Official spot rate maintained rising trend on the cotton market on Saturday on tight supply of quality lint, dealers said. The official spot rate posted fresh rise of Rs 50 to Rs 5,450, dealers said. In Sindh, prices of seed cotton were at Rs 2000 and Rs 3000 and in the Punjab, rates were at Rs 2300 and Rs 3100, they said.
In the ready business, over 5,000 bales of cotton changed hands between Rs 5225 and Rs 5750, they said. They said that main participants adopted wait-and-see attitude ahead of the Pakistan Cotton Ginners Association (PCGA) fortnightly report. According to the market sources, activity came down as mills and spinners failed to make big deals because all eyes are set on the outcome of Heilmtextil fair in Frankfurt, Germany.
Cotton analyst, Naseem Usman said that good orders from international buyers, may revive trade activity. Under the circumstances traders and businessmen are not optimistic about any miracle in the presence of world recession and heavy taxes and surcharges in the country, which marred the textile industry, experts said.
Reuters adds: Cotton futures dipped on Friday to settle the week little changed, near three-month lows touched earlier in the week, as another day of significant losses on top-consumer China's stock indices raised concerns. March cotton on ICE Futures US settled down 0.49 cent, or 0.79 percent, at 61.41 cents per lb. It traded within a range of 61.34 and 62.02 cents a lb. The contract settled the week up just 0.01 cent, or less than 0.1 percent. Total futures market volume rose by 613 to 22,158 lots. Data showed total open interest gained 886 to 182,553 contracts in the previous session.
The following deals finalised: 600 bales from Rohri at Rs 5510, 200 bales from Hasilpur at Rs 5225, 800 bales from Haroonabad at Rs 5300-5400, 400 bales from Faqirwali at Rs 5350, 600 bales from Fort Abbas at the same rate, 1000 bales from Sadiqabad at Rs 5350-5600, 600 bales from Yazman Mandi at Rs 5425-5500, 400 bales from Maroot at Rs 5440 and same number from Mianwali at Rs 5500-5750, 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 15-01-2016
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37.324 kg 5,450 135 5,585 5,535 +50
Equivalent
40 kgs 5,841 145 5,986 5,932 +54
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