Prices fluctuated slightly on the cotton market on Thursday in the process of modest trading, dealers said. The official spot rate was unchanged at Rs 7,500, they added. In ready session, around 6000 bales of cotton changed hands between Rs 6375-8000, they said. In Sindh seed cotton prices were at Rs 2800-3500, and in the Punjab rates were at Rs 2800-3350, they said.
Market sources said that business activity impacted by the issuance of Statutory Release Orders (SRO), waiving duty and taxes on the cotton import. Cotton analyst, Naseem Usman said that slow off-take of cotton yarn was major factor behind the dullness on the cotton market these days.
In the New York, cotton futures were higher on Wednesday. The following deals reported: 400 bales of cotton from Sanghar at Rs 6375, 2200 bales from Dherki at Rs 8000 (Condition), 400 bales from Ghotki at Rs 7850, 2200 bales from RYK at Rs 7525/7535, 400 bales from Yazman Mandi at Rs 7500, 200 bales from Bakhar at Rs 7500, 200 bales from Lodhran at Rs 6900, 400 bales from Shujabad at Rs 6975 and 400 bales from Mianwali at Rs 6750, they said.
===========================================================================
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 24-01-2018
===========================================================================
37.324 kg 7,500 145 7,645 7,645 NIL
Equivalent
40 kgs 8,038 155 8,193 8,193 NIL
===========================================================================