur sold at Rs 6775, 400 bales from Hasilpur at Rs 6925, 400 bales from Liaquatpur at Rs 7000 and 600 bales from Chani Goth at Rs 7300 (Condition), dealer 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 07-03-2017 in Rupees
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37.324 kg 6,750 135 6,885 6,885 Nil
Equivalent
40 kgs 7,234 145 7,379 7,379 Nil
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