Not a single deal reported on the cotton market on Friday as leading mills kept on the sideline during the day in the absence of supply of lint cotton, dealers said. The official spot rate was unchanged at Rs 7500, they added. In both Sindh and Punjab, seed cotton prices were at Rs 2800-3100, they said.
Commenting on the dullness in the market, some experts said that firstly, mills have covered their long position and secondly, they wanted to buy fine quality, but there was limited stock of unsold cotton, which is not allowing the ginners to accept rates below their psychological levels. Sharing the same views, cotton analyst, Naseem Usman said that late sowing because of shortage of irrigation water may be delayed arrivals of new crop.
This is a major factor, behind the cautious attitude of the ginners, brokers said. It's appeared that prices of new cotton crop likely to depict rising trend in the coming season In the international market, the cotton prices were mostly up in the process of trading, 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 Ex-Karachi Ex. KHI. As Ex-Karachi
on 03-05-2018
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37.324 kg 7,500 145 7,645 7,645 NIL
Equivalent
40 kgs 8,038 155 8,193 8,193 NIL
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