Listless business activity was seen on the cotton market on Monday after the arrival of the Pakistan Cotton Ginners Association (PCGA) fortnightly report, dealers said. The official spot rate unchanged at Rs 8,600, they added. Prices of seed cotton in Sindh were at Rs 3000-3500, in Punjab seed cotton prices at Rs 3000-3600 and in Balochistan prices were at Rs 3200-3500, they said.
According to the leading buyers did not take interest in fresh buying of cotton following the reports that Washington and Beijing are close to reaching a deal to end their year-long trade war. It's a positive development, hopefully, trading activity may pick up in the coming days, they said.
Besides, cotton yarn is not in demand which is a big concern for the traders, they said and adding that it looks that rates may not show any significant improvement in the coming days, cotton analyst, Naseem Usman said. Furthermore, seed cotton (Phutti) equivalent to 10,741,381 bales reached ginneries across Pakistan till March 1, 2019, registering a shortfall of 6.80 percent, compared with the corresponding period of the last year.
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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"
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 02-03-2019
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37.324 kg 8,600 160 8,760 8,760 NIL
Equivalent
40 kgs 9,217 171 9,388 9,388 NIL
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