Stable trend seen on cotton market

Fresh buying interest helped the rates to keep present levels on the cotton market on Wednesday in the process of trading, dealers said. The official spot rate was unchanged at Rs 6,600, they said. In Sindh, seed cotton prices were same at Rs 2800-3350, in the Punjab, rates were at Rs 2800-3500, as per 40 kg, they said.
Some experts said that lack of quality lint propelled mills and spinners to keep buying to replenish their stock. In the meantime, prices may ease after lifting a ban on import of Indian cotton. Commenting on the cotton analyst, Naseem Usman said that the Plant Protection Department (PPD) has waved a ban on import of Indian cotton. Earlier, the All Pakistan Textile Mills Association (APTMA) was seeking a removal of ban to meet requirements, other experts said and adding that exporters were also facing difficulties as they were not achieving any relief from the government's relief package and incentives.
Furthermore, Indian cotton import permit opened without Indian Cotton Association certificate and TCM certificate. Adds Reuters: ICE cotton rose 1 percent on Tuesday supported by technical buying and slower than expected harvest progress in the United States. Cotton contracts for March settled up 0.72 cent, or 1.01 percent, at 72.14 cents per lb. It traded within a range of 71.02, its lowest in almost a week, and 72.29 cents a lb.
The following deals reported: 1000 bales from Ghotki at Rs 7000, 1200 bales from Rohri at Rs 6550/6600, 1200 bales from Saleh Pat at Rs 6600/6800, 600 bales from Khanpur Meher at Rs 7000, 600 bales from Shahdadpur at Rs 6200/6300, 800 bales from Tando Adam at Rs 6250/6350, 400 bales from Kazi Ahmed at Rs 6200/6350, 4400 bales from Rahim Yar Khan at Rs 6850/7000, 2800 bales from Sadiqabad at Rs 7000, 1200 bales from Mian Channu at Rs 6600/7000, 1200 bales from Khanpur at Rs 6850/7000, 3400 bales from Mianwali at Rs 6450/7000, 1000 bales from Shujabad at Rs 7000, 1000 bales from Alipur at Rs 6900, 1000 bales from Sehehar Sultan at Rs 6900, 200 bales from Tonsa Sharif at Rs 6900, 1400 bales from Layyah at Rs 6775, 600 bales from Fazilpur at Rs 6750, 200 bales from Gojra at Rs 6725, 1000 bales from Maroot at Rs 6600/6675, 1400 bales from Hasilpur at Rs 6500/6650, 200 bales from Jalalpur at Rs 6650, 1200 bales from Bahawalpur at Rs 6600/6625, 1200 bales from Yazman Mandi at Rs 6600/6625, 200 bales from Chistian at Rs 6600, 8600 bales from Haroonabad at Rs 6500/6550, 200 bales from Shorkot at Rs 6475, 2200 bales from Faqirwali at Rs 6450 and 1800 bales from Burewala at Rs 6400, 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 28.11.2017
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37.324 kg          6,600      145        6,745          6,745           NIL
Equivalent
40 kgs             7,073      155        7,228          7,228           NIL
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