Selling pressure pushed the rates down on the cotton market on Thursday in the process of trading, dealers said. The official spot rate showed no change at Rs 8050, they added. Prices of seed cotton in Sindh were at Rs 3700-3800, in the Punjab, rates at Rs 3500-3800 and in Balochistan, prices of seed cotton were at Rs 3800-3900, they said.
In ready session, around 25000 bales of cotton changed hands between Rs 7900-8250, they said. Market sources said that the rates of cotton should go up instead of coming down due to reports of shortfall of production in the producing countries owing to several factors.
Commenting on the latest development, cotton analyst, Naseem Usman said that comfortable supply position is not allowing the rates to move up, we can suppose, prices may rise, if supply position interrupted for any reason. Some brokers said that local buyers may not face so many difficulties in winning orders to import cotton to meet requirement.
China has increased cotton import from India as trade war continue with the US, they said. According to the Reuters, cotton prices were lower in the international markets.
The following deals reported: 1200 bales of cotton from Shahdadpur at Rs 7950/8050, 1000 bales from Tando Adam at Rs 7900, 1200 bales from Mirpurkhas at Rs 8000/8100, 1000 bales from Sanghar at Rs 7950/8000, 1000 bales from Hyderabad at Rs 7950/8000, 400 bales from Khadro at Rs 8000, 400 bales from Hala at Rs 8000, 400 bales from Daur at Rs 8000, 1000 bales from NWS at Rs 8000, 1600 bales from Saleh Pat at Rs 8225/8250, 1000 bales from Rohri at Rs 8175/8000, 2000 bales from Khairpur at Rs 8150/8200, 800 bales from Rajanpur at Rs 8250, 200 bales from Ahmedpur East at Rs 8200, 200 bales from Alipur at Rs 8200, 600 bales from Fort Abbas at Rs 8200, 2200 bales from Haroonabad at Rs 8100/8200, 400 bales from Mianwali at Rs 8200, 200 bales from Shujabad at Rs 8200, 800 bales from Yazman Mandi at Rs 8140/8200, 600 bales from D.G. Khan at Rs 8140/8175, 1000 bales from Bahawalpur at Rs 8150, 600 bales from Bahawal Nagar at Rs 8125/8150, 200 bales from Burewala at Rs 8150, 200 bales from Dharanwala at Rs 8150, 200 bales from Madrassa at Rs 8150, 1800 bales from Vehari at Rs 8100/8150, 1200 bales from Chichawatni at Rs 8075/8125 and 600 bales from Layyah at Rs 8100, 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 26.09.2018
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37.324 kg 8,050 160 8,210 8,210 NIL
Equivalent
40 kgs 8,627 171 8,798 8,798 NIL
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