Arrivals of new crop for season 2016-17 started amid modest trading activity on the cotton market on Friday, dealers said. The official spot rate was unmoved at Rs 5,250 dealers said. In the Punjab prices were at Rs 2400 and Rs 3100, they said. In the ready business, over 2,000 bales of cotton changed hands between Rs 5325 and Rs 5500, they said.
Market sources said that four trucks of 40kg of phutti of new crop reported at Rs 3200 for June delivery. Nearly 200 bales of new crop from Burewala finalised at Rs 5500, they added. They said that sowing in the Punjab is delaying due to rains in cotton belt. Cotton analyst, Naseem Usman said that buyers adopted cautious buying of quality lint as cotton stock with the ginners is rapidly depleting.
Reuters adds: Cotton futures settled higher on Thursday, snapping a three-day losing streak on a positive export sales report. Sales of upland cotton totalled 210,900 running bales for the week ending March 31, up 144 percent from the previous week, with shipments hitting a high for the current marketing year, government data showed.
The front-month May contract on ICE Futures US settled up 0.28 cent, or 0.48 percent, at 59.03 cents per lb, after hitting a high of 59.37 cents a lb. Total futures market volume rose by 21,356 to 44,467 lots. Data showed total open interest gained 733 to 223,248 contracts in the previous session. The following deals finalised: 400 bales of cotton from Mianwali sold at Rs 5425, 600 bales from Yazman Mandi at Rs 5325-5355 and 1200 bales from Rahim Yar Khan at Rs 5500, they said.

===========================================================================
The KCA Official Spot Rate for Local Dealings in Pakistan Rupees
---------------------------------------------------------------------------
FOR BASE GRADE 3 STAPLE LENGTH 1-1/32"
---------------------------------------------------------------------------
                                    MICRONAIRE VALUE BETWEEN 3.8 TO 4.9 NCL
===========================================================================
Rate              Ex-Gin   Upcountry   Spot Rate    Spot Rate    Difference
                    For      Price     Ex-Karachi  Ex. KHI. As   Ex-Karachi
                                                  on 07-04-2016
===========================================================================
37.324 kg         5,250       135        5,385         5,385            NIL
Equivalent
40 kgs            5,626       145        5,771         5,771            NIL
===========================================================================