A kind of dullness prevailed on the cotton market on Tuesday as leading buyers kept on the sideline due to un-availability of quality lint, dealers said. Official spot rate failed to sustain overnight firmness, losing Rs 100 at Rs 7400, they added. In both Sindh and Punjab prices were at Rs 2800-3100, they said.
In the ready session, only 400 bales of cotton from Lodhran finalised at Rs 6800, they said. Market sources said that major buyers were not active because they were focusing on import of cotton from other sources.
The Pakistan Cotton Ginners Association (PCGA) issued it's fortnightly report at around 11.6 million bales, they said. On the other hand, cotton analyst, Naseem Usman said that the ginners were not in a hurry to dispose off their stocks. Besides, severe irrigation water shortage most likely to affect the next cotton crop, then local buyers may have to depend on import of cotton to meet their demand, other experts said. Cotton prices were down in the international market on Tuesday, they 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 1-1/16"
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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 02.04.2018
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37.324 kg 7,400 145 7,545 7,645 - 100/-
Equivalent
40 kgs 7,931 155 8,086 8,193 - 107/-
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