Rates sustained present levels on the cotton market on Tuesday in the process of modest trade activity, dealers said. The official spot rate was unchanged at Rs 7,000, they added. In Sindh, seed cotton prices showed no change at Rs 2500-3200 while in the Punjab, rates were at Rs 2400-3100, they said. In the ready session, nearly 5000 bales of cotton changed hands between Rs 6185-7200, they said.
According to the market sources, most of the leading buyers stayed away from making new deals due to quality factor. Cotton analyst, Naseem Usman said that some needy mills showed interest in fresh buying to replenish their stock.
In the meantime, he said that prices in India improved following the reports that total production to decline due to severe attack by Pinkbol warm on crop. Other experts said that it's an indication that prices may depict firmness in the coming days.
Adds Reuters: The New York cotton futures were down on Monday. The following deals were reported: 1400 bales of cotton from Khanpur at Rs 7000/7200, 400 bales from Feroza at Rs 7200, 400 bales from Lodhran at Rs 6800, 1400 bales from Haroonabad at Rs 6185/6400, 200 bales from Chistian at Rs 6200, 400 bales from Yazman Mandi at Rs 6200 and 400 bales from Fort Abbas at Rs 6200, 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 12.02.2018
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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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