Listless trading activity was seen on the cotton market on Saturday as leading participants were on the sideline due to less buying interest, dealers said. The official spot rate was unchanged at Rs 6800, they said. In the ready session, not a single deal reported till our going to the press, they said.
Some brokers said that expectations of early and better-than-expected cotton production failed to propel mills and spinners to make deals in a hurry. Other analysts said that most of them (spinners) were hoping of fall in the rates due to early arrivals of seed cotton. Cotton analyst, Naseem Usman said that some other mills were confused in the absence of availability of gas, power and irrigation water.
Textile mills were facing several difficulties because of decline in exports, he added. Adds Reuters: Intercontinental Exchange (ICE) said on Friday it would de-list all currently listed world cotton futures contract months as of the start of trading on Monday, and would defer listing any new contract months. ICE did not provide reasons for the delisting. Market volume in the US cotton futures totalled 38,400 lots as of Friday. ICE cotton futures fell to more than two week lows on Friday after the government lowered US export outlook for the new crop with a stronger dollar further weighing on the prices of the natural fibre.
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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 09-06-2017
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37.324 kg 6,800 135 6,935 6,935 Nil
Equivalent
40 kgs 7,288 145 7,433 7,433 Nil
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