Listless business was witnessed on the cotton market on Saturday in the process of tight supply of fine quality of lint, dealers said. The official spot rate was unchanged at Rs 8,800, they added. In the ready session, a deal of 150 bales of cotton finalised at Rs 8450, they said.
Market sources said that both mills and ginners were on the sidelines due to lack of buying interest. Cotton analyst, Naseem Usman said that ginners were not interested in fresh selling due to little stock with them, on the other hand, the mills were taking time to make new deals owing to hovering uncertainties on both the political and economic front.
In the meantime, most of them were expecting that situation will improve in the near future, other brokers said. The New York cotton futures were closed due to Good Friday holiday.
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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"
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 19-04-2019
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37.324 kg 8,800 160 8,960 8,960 Nil
Equivalent
40 kgs 9,431 171 9,602 9,602 Nil
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