Thin business activity was witnessed on the cotton market on Wednesday as few numbers of leading buyers took part in fresh deals to meet urgent requirements, dealers said. The official spot rate was unchanged at Rs 6250, dealers said. In Sindh, seed cotton prices were at Rs 2600-3250, they said that in Punjab, phutti rates were at Rs 2800 and Rs 3500, as per 40 kg, they added. In the ready session, over 6,000 bales of cotton changed hands between Rs 5900-6500, they said.
Some brokers said that prices showed little change in absence of leading buyers. In the meantime, some spinners indulged in purchasing of quality lint, they noted. Cotton analyst, Naseem Usman said that local market is in line with international track where China is in the forefront. In China, several spinning markets were closed temporally due to heavy smog, he observed. Other experts said that spinners kept on the sidelines partly because of bank closing on 31st December.
Adds Reuters: ICE cotton futures fell to a five-week low on Tuesday, as investors continued to liquidate long positions and the dollar gained in strength. The March cotton contract on ICE Futures US ended down for the third straight session and dropped to a low of 69.32 cents per lb, a bottom lasted reached on November 14. The following deals reported: 1000 bales from Sanghar at Rs 5900, 1000 bales from Pithoro at Rs 6200, 600 bales from Tonsa Sharif at Rs 6050, 800 bales from Hasilpur at Rs 6100, 400 bales from Vehari at Rs 6100, 800 bales from Haroonabad at Rs 6365/6400, 400 bales from Fort Abbas at Rs 6400, 1200 bales from Sadiqabad at Rs 6500, dealers 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 1-1/32"
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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 20-12-2016
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37.324 kg 6,250 135 6,385 6,385 NIL
Equivalent
40 kgs 6,698 145 6,843 6,843 NIL
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