Prices recovered overnight losses on the cotton market on Friday as some spinners indulged in new buying to replenish their stocks, dealers said. Official spot rate recovered Rs 100 to Rs 7500, they added. In both Sindh and Punjab prices were at Rs 2800-3100, they said. In the ready session, nearly 5000 bales of cotton changed hands between Rs 6450-8000, they said.
According to the market sources, the ginners were ready to dispose off their old stocks but the spinners finalised the deals of the best quality. Cotton analyst, Naseem Usman said that in Lower Sindh, cotton sowing has started but not in a proper manner due to short supply of irrigation water. Some experts were of the opinion that prices were firm in the international market, particularly in India.
Increasing tensions in the global trade and fears of unexpected developments have kept trade industry jitters, they said. The following deals reported: some 3644 bales of cotton from Dherki done at Rs 7800-8000, 800 bales from Rahim Yar Khan at Rs 8000, 200 bales from Alipur at Rs 7150 and same figure from Lodhran at Rs 6450, 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 Ex-Karachi Ex. KHI. As Ex-Karachi
on 29.03.2018
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37.324 kg 7,500 145 7,645 7,545 + 100/-
Equivalent
40 kgs 8,038 155 8,193 8,086 + 107/-
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