Cotton prices sustained present levels on the local market on Friday in the process of trading activity, dealers said. The official spot rate halted further decline at Rs 7,000, they added. In both Sindh and the Punjab seed cotton prices were inert at Rs 2600-3200, they said. Explaining the stagnant position in the cotton arena, cotton analyst, Naseem Usman said that under the circumstances, both buyers and sellers were fed up but a few buyers did purchase to meet urgent needs.
In the meantime, the ginners were confused as they have huge stock of unsold stock to dispose of, they said. Prices were picking up in the global markets, indicating not steep fall in the local market, they said. In India, Shankar'6 maintained rising trend, picking up more Rs 100 to Rs 40,300 356 kg per candy, they added.
According to the reports, the Punjab Additional Secretary for Agriculture (Task Force) has advised the cotton growers to get updated on the schedule of cotton sowing given by the department in the province by virtue of which it cannot be cultivated before April 01. Adds Reuters: In the New York market, futures shoowed higher trend on Thursday The following deals were reported: 2312 bales of cotton from R.Y. K at Rs 7000, 1600 bales from Khanpur at Rs 7000 and 600 bales from Faqeerwali 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 08.02.2018
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37.324 kg 7,000 145 7,145 7,145 NIL
Equivalent
40 kgs 7,502 155 7,657 7,657 NIL
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