Spot rate fell on the cotton market on Monday due to sluggish demand by mills and spinners, dealers said. The official spot rate drifted lower by Rs50 to Rs9050, they added. In the ready session, over 2000 bales of cotton changed hands between Rs8500-9150, they said.
Rate of seed cotton per 40kg in Sindh low quality was at Rs2800, while the best quality was at Rs4200, and in the Punjab prices were at Rs3000 while the fine type was at Rs4600, they said.
In Sindh, Binola prices per maund were at Rs1400-1800, in Punjab rates were at Rs1650-1800, they said and the rate of polyester fibre was at Rs181 per kg, they added.
Market sources said that most of the mills and ginners were on the sidelines mainly because of less buying interest.
Cotton analyst, Naseem Usman said cotton prices were down in the international market due to said reason. Globally, demand for cotton is coming down and this is the factor, which is dragging rates down.
They also observed that small millers, who do not have the capacity to import cotton, have no other option but to enter into such deals. In addition, they said that these deals allow millers to pay partial amount and lift stock when required.
In India and other cotton growing countries, prices drifted lower owing to low demand, they said.
The following deals reported: 200 bales from Jahania at Rs9150, 938 bales from Shehar Sultan at Rs8500, 600 bales from Fort Abbas at Rs8700 and 400 bales from Haroonabad finalised at Rs8700, 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 25-01-2020
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37.324 kg 9,050 160 9,210 9,260 -50/-
Equivalent
40 kgs 9,699 171 9,870 9,923 -53/-
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