Ginners refrained from big deals on the cotton market on Monday in the process of short supply of lint cotton, dealers said. The official spot rate was unchanged at Rs 6800, they said. In Punjab prices of phutti were unchanged at Rs 3750-3800, as per 40 kg, they said. In ready session, some 1200 bales of cotton sold at Rs 6800, they said.
Cotton analyst, Naseem Usman said that the ginners were prepared to oblige spinners and mills on the current prices in anticipations of better gains in the near future. The ginners who have limited stocks of quality cotton, were asking for higher rates but spinners who are keeping an eye on the international trend, were not ready to enter into deals, he noted. He also said that in Sindh sowing of cotton has started but in Punjab it would begin in middle of April, he also said that rates may show slight betterment in the world market. Other brokers said that despite the fact prices are firm locally, in the mean time, rates are moving down globally and this is the factor, which is despairing the buyers. The following deals reported: 800 bales from Fort Abbas at Rs 6800 and 400 bales from Dharanwala finalised at the same level, they 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 11.03.2017
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37.324 kg 6,800 135 6,935 6,935 Nil
Equivalent
40 kgs 7,288 145 7,433 7,433 Nil
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