Official spot rate was unchanged on the cotton market on Saturday in the process of dull business, dealers said. The official spot rate was at Rs 8,700, 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, only one deal of around 600 bales of cotton finalised at Rs 9000, they said. Market sources said that mills were little active to replenish their stock, but the ginners did not oblige them on expectations of better rates in time to come.
Commenting on the sluggish business these days, cotton analyst, Naseem Usman said that cotton market is under pressure due to persistent uncertainties. Falling demand in the international market is one of the factor behind the dullness in the local market, he said and adding that the country may achieve about 11 million bales of cotton for the current season. According to the reports, rates of cotton continued declining trend in the international markets.
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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 21-12-2018
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37.324 kg 8,700 160 8,860 8,860 NIL
Equivalent
40 kgs 9,324 171 9,495 9,495 NIL
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