Listless business was seen on the cotton market on Monday as mills and spinners kept on the sidelines after satisfactory PCGA report and sharp fall in the NY cotton futures recently, dealers added. The official spot rate was unchanged at Rs 4,900, they said. In the ready session, not a single deal reported as mills preferred to be on the sidelines, they said.
In Sindh, prices of seed cotton were at Rs 1500 and Rs 2300, in Punjab prices were at Rs 1600 and Rs 2700, they said. Market sources said that despite the fact that the ginners were trying to sell cotton to from unsold stock. But sharp decline in the NY cotton futures during the last sessions, propelled mills and spinners to adopt wait-and-see attitude, cotton analyst, Naseem Usman said. After the PCGA fortnightly data, which is showing significant increase, many spinners and mills did not indulge in fresh buying, he added.
===========================================================================
The KCA Official Spot Rate for Local Dealings in Pakistan Rupees
---------------------------------------------------------------------------
FOR BASE GRADE 3 STAPLE LENGTH 1-1/32"
---------------------------------------------------------------------------
MICRONAIRE VALUE BETWEEN 3.8 TO 4.9 NCL
===========================================================================
Rate Ex-Gin Upcountry Spot Rate Spot Rate Difference
For Price Ex-Karachi Ex. KHI. As Ex-Karachi
on 03.01.2015
===========================================================================
37.324 Kgs 4,900 150 5,050 5,050 NIL
---------------------------------------------------------------------------
Equivalent
---------------------------------------------------------------------------
40 Kgs 5,251 160 5,411 5,411 NIL
===========================================================================
Comments
Comments are closed.