Prices of seed cotton dropped slightly on the cotton market on Thursday in the process of thin trading activity, dealers said. The official spot rate was unchanged at Rs 8800, they added. Seed cotton per 40kg from Lower Sindh was available at Rs 4000-4200, they said. Binola per maund was available at Rs 1800, they said. About 600 bales of cotton changed hands between Rs 8750-8850, they said.
Market sources said that traders were discussing about the imposition of sales tax on different products in the federal budget 2019-20.
Cotton Analyst, Naseen Usman said that most of the businessmen urging the government to restore zero-rating regime for five export sectors as it has caused unrest among the businessmen.
Adds Reuters: Cotton prices climbed more than 1% on Wednesday, as traders covered short positions, while adverse weather in crop planting areas across Texas helped prices.
The most active cotton December contract on ICE Futures US settled up 0.84 cent, or 1.29%, at 65.88 cents per lb.
Total futures market volume rose by 3,472 to 51,694 lots. Data showed total open interest fell by 292 contracts to 206,395 in the previous session. Following deals were reported: 200 bales from Hyderabad done at Rs 8750 and 400 bales of cotton from Sanghar at Rs 8850, 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"
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 12-06-2019
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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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