Volume of business did not show any visible change on the cotton market as a result of slow arrivals of seed cotton on Saturday, dealers said. The official spot rate was unmoved at Rs 7,600, they added. Prices of seed cotton in Sindh were unchanged at Rs 3800-3900, they said. In the Punjab, rates of phutti were at Rs 3500-4000, they added.
In ready session, over 800 bales of cotton finalised between Rs 7000 and Rs 7375, they said. In Sindh, rates of 600 bales of cotton were at Rs 8100-8150 and in Punjab, 400 bales from various stations, prices finalised at 8250-8300, they said. According to the market sources no major changes were seen as most of the leading mills and spinners kept on the sidelines due to tight supply and partly because of quality factor.
Cotton analyst Naseem Usman said that trading activity will depend on demand and supply position. Other experts said that there is a temporary pause in the rupee's slide versus the dollar, the local currency likely to start losing more ground particularly when the Indian rupee fell on higher oil prices in the international market.
Adds Reuters: ICE cotton futures edged up on Friday, supported by a bullish acreage report, even as the natural fibre crop marked its worst monthly performance in nearly two years amid concerns over trade tensions between the United States and China.
The most active cotton contract on ICE Futures US, the third-month December contract, settled up 0.37 cent, or 0.44 percent, at 83.92 cents per lb. It traded within a range of 83.35 and 85.86 cents a lb. Following deals reported: approximately 200 bales of cotton from Rahim Yar Khan done at Rs 7000 and 642 bales of cotton from Shahdadpur finalised at Rs 7375, they added.
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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 29-06-2018
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37.324 kg 7,600 145 7,745 7,745 NIL
Equivalent
40 kgs 8,145 155 8,300 8,300 NIL
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