Subdued business was seen on the week-opening day due to tight supply of quality lint, dealers said on the cotton market on Monday. The official spot rate unchanged at Rs 6750, they said. In Punjab prices were unchanged at Rs 3400-3750, as per 40 kg, they said. In the ready season, only one deal of 600 bales of cotton from Hyderabad done at Rs 6350, they added.
Market sources said that the mills and spinners were keen to make deals at their psychological levels because the quality was not so good. In the meantime, cotton analyst, Naseem Usman said that the ginners were trying to make profit under the circumstances and accepted higher bids. The buyers who were paying higher rates, were not getting better quality amid tight supply position, he said.
Other experts said that higher prices in the international markets influenced the rates locally, indicating prices to maintain firm trend in the coming days.
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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 1-1/16"
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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 Expenses Ex-Karachi Ex. KHI, As Ex-Karachi
on 04-03-2017 in Rupees
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37.324 kg 6,750 135 6,885 6,885 NIL
Equivalent
40 kgs 7,234 145 7,379 7,379 NIL
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