Official spot prices declined sharply on the cotton market on Monday in the process of trading activity, dealers said. The official spot rate dipped by Rs 200 to Rs 8700, they added. Prices of seed cotton in Sindh and the Punjab were at Rs 3500-3800, they said. In Balochistan, prices of seed cotton were also come under pressure, losing Rs 300 to Rs 3800-4000, they said.
In ready session, around 11,000 bales of cotton finalised between Rs 8625-8900, they said. According to the market sources, cotton prices came down further following the reports of increase in the world cotton production.
Cotton analyst, Naseem Usman said that cotton traders were facing a kind of financial problems due to lack of incentives by the government. Now, he said that the new government has a lot of challenges due to weak economic policies adopted by the last government. They were hoping for positive developments in the priorities by the new government. Reuters adds: Cotton prices were mixed in the international markets.
Following deals reported: 2000 bales of cotton from Shahdadpur at Rs 8800, 3000 bales from Tando Adam at Rs 8650/8800, 1000 bales from Hyderabad at Rs 8650/8750, 2000 bales from Sanghar at Rs 8625/8725, 400 bales from Khipro at Rs 8650/8700, 200 bales from Samandri at Rs 8900, 400 bales from Burewala at Rs 8800/8900, 400 bales from Chichawatni at Rs 8900 and 600 bales from Haroonabad at Rs 8800, they added.
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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 24-07-2018
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37.324 kg 8,700 160 8,860 9,060 - 200/-
Equivalent
40 kgs 9,324 171 9,495 9,709 - 214/-
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