Small business activity witnessed on the cotton market on Thursday, dealers said. The official spot rate was unmoved at Rs 7500, they added. In both Sindh and Punjab, seed cotton prices were at Rs 2800-3100, they said.
In the ready session over 7000 bales of cotton changed hands between Rs 6950-7800, they said. According to the market sources leading mills and spinners were keen to make new deals but short arrival of lint cotton did not allow them to do so.
They also said that the cotton yarn market also played almost negative performance as there was slow off-take because looms sector in Faisalabad is currently under severe financial crisis.
Other experts said that the on-going trades were between China and USA has already shattered the world commodity markets amid growing concern that this will result in global recession.
In the international markets cotton prices higher during the session, they said.
The following deals were reported: 600 bales of cotton from Ghotki sold at Rs 7475, 6000 bales from Rahim Yar Khan at Rs 7500, 400 bales from Khanewal at Rs 7800 and 200 bales from Layyah at Rs 6950, 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 Ex-Karachi Ex. KHI. As Ex-Karachi
on 11-04-2018
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37.324 kg 7,500 145 7,645 7,645 NIL
Equivalent
40 kgs 8,038 155 8,193 8,193 NIL
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