Seed cotton (Phutti) prices came down on the cotton market on Monday in the process of modest trading, dealers said. The official spot rate was unchanged at Rs 5300, dealers said. In Sindh, seed cotton prices were down by Rs 100 to Rs 2400 and Rs 2800 and in the Punjab rates were at Rs 2500 and Rs 3000, they said.
In the ready business, nearly 10,000 of deals were finalised between Rs 4900 and Rs 5550, they said. Market sources said that both growers and ginners were not busy in panic selling but despite of this volume of business is not picking up. They said that devaluation of the Indian rupee last week, had propelled local importers to continue import and this factor is causing a concern among the sellers of cotton.
Cotton analyst, Naseem Usman said that the country would have to import nearly 2.5 million bales to meet the local demand. He said that prices may show softness in the coming days or stay with no change. The following deals reported: 400 bales from Tando Adam at Rs 4900, 2000 bales from Mehrabpur at Rs 5300, 400 bales from Rasoolabad at Rs 5300, 800 bales from Sui at Rs 5300, 600 bales from Setharaja at Rs 5300-5350, 800 bales from Rohri at Rs 5400, 600 bales from Salehpat at Rs 5400, 400 bales from Fort Abbas at Rs 5500, 600 bales from Haroonabad at Rs 5500, 400 bales from Alipur at Rs 5500, 800 bales from Rahim Yar Khan at Rs 5550, 400 bales from Khanpur at Rs 5550 and 400 bales from Layyah at Rs 5400, 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 07-11-2015
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37.324 kg 5,300 135 5,435 5,435 NIL
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Equivalent
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40 Kgs 5,680 145 5,825 5,825 NIL
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