Cotton market: Listless trade as ginners show not much interest

Not a single deal finalised on the cotton market on Monday as the ginners showed no interest in selling due to little stock of lint cotton with them, some dealers said. The official spot rate was unchanged at Rs 5350, dealers said. The prices of seed cotton in Sindh were at Rs 1900 and Rs 2500 and in Punjab rates were at Rs 2200 and Rs 3000, they said.
Cotton analyst, Naseem Usman said that the ginners were on the sideline, as have a very small size of unsold stock of fine cotton, so they are not cutting down rates. On the other hand, the millers were not ready to pay above their psychological levels, other brokers said. They said that reports appeared that the seed cotton (phutti) over 14.8 million bales have reached in ginneries across the country by May 1 registering a percentage increase in arrival by 11.5 percent compared to corresponding period of previous year.
The Pakistan Cotton Ginners Association (PCGA) has issued the final statistical conclusion production report of the recent cotton season, as phutti equivalent to 14,871,174 bales has undergone the ginning process. Not a single deal finalised till our going to the press, 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 1-1/32"

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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 02.05.2015

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37.324 Kgs         5,350       150        5,500        5,500            NIL

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Equivalent

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40 Kgs             5,734       160        5,894        5,894            NIL

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