A steady flow of buying by mills and spinners at lower rates kept prices firm on the cotton market on Wednesday, dealers said. The official spot rate was unchanged at Rs 5,200, dealers said. In Sindh, seed cotton prices were at Rs 2000-2200, and in Punjab prices at Rs 2500 and Rs 2900, they said.
According to the market sources, some leading spinners finalised deals on lower rates to meet their urgent requirements. Uncertainty in the world market coupled with falling prices in commodities keeping traders shaky around the globe, some experts said.
They also said that short supply of quality cotton and higher prices demand were making hurdles in finalising the big deals of transactions between buyers and sellers.
Locally, to solve the several issues on cotton, the Karachi Cotton Association (KCA) held joint meeting of the stakeholders. The growers and traders also took part in the meeting.
The following deals 400 bales of cotton from Khanewal at Rs 4700, 580 bales from Yazman Mandi at Rs 4500, 2000 bales from Ranipur at Rs 5200 and 800 bales from Hasilpur at Rs 5300-5450, 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 15-03-2016
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37.324 kg 5,200 135 5,335 5,335 NIL
Equivalent
40 kgs 5,573 145 5,718 5,718 NIL
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