Not many fluctuations were seen in the prices on the cotton market on Saturday amid cautious selling by ginners, dealers said. The official spot rate was inert at Rs 5450, dealers said. In the ready session, over 3000 bales changed hands between Rs 5550-5600, they said. Cotton analyst, Naseem Usman said that situation has not changed on the cotton market as most of the leading ginners were not ready to oblige the buyers, in anticipation of better rates in the coming days.
On the other hand, the mills and spinners were not interested in the fresh buying due to financial problem, other brokers said. Uncertainties are still hovering over the issue of Gas Infrastructure Development Cess (GIDC), they said.
Reuters adds: ICE cotton futures rose to their highest level in nearly two weeks on Friday after a US Department of Agriculture (USDA) report showed strong export sales last week, but prices pared gains later in the session. "December cotton closed Friday down 0.6 percent at 64.64 cents a lb. December cotton's premium to July cotton fell to 0.29 cent a lb, down from 0.73 cent the prior session.
Total futures market volume rose by 33,587 to 59,436 lots. Data showed total open interest gained 530 to 188,791 contracts in the previous session. The following deals reported: 2000 bales of cotton from Rahim Yar Khan at Rs 5550, 600 bales from Chichawatni at Rs 5600 and 400 bales from Liaquatpur at the same rate, 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 29.05.2015
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37.324 Kgs 5,450 150 5,600 5,600 NIL
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Equivalent
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40 Kgs 5,841 160 6,001 6,001 NIL
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