Prices moved up on the cotton market on Thursday in the process of strong demand by mills, dealers said. The official spot rate picked up Rs 100 t0 Rs 8,900, they added. Prices of seed cotton in Sindh were at Rs 3000-4000, in the Punjab seed cotton prices at Rs 3200-4000 and in Balochistan, rates of seed cotton were at Rs 3600-3900, they said.
In the ready session, around 10,000 bales of cotton changed hands between Rs 8100-9200, they said. Market sources said that some leading mills showed interest in fresh buying of fine cotton on the other hand a few mills finalised deals at lower rate to meet their urgent demand. Cotton analyst, Naseem Usman said that if short supply position extended, this would help rates to go up in the coming days.
In the meantime, the ginners may adopt wait-and-see attitudes toward new deals, he added. According to the reports rates of cotton were down in the international markets. The following deals reported: 400 bales of cotton from Hyderabad at Rs 8450, 2200 bales from Khairpur Mirus at Rs 8450/8600, 1000 bales from Rohri at Rs 8650/8700, 800 bales from Saleh Pat at Rs 8650/8700, 400 bales from Dherki at Rs 9000, 1000 bales from Ghotki at Rs 9000/9200, 600 bales from Mianwali at Rs 8400, 400 bales from Bahawalpur at Rs 8300, 1000 bales from Burewala at Rs 8200, 400 bales from Tonsa Sharif at Rs 8200, 200 bales from Karor Pakka at Rs 8200 and 600 bales from Khanewal 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 19-12-2018
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37.324 kg 8,900 160 9,060 8,960 + 100/-
Equivalent
40 kgs 9,538 171 9,709 9,602 + 107/-
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