Listless business was seen on the cotton market on Tuesday in process of post Eid-holiday session, dealers said. The official spot rate was unchanged at Rs 5900, they said. In the ready session, as a result of less interest, not a single deal finalised, they said. In Sindh, seed cotton prices were at Rs 2500-2750 and in Punjab rates were at Rs 2550-2750 as per 40 kg, they said.
Market sources said that almost all participants were busy in exchange of Eid greetings, so, that any deal could not finalise. Cotton analyst, Naseem Usman said that as prices were steady and it is expected that trading activity may start shortly. He also said that Indian has extended it's textile policy for one year due to good performance.
Report showing that China will ban trading firms from buying cotton from its national reserves during September, the state stockpiler said on Monday, sending local cotton futures up almost 4 percent as the market anticipated reduced supply of raw material. Adds Reuters: The New York cotton futures were sharply higher.
===========================================================================
The KCA Official Spot Rate for Local Dealings in Pakistan Rupees
---------------------------------------------------------------------------
FOR BASE GRADE 3 STAPLE LENGTH 1-1/16"
---------------------------------------------------------------------------
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 31-08-2017
===========================================================================
37.324 kg 5,900 145 6,045 6,045 NIL
Equivalent
40 kgs 6,323 155 6,478 6,478 NIL
===========================================================================