Prices tended higher on the local cotton market on Monday in the process of slow trading, dealers said. The official spot rate appreciated by Rs 100 to Rs 8,600, they added. In the ready session, about 3000 bales of cotton changed hands between Rs 8600-8875, they said. Prices of seed cotton in Sindh and Balochistan were at Rs 3000-3500 and in Punjab seed cotton prices at Rs 3000-3600, they said.
According to market sources, local cotton is short of demand and quality is not also matching with buyers' psychological levels. Cotton analyst, Naseem Usman observed the latest situation and said that local traders were not ready to adopt wait-and-see position, because they have already under pressure due to financial problems causing by world recession and partly because of economic crisis in the country.
Rising tensions between India and Pakistan creating a lot of uncertainties among traders, other brokers said and adding all business friendly people hoping disturbing situation will settle down as soon as possible. Cotton prices showed slight gains in India, rates moved divergent trend in other parts of the world, they said.
The following deals reported: 400 bales of cotton from Rajanpur sold at Rs 8875 and 2200 bales of cotton from Rahim Yar Khan done at Rs 8600-8800, 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 23-02-2019
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37.324 kg 8,600 160 8,760 8,660 + 100/-
Equivalent
40 kgs 9,217 171 9,388 9,280 + 108/-
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