Prices failed to sustain present levels on the cotton market on Saturday in process of moderates trading, dealers said. The official spot rate was lower by Rs 100 to Rs 7500, they added. In both Sindh and Punjab, seed cotton prices were at Rs 2800-3100, they said. In the ready session, over 6000 bales of cotton changed hands between Rs 6100-7100, they said.
According to the market sources, the spinners indulged in buying of low quality of cotton due to shortage of fine type. Cotton analyst, Naseem Usman said that the ginners have not much quality cotton, so the buyers had no choice except to purchase low variety.
Other analysts said that due to favourable weather and easy supply of irrigation water, it is most likely that the country may achieve better-than-expected cotton target in the new season. Reports showing that in the international markets, prices moved both ways at the week-end trading.
The following deals were reported: 1000 bales of cotton from Bahawalpur at Rs 7100, 2640 bales from Rajanpur at Rs 7000, 600 bales from Pul Bagar at Rs 6800, 600 bales from Shujabad at Rs 6600, 200 bales from Haroonabad at Rs 6230, 1000 bales from Mian Channu at Rs 6100, 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 20-04-2018
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37.324 kg 7,500 145 7,645 7,745 - 100/-
Equivalent
40 kgs 8,038 155 8,193 8,300 - 107/-
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