The official spot rates were higher on the cotton market on Monday as the Pakistan Cotton Ginners Association (PCGA) issued its final arrival figure, brokers said. The official spot rates picked up Rs 25 to Rs 2225, without upcountry expenses.The cotton prices were within the band of Rs 2050-2200. According to the market sources, the season's final arrival figures of cotton were issued by the PCGA, which is approximately 14.34 million bales of cotton.
They also said that both ginners and spinners were on the sidelines after the figure and it seems that the tug of war over the prices will continue between them for the near term.
Some analysts realised that prices were high and this factor has made textile items expensive in the local markets.
Now we are in World Trade Organisation (WTO) regime, which has many complications including quality factors and selling to highly quality-conscious overseas buyers.
Pakistan is a cotton producing state and it needs to realise the challenges to face the post quota era, analysts said, adding if we do not identify the zigzag ways of the WTO regime, how any progress can be made in the textile industry?
Not a single deal was reported as market players kept on the sidelines.
===========================================================
The KCA Official Spot Rate for Local Dealings in Pak Rupees
-----------------------------------------------------------
FOR BASE GRADE 3 STAPLE LENGTH 1-1/32"
MICRONAIRE VALUE BETWEEN 3.8 TO 4.9 NCL
===========================================================
Rate Ex-Gin Upcountry Spot Rate Ex-Karachi
for Price Sales Tax @ 15%
===========================================================
37.32 Kgs 2225.00 50 2275.00
Equivalent-------------------------------------------------
40 Kgs 2385.00 50 2435.00
===========================================================
Comments
Comments are closed.