Prices showed firmness on the cotton market on Wednesday in the process of slow trading activity, dealers said. The official spot rate was unchanged at Rs 7,400, they added. In the ready session, only one deal of 2675 bales from Bahawalpur done at Rs 6700, they said. According to the market sources as a whole, prices were firm due to sustained demand by spinners. They said that growers and farmers were looking satisfied due to stable trend in rates.
Cotton analyst, Naseem Usman said that prices of 1500 Maund of seed cotton from Punjab were at Rs 3775 per 40 kg for 1st July delivery. Commenting on the next direction of market, he said that prices may go up in line with the international track during the new season. Other brokers said that increase in prices is so high in the world market, so this factor may influence the domestic market owing to strong demand. In the world markets, particularly in the US and India prices remained on upward march, 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 26-05-2018
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37.324 kg 7,400 145 7,545 7,545 NIL
Equivalent
40 kgs 7,931 155 8,086 8,086 NIL
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