Rates of cotton fell on the local market on Thursday in the process of cautious trading session, dealers said. The official spot rate was down by Rs100 to Rs8800, they added. In the ready session, 1300 bales of cotton changed hands between Rs8550-9200, dealers said.
Rate of seed cotton per 40kg in Sindh low quality was at Rs2800, while the best quality was unchanged at Rs4100, and in the Punjab prices of low quality were at Rs2800 while the fine type was available at Rs4600, they said.
In Sindh, Binola prices per maund were at Rs1400-1800, in Punjab rates were at Rs1650-1800, they said and the rate of polyester fibre was at Rs167 per kg, they added.
Market sources said that thin attendance was seen as some buyers interested in new deals to replenish their stock. Under the circumstances, no body wants to do any deal because of several uncertainties, created by coronavirus pandemic.
Cotton analyst, Naseem Usman said that most of traders were looking disappointed because of huge losses in their business, so mills were also worried about delay in shipment.
Adds Reuters: ICE cotton futures slumped on Wednesday to their lowest level in more than 10 years, as new cases of the coronavirus in Vietnam and a strong dollar marred investor interest in the natural fiber.
Cotton contracts for May settled down 1.28 cent, or 2.2%, at 56.64 cents per lb.
Following deals were reported: 1000 bales of cotton from Rohri at Rs8550, 100 bales from Kabirwala at Rs9200 and 200 bales from Khanpur at Rs8950, 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"
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 18-03-2020
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37.324 kg 8,800 160 8,960 9,060 - 100/-
Equivalent
40 kgs 9,431 171 9,602 9,709 - 107/-
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