Cotton prices came down on the local market on Saturday in the process of modest trading activity, dealers said. The official spot rate was down by Rs 50 to Rs 6700, they said. In ready session, over 600 bales of cotton changed hands between Rs 6425 and Rs 6800, they said.
Some brokers said that cost of doing business is becoming a difficult job in Pakistan as investors or businessmen not getting better return or profit these days. Particularly, country's textile industry is suffering since world recession started, other traders said. Cotton analyst, Naseem Usman said that the issue of textile industry's stuck refunds is one of the major factors behind the lacklustre business.
Delay in arrival of next cotton crop and limited stock held by spinners caused hectic business activity but slow off-take of yarn and declining textile are such factors hurting sentiments, other analysts said. In New York, the NY cotton futures were higher on Friday, dealers said. The following deals reported: some 230 bales of cotton from Samundri sold at Rs 6425 and 400 bales from Yazman Mandi at Rs 6800, 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 1-1/16"
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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 21-04-2017 in Rupees
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37.324 kg 6,700 135 6,835 6,885 - 50/-
Equivalent
40 kgs 7,180 145 7,325 7,379 - 54/-
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