Trading activity came down on the cotton market on Friday leading participants were on the sidelines due to short supply of quality cotton, dealers said.
The official spot rate was by Rs 100 to Rs 8,700, they added. Prices of seed cotton in Sindh were at Rs 3000-3800, in the Punjab seed cotton prices at Rs 3000-3800 and in Balochistan, rates of seed cotton were at Rs 3200-3800, they said.
In the ready session, only a deal of 400 bales of cotton from Khair Pur Mirus done at Rs 8375, they said.
According to the market sources, short supply position of fine quality propelled mills to take on sidelines, on the other hand, slow off-take of cotton yarn was having an adverse impact on cotton trade.
Cotton analyst, Naseem Usman said that most of the mills were adopting wait-and-see attitudes under the circumstances. He observed that instead of rising demand by the mills, volume of business is coming down, it's really a surprise. Country's cotton production is falling sharply Cotton as sowing area shrunk, he said.
Cotton prices moved both ways in the international markets, 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 03-01-2019
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37.324 kg 8,700 160 8,860 8,960 - 100/-
Equivalent
40 kgs 9,324 171 9,495 9,602 - 107/-
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