Dullness prevailed on the cotton market on Monday as mills were not ready to pay higher rates in anticipation of decline in prices because of fresh arrivals of new crop, dealers said. The official spot rate was unchanged at Rs 6,400, they said. The seed cotton from lower Sindh prices per 40 kg was at Rs 3100, (10 trucks), they added.
Cotton analyst, Naseem Usman said that a rate from the new crop at Rs 7,000 could not confirm. The ginners were demanding Rs 7,000 because of fine type, but the mills did not oblige them, but it is expected that fine type may attract buyers and they showed their interest in purchasing at the higher rates, they added. Not a single deal was finalised till our going to the press, they said.
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The KCA Official Spot Rate for Local Dealings in Pak Rupees
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FOR BASE GRADE 3 STAPLE LENGTH 1-1/32"
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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 08.06.2013
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37.324 Kgs 6,400 155 6,555 6,555 NIL
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Equivalent
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40 Kgs 6,859 155 7,014 7,014 NIL
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