Prices slid on the cotton market on Wednesday in the process of hectic trade, dealers said. The official spot rates after a short break, fell by Rs 50 to Rs 6500, they said. The seed cotton prices in Sindh remained unchanged at Rs 3100-3300, while in Punjab phutti prices dropped by Rs 100 to Rs 2800-3300, they said.
Approximately, 20,000 bales of cotton changed hands between Rs 6500-6975, they said. According to the market sources, buyers generally entered into long position mainly because of declining trend in prices. Cotton analyst, Naseem Usman said that the ginners showed some flexibility towards prices, so the leading mills finalised big deals, some of them were reluctant to make fresh deal owing to poor quality of cotton. Other experts said that rates may depict softness due to poor quality because of moisture content in seed cotton.
Reuters adds: New York cotton futures fell for the third straight session on the lowest in more than five weeks on Tuesday. The following deals were reported: 2800 bales from Shahdadpur at Rs 6500-6675, 3600 bales from Sanghar at Rs 6500-6600, 1000 bales from Hyderabad at Rs 6500-6650, 400 bales from Maqsoodo at Rs 6500-6550, 400 bales from Jhole at Rs 6500-6550, 1200 bales from Kotri at Rs 6525-6600, 3000 bales from Tando Adam at Rs 6550-6600, 2000 bales from Mirpurkhas at Rs 6500-6600, 1000 bales from Moro at Rs 6550-6650, 400 bales from Hala at Rs 6550, 200 bales from Naoabad at Rs 6650, 100 bales from Chichawatni at Rs 6925 and 400 bales from Haroonabad at Rs 6800, dealers 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 16-08-2016
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37.324 kg 6,500 135 6,635 6,685 -50
Equivalent
40 kgs 6,966 145 7,111 7,165 -54
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