Prices stable on the cotton market on Saturday in the process of slow trading, dealers said. The official spot rate was unchanged at Rs 4850, dealers said. Seed cotton prices in Sindh and Punjab were at Rs 2400-2450, they said. In the ready business, approximately, 1200 bales of cotton changed hands at Rs 4950, they said.
Market sources said that leading mills were conspicuous by their absence, just needy mills and spinners were a little bit busy in making deals to meet urgent demand. Cotton analyst, Naseem Usman said that country's textile industry is facing a lot of problems due to lack of incentives.
Other experts said that textile producers were operating just two shifts because they were not able to sell their products in the world market due to high cost of doing business.
Reuters adds: The NY cotton futures and options markets will be closed on Friday, July 3, for the US Independence Day holiday weekend. The following deals reported: 200 bales of cotton form Golarchi at Rs 4950, 800 bales from Mirpurkhas and 200 bales from Sanghar done at the same rate, dealers 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 03.07.2015
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37.324 Kgs 4,850 150 5,000 5,000 NIL
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Equivalent
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40 Kgs 5,198 160 5,358 5,358 NIL
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