A renewed buying by mills and spinners pushed the rates higher on the cotton market on Monday in the process of trading, dealers said. The official spot rate went up by Rs 50 to Rs 5950, dealers said. In Sindh, seed cotton prices were same at Rs 2200-3050, they said, in Punjab, phutti rates were at Rs 2800 and Rs 3200, as per 40 kg, they added,
In ready business, around 28,000 bales of cotton changed hands between Rs 5925 and Rs 6200, they said. Market sources said that after a short break, the mills and spinners indulged in fresh buying to meet near-term requirements. Cotton analyst, Naseem Usman said that some major buyers were active to fulfil their needs. In the meantime, the ginners who were under pressure to dispose off their old stock, now looking some relaxed.
Other analysts said that under the circumstances both growers and ginners were trying to sell as much as they can probably rates were matching with their psychological levels.
The Pakistan Cotton Ginners Association (PCGA) issued fortnightly report depicting a rise in the cotton arrivals, which caused jitters among sellers, they observed. The following deals reported: 4000 bales of cotton from Khairpur at Rs 5925/5950, 1000 bales from Dharki at Rs 6175/6200, 1000 bales from Ghotki at Rs 6175/6200, 200 bales from Burewala at Rs 6050, 600 bales from Chistian at Rs 6075/6125, 1200 bales from Hasilpur at Rs 6075/6200, 600 bales from Chichawatni at Rs 6100/6150, 2000 bales from Layyah at Rs 6100/6150, 800 bales from Khanewal at Rs 6100/6150, 400 bales from Bahawal Nagar at Rs 6150, 400 bales from Mianchano at Rs 6150, 1000 bales from Alipur at Rs 6150, 1200 bales from Kabirwala at Rs 6150, 400 bales from Yazman Mandi at Rs 6150, 200 bales from Ghazighat at Rs 6150, 1400 bales from Haroonabad at Rs 6150/6175, 1000 bales from Ahmedpur at Rs 6150/6175, 1000 bales from Faqirwali at Rs 6150/6175, 800 bales from Lodhran at Rs 6150/6200, 600 bales from Vehari at Rs 6150/6200, 1400 bales from Fort Abbas at Rs 6175, 800 bales from Sadiqabad at Rs 6175/6200, 1000 bales from Fazilpur at Rs 6175/6200, 1400 bales from Rahim Yar Khan at Rs 6175/6200, 1200 bales from Bahawalpur at Rs 6175/6200, 400 bales from Khanpur at Rs 6200, 400 bales from Tonsa Sharif at Rs 6200 and 800 bales from Rajanpur at Rs 6200, 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 05-11-2016
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37.324 kg 5,950 135 6,085 6,035 +50
Equivalent
40 kgs 6,377 145 6,522 6,468 +54
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