Firmness prevailed on the cotton market on Monday in the process of slow trading activity, dealers said. The official spot rate was unchanged at Rs 8300, they added. In ready session, around 1000 bales of cotton changed hands between Rs 8350-8450, they said. Rates of seed cotton per 40kg from Lower Sindh and Punjab were at Rs 3600-4200, they said.
Binola per maund prices were at Rs 1425-1475 in Sindh and in Punjab rates were at Rs 1650-1700, they said and adding that polyester fibre per kg rates were at Rs 205 amid better demand, they said. Market sources said that trading activity could not pick up as leading participants were busy in exchanging views over the current situation in the country.
They said that the arrivals of phutti from both Sindh and Punjab were progressing with passage of time. Other experts said that the rupee fell sharply against the dollar and despite this the export is not picking up. It's a fact that the dollar to move higher on demand and supply factor.
Cotton analyst, Naseem Usman said that seed cotton arrival is normal as fears of virus and locust attack fading with the passage of time. He also said that cost of doing business is so high and sometimes, it becomes risky under the circumstances. Trader and businessmen related to the textile sector were not happy with measures announced in the federal budget, they observed.
The following deals reported: 200 bales of cotton from Mirpurkhas at Rs 8350, 200 bales from Hyderabad at Rs 8375, 200 bales from Matiari at Rs 8375, 200 bales from Tando Adam at Rs 8375 and 200 bales from Pak Pattan at Rs 8450, 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 13-07-2019
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37.324 kg 8,300 160 8,460 8,460 NIL
Equivalent
40 kgs 8,895 171 9,066 9,066 NIL
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