Not a single deal reported on the cotton market on Monday as both buyers and sellers failed to reach the spot owing to prevailing uncertainties on political front, dealers said. The official spot rate did not show any fluctuation at Rs 6,600, they said. In Sindh, seed cotton prices were same at Rs 2800-3350, in the Punjab, rates were at Rs 2800-3500, as per 40 kg, they said.
Market sources said that tense situation kept leading participants away from routine activities. Cotton analyst, Naseem Usman said that as a result of prevailing situation, picking operation stopped, it looks that normal activity may revive within two days.
Commenting on the present trend in the market, dealers said that during the last sessions, the ginners were ready to lower prices and on the other hand, the spinners showed some reluctance in fresh buying of the commodity at the higher rates.
===========================================================================
The KCA Official Spot Rate for Local Dealings in Pakistan Rupees
---------------------------------------------------------------------------
FOR BASE GRADE 3 STAPLE LENGTH 1-1/16"
---------------------------------------------------------------------------
MICRONAIRE VALUE BETWEEN 3.8 TO 4.9 NCL
===========================================================================
Rate Ex-Gin Upcountry Spot Rate Spot Rate Difference
For Price Ex-Karachi Ex. KHI. As Ex-Karachi
on 25.11.2017
===========================================================================
37.324 kg 6,600 145 6,745 6,745 NIL
Equivalent
40 kgs 7,073 155 7,228 7,228 NIL
===========================================================================
Comments
Comments are closed.