Renewed buying interest by mills helped rates to hold the present steadier trend on the cotton market on Friday in the process of trading, dealers said. The official spot rate did not show any fluctuation at Rs 6,600, they said. In the ready session, over 45,000 bales of cotton changed hands between Rs 6100-7000, they said.
In Sindh, seed cotton prices were up by Rs 50 to Rs 2800-3350, in the Punjab, rates were at Rs 2800-3500, as per 40 kg, they said. Market sources said that a panic like situation prevailed as some leading buyers showed no reluctance in fresh deals of lint cotton. Cotton analyst, Naseem Usman sharing the same view said that buyers kept chasing quality cotton in order to build up their inventories.
Short supply and fears of quality factor kept buyers on toe. There was strong demand but most deals could not be finalised due to quality constraints, other experts said. Besides, report appeared that India is likely to export nearly one-fifth less cotton than previously estimated as pink bollworms are set to eat into the south Asian country's output which was expected to hit a record, industry officials told Reuters on Thursday. Lower exports from the world's biggest producer will help its rivals like the US, Brazil and Australia to raise their exports to Asian buyers like Pakistan, China and Bangladesh.
The following deals were reported to have changed hands on the ready counter: 600 bales of cotton from Shahdadpur at Rs 6100/6200, 800 bales from Tando Adam at Rs 6250/6300, 1400 bales from Rohri at Rs 6600/6650, 200 bales from Saleh Pat at Rs 6600/6750, 1000 bales from Khairpur at Rs 6500/6550, 1000 bales from Ghotki at Rs 7000, 1400 bales from Dherki, 4600 bales from Fazilpur, 8600 bales from Rahim Yar Khan, 5800 bales from Khanpur, 3200 bales from Feroza, 800 bales from Khanewal, 1000 bales from MP Dewan, 1000 bales from Rajanpur, 2800 bales from Sadiqabad all were finalised at the same prices, 1600 bales from Shujabad at Rs 6800/6850, 1600 bales from Ahmedpur East at Rs 6800/6900, 2400 bales from Liaquatpur at Rs 6900/7000, 80 bales from Yazman Mandi at Rs 6600/6700, 1200 bales from Fort Abbas at Rs 6600/6650, 200 bales from Dharanwala at Rs 6550 and 1000 bales from Chistian at Rs 6425, 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"
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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 23.11.2017
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37.324 kg 6,600 145 6,745 6,645 +100/-
Equivalent
40 kgs 7,073 155 7,228 7,121 +107/-
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