Volume of business improved on the cotton market on Wednesday owing to fresh buying by some needy mills, dealers said. The official spot rate was unchanged at Rs 6650, they said. In Sindh, seed cotton prices were lower by Rs 100 to Rs 3300-3400, they said. In the ready season, nearly 6000 bales of cotton changed hands between Rs 6850 and Rs 7050, as per 40 kg, they added.
According to the market sources, some needy mills and spinners indulged in purchasing to meet urgent needs. They said that arrivals of phutti (seed cotton) have almost completed, consequently, sowing has stared, in the meantime, in the Punjab, the situation is totally different because growers would not begin sowing by the middle of April.
Cotton analyst, Naseem Usman said that pries may stabilise in the coming days. Other experts said that spinners and mills have completed purchasing in expectations of emergence of demand in the world markets, besides, textile industry expecting robust retail sales as it introduces new design throughout the year to meet seasonal demand, they added.
New York cotton futures were higher on Tuesday. The following deals reported: 313 bales from Yazman Mandi at Rs 6850/6950, 200 bales from Hasilpur at Rs 7050, 3000 bales from Rahim Yar Khan at Rs 6900 and 2000 bales from Mianwali at Rs 6900, 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 1-1/16"
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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 Expenses Ex-Karachi Ex. KHI, As Ex-Karachi
on 21-02-2017 in Rupees
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37.324 kg 6,650 135 6,785 6,785 NIL
Equivalent
40 kgs 7,127 145 7,272 7,272 NIL
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