Prices were firm on the cotton market on Monday in the process of modest trade activity, dealers said. The official spot rate was unmoved at Rs 6700, dealers said. In Sindh, seed cotton prices were at Rs 3200-3500, they said. In Punjab, phutti rates were at Rs 3300 and Rs 3800, as per 40 kg, they added.
In ready business, nearly 5000 bales of cotton changed hands between Rs 6150 and Rs 7000, they said. Market sources said that cotton prices were firm on strong demand. Cotton analyst, Naseem Usman said that business activity could not pick up due to higher rates. Other brokers said that activity remained restricted as leading ginners were not inclined to dispose off their stock at current rates.
In the world markets, prices were also up and this is one of the leading factors behind the persistent rise in the local market. The following deals reported: 550 bales from Rohri at Rs 6150, 683 bales from Salehpat at Rs 6700, 700 bales from Bahawal Nagar at Rs 6700, 1000 bales from Rahim Yar Khan at Rs 6950, 1400 bales from Sadiqabad at Rs 6950 and 400 bales from Haroonabad at Rs 7000, dealers said.
===========================================================================
The KCA Official Spot Rate for Local Dealings in Pakistan Rupees
---------------------------------------------------------------------------
FOR BASE GRADE 3 STAPLE LENGTH 1-1/16"
---------------------------------------------------------------------------
MICRONAIRE VALUE BETWEEN 3.8 TO 4.9 NCL
===========================================================================
Rate Ex-Gin Upcountry Spot Rate Spot Rate Difference
For Price Expenses Ex-Karachi Ex. KHI, As Ex-Karachi
on 11-02-2017 in Rupees
===========================================================================
37.324 kg 6,700 135 6,835 6,835 NIL
Equivalent
40 kgs 7,180 145 7,325 7,325 NIL
===========================================================================
No content from Business Recorder shall be reproduced, published, broadcast, rewritten for broadcast or publication, or redistributed directly or indirectly in any medium.
Business Recorder shall not be responsible or held liable for any error of fact, opinion or recommendation and also for any loss, financial or otherwise, resulting from business or trade or speculation conducted, or investments made, on the basis of the information posted here. Nor shall Business Recorder be held liable for any actions taken in consequence." >Copyright Business Recorder, 2017