Lacklustre business was witnessed on the cotton market on Saturday due to lack of selling interest by ginners, dealers said. The official spot rate was unchanged at Rs 8,700, they added. In the ready session, a deal of 1000 bales of cotton finalised at Rs 8900, they said. Prices of seed cotton in Sindh were at Rs 3000-3500 and in Punjab seed cotton prices were at Rs 3000-3600, they said.
Market sources said that revival of cotton yarn demand and rising trend in rates of dollar, propelled ginners to raise asking prices. The ginners have not enough stock to sell, so decided to keep on the sidelines just to observe the latest development in the market.
Cotton analyst, Naseem Usman said that prices are on upward trend in the global market owing to short supply position of fine quality. He said that the ginners have only six or seven lac bales of cotton, so they are trying to gain profit as much as they can. Reuters adds: ICE cotton futures rose to a more than 15-week high on Friday and were on track for a seventh straight week of gains, helped by robust economic data from the United States through the week.
The front-month cotton contract on ICE Futures US settled up 0.93 cent, or 1.20 percent, at 78.25 cents per lb. Total futures market volume rose by 6,508 to 37,322 lots. Data showed total open interest gained 633 to 231,636 contracts in the previous session.
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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 05-04-2019
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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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