Modest trade activity was seen on the cotton market on Monday as some leading buyers kept on the sidelines due to little interest in fresh buying, dealers said. The official spot rate was inert at Rs 5450, dealers said. In the ready session, over 5000 bales changed hands between Rs 5500-5575, they said.
According to the market sources, lukewarm attitude was seen among ginners, who half heartedly willing to sell their unsold at below their psychological levels. Cotton analyst, Naseem Usman said that mills are still under pressure over the issue of GIDC and on the other hand the ginners were selling their stuff before arrivals of new crop, he added.
The following deals reported: 1000 bales of cotton from Jahanian at Rs 5500, 1600 bales from Rahim Yar Khan at Rs 5550, 1200 bales of cotton from Khanpur at the same rate, 800 bales from Fort Abbas at the equal amount and same figure from Yazman Mandi at Rs 5575, 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 1-1/32"
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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 30.05.2015
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37.324 Kgs 5,450 150 5,600 5,600 NIL
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Equivalent
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40 Kgs 5,841 160 6,001 6,001 NIL
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