Selective buying was witnessed on the cotton market on Friday as mills took interest in purchasing fine quality in the process of modest trading, dealers said. The official spot rate was unchanged at Rs 8,800, they added. Prices of seed cotton in Sindh improved slightly at Rs 3000-4000, in the Punjab seed cotton prices showed slight fall at Rs 3200-4000 and in Balochistan, rates of seed cotton were at Rs 3600-3900, they said.
In the ready session, 2000 bales of cotton changed hands between at Rs 7800- 9000, they said. Market sources said that activity was subdued as ginners were also reluctant in selling the best type because they were hoping for maximum profit in the near future.
Cotton analyst, Naseem Usman said that by and large trend of business is almost slow in the world but it looks that trading activity would improve in time to come.
In the meantime, government's measures for textile sector may bring positive change and help the volume of business to improve from the present level, he added. According to the reports rates of cotton were almost down in the international markets.
The following deals reported: 200 bales of cotton from Rajanpur at Rs 9000, 400 bales from Maroot at Rs 8400, 1200 bales from Vehari at Rs 8300-8375 and 200 bales from Chichawatni at Rs 7800, 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 1-1/16"
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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 13-12-2018
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37.324 kg 8,800 160 8,960 8,960 NIL
Equivalent
40 kgs 9,431 171 9,602 9,602 NIL
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