Seed cotton prices dropped modestly on the local market on Thursday in the process of improved trading activity, dealers said. The official spot rate was unmoved at Rs 7,300, they added. In ready session, over 10,000 bales of cotton changed hands between Rs 5100-7300, they said. In Sindh seed cotton prices after a short span of time, again reacted negatively as rates shed Rs 100 to Rs 2600 and Rs 3250, and in the Punjab, rates also dropped the same to Rs 2600-3200, they said.
Cotton Analyst, Naseem Usman said that the demand is not picking up due to little buying interest. It is most likely that volume of business may improve more in the near future as the ginners who have unsold stock were not interested in keeping them with the long-time because they are loser, instead of gaining we are losing ground, the some of the ginners said.
In China and Indian cotton prices are stable owing to some factors, they said. The New York cotton futures recovered slightly on Wednesday, after losing 8 cents per lb during the last week, they added. The following deals reported: 6598 bales of cotton from Dherki at Rs 7000, 600 bales from Saleh Pat at Rs 6600, 418 bales from Kotri at Rs 5800, 920 bales from Mirpurkhas at Rs 5100 and 1000 bales from Yazman Mandi at Rs 7300, 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 31-01-2018
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37.324 kg 7,300 145 7,445 7,445 NIL
Equivalent
40 kgs 7,823 155 7,978 7,978 NIL
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