Prices steady on the cotton market on Saturday in the process of slow trading activity, dealers said. The official spot rate was unchanged at Rs 8,700, they added. In the ready session, around 3000 bales of cotton changed hands between Rs 8050-9075, they said. Prices of seed cotton in Sindh and Punjab were at Rs 3000-3700 and in Balochistan, rates of seed cotton were at Rs 3200-3700, they said.
Market sources said that trading activity came down slightly as most of the buyers kept on the sidelines ahead of announcement of mini-budget. Cotton analyst, Naseem Usman said that insipid condition was seen as leading participants adopted wait-and-see attitudes ahead of announcement of mini-budget, likely next week.
The ginners who have huge stock of unsold cotton, came under pressure since the government's withdrawal of import duty on cotton, they were facing a kind of financial losses, other brokers said. Many businessmen and traders are still in search of guiding factors to restore their confidence, they said. It's necessary that the government must come forward to bring the economy back on track and this is not possible without creating business-friendly atmosphere among the traders.
Whereas, the latest edition of Global Economic Conditions Survey (GECS) from ACCA (the Association of Chartered Certified Accountants) and IMA (Institute of Management Accountants) finds Pakistan's economic confidence fell sharply in the final quarter of 2018. Cotton prices sustained rising trend on the international markets, they said.
Following deals reported: 400 bales of cotton from Moro at Rs 8200, 1200 bales from Dherki at Rs 9050/9075, 400 bales from Mirpur Mathelo at Rs 8800, 600 bales from Khanpur Mathelo at Rs 8800 and 200 bales from Yazman Mandi at Rs 8050, 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 18-01-2019
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37.324 kg 8,700 160 8,860 8,860 NIL
Equivalent
40 kgs 9,324 171 9,495 9,495 NIL
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Copyright Business Recorder, 2019

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