Cotton prices steady on modest trade activity

Prices were steady on the cotton market on Wednesday in the process of modest trade activity, dealers said. The official spot rate was unchanged at Rs 6800, they said. In Punjab prices of phutti were unchanged at Rs 3750-3800, as per 40 kg, they said. In ready session, nearly 2600 bales of cotton sold at Rs 6825-7100, they said. According to the market sources, trade activity lacked buying interest owing to short supply of quality cotton. The ginners, however, tried to raise asking prices due to limited stock of fine quality. The other major factor is higher yarn prices, because of higher rates, yarn is not in demand, they said.
Reuters adds: The New York cotton futures were higher on Tuesday on falling demand. The following deals reported: 200 bales from Mirpur Dewan, same figure from Shujabad at Rs 6825, 400 bales from Faqirwali at Rs 6900, 800 bales from Haroonabad at Rs 6950-7000 and 1000 bales from same station sold at Rs 7000, 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 1-1/32"
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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 14.03.2017
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37.324 kg         6,800       135         6,935        6,935            NIL
Equivalent
40 kgs            7,288       145         7,433        7,433            NIL
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