Listless business was seen on the cotton market on Friday as spinners were conspicuous by their absence mainly because of lack of buying interest, dealers said. The official spot rate was unchanged at Rs 7,000, they added. In Sindh and the Punjab, seed cotton prices fell down modestly at Rs 2400-3000, they said. In the ready session, only one deal of 809 bales of cotton from Hala was finalised at Rs 5100, they said.
Market sources said that lack of buying interest and dullness in the global market forces the participants to keep on the sidelines. Cotton analyst, Naseem Usman said that slow off-take of cotton yarn is creating financial problem for the spinners. Huge stock of lint is indicating that rates may not show any improvement in the coming days. The ginners are worried under the circumstances, particularly, with the decision of waving of duty and taxes on the import of cotton, brokers said.
In China markets were closed owing to Luner New Year holidays, dealers said. Prices fell modestly in India as Shankar lost Rs 100 to Rs 39900 per candy 356 kg, J-34 shed the same amount to Rs 38900, MECH dropped the same figure to Rs 38100, they said. Adds Reuters: The New York cotton futures remained lower on Thursday.
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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 15.02.2018
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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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