Prices were firm on the cotton market on Wednesday as main participants were on the sidelines in the absence of government's incentives for the textile sector, which definitely can help in achieving the desired cotton production target, dealers said. The official spot rate was unmoved at Rs 6700, they said.
In ready session, around 2000 bales of cotton changed hands at Rs 7000, they said. According to market sources some needy buyers were keen to purchase fine cotton but on the other hand, the ginners who were not in a hurry to sell their limited stock of cotton. The government just educating growers to save the cotton crop from leaf curl virus, whitefly and other pest attack.
They said that the government should also provide insecticides to farmers and growers on free or concession rates for the better production.
Cotton analyst, Naseem Usman said that delay in payment of long outstanding refunds is an ugly act to sabotage the premier's vision of economic growth for the country.
Adds Reuters: ICE cotton futures rose on Tuesday, supported by mill fixations and short-covering, amid a softer US dollar.
The July cotton contract on ICE Futures US settled up 0.72 percent at 79.36 cents per lb on Tuesday after declining 0.7 percent in the previous session.
Total futures market volume fell by 5,365 to 20,718 lots. Data showed total open interest gained 2,265 to 245,139 contracts in the previous session.
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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 Ex-Karachi Ex. KHI. As Ex-Karachi
on 25.04.2017
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37.324 kg 6,700 135 6,835 6,835 Nil
Equivalent
40 kgs 7,180 145 7,325 7,325 Nil
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