Volume of business came down following the expectations for better crop and pushed the prices lower on the cotton market on Monday, dealers said. The official spot rate was lowered by 25 to Rs 3600, brokers said.
In the ready business above 13,000 bales of cotton changed hands between Rs 3650-3650, they. Phutti prices came down in Sindh at Rs 1725-1750 and in Punjab at Rs 1750-1775, they said. According to the market sources, as a result of improved arrival of seed-cotton, most of the mills and exporters were on the sidelines in anticipations that the prices will decrease in the coming days.
Some analysts were of the view that after the news of small damage to crop and good production, the buyers were expecting prices to ease, they may be loser if prices fall sharply.
They said that the cotton production was not damaged in the Punjab as it was speculated but one thing is very clear that the crop size is good as compare to the last year. In the meantime in the Trading Corporation of Pakistan (TCP)'s tender, which floated offers for some 28,000 bales of cotton, received bid for nearly 68,000 bales, the highest bid is Rs 3537 and the lowest rate is 2777, they said.
The following deals were reported: 1000 bales of cotton from Shahdad Pur sold at Rs 3625, 600 bales from Tando Adam at Rs 3625, 1000 bales from Sanghar at Rs 3625, 500 bales from Nawabshah at Rs 3625, 400 bales from Hala at Rs 3625, 4000 bales from Mir Pur Khas at Rs 3600, 600 bales from Khair Pur at Rs 3650, 1000 bales from Burewala at Rs 3600-3625, 600 bales from Dera Ghazi Khan at Rs 3650, 400 bales from Bahawal Pur at Rs 3625, 400 bales from Chistian at Rs 3625, 400 bales from Mian Channu at Rs 3625, 400 bales from Arifwala at Rs 3650, 600 bales from Fazal Pur at Rs 3650 and 800 bales from Haroonabad at Rs 3650.
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The KCA Official Spot Rate for Local Dealings in Pak Rupees
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FOR BASE GRADE 3 STAPLE LENGTH 1-1/32"
MICRONAIRE VALUE BETWEEN 3.8 TO 4.9 NCL
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Rate Ex-Gin Upcountry Spot Rate Ex-Karachi
for Price Sales Tax @ 15%
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37.324 Kgs 3,600.00 100 3,700.00
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Equivalent
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40 Kgs 3,858.00 100 3,958.00
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