Cotton market lacked of buying interest as mills and spinners were on the sidelines ahead of Eid-ul-fitr holidays, dealers said. The official spot rate was unchanged at Rs 6600, they said. In the ready session, not a single deal finalised till our going to the press, they said.
In Sindh, seed cotton prices were available at Rs 3100 per 40 kg and in the Punjab rates were at Rs 3200-3250 per 40 kg, they said. According to the market sources, some buyers entered the arena but failed to make any fresh deal. They hope that trading activity may improve after Eid holidays.
To save the growers and ginners' interest, the government must come forward with relief package such as minimum support price and other incentives, cotton analysts said. Reuters adds: ICE cotton futures tumbled to their lowest since end-August on Friday as investors continued selling on expectations of plentiful stocks in the new crop year.
The December cotton contract on ICE Futures, however, settled up 0.28 cent, or 0.42 percent, at 67.02 cents per lb, breaking a 10-session losing streak supported by a weaker dollar. Total futures market volume fell by 14,092 to 27,728 lots. Data showed total open interest fell 2,717 to 202,249 contracts in the previous session.
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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 Ex-Karachi Ex. KHI. As Ex-Karachi
on 23.06.2017
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37.324 kg 6,600 135 6,735 6,735 NIL
Equivalent
40 kgs 7,073 145 7,218 7,218 NIL
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