Spinners and mills were on the sidelines due to lack of buying interest on the cotton market on Saturday in process of trading, dealers said. The official spot rate was unchanged at Rs 7,500, they added. In ready session, over 3000 bales of cotton changed hands between Rs 6900-7800, they said. In both Sindh and the Punjab, seed cotton prices were down by Rs 200 to Rs 2700 and Rs 3300, they said.
According to the market sources, leading spinners were on the sidelines, at the same time, some needy buyers indulged in fresh purchasing with little interest. Cotton Analyst, Naseem Usman said that it's an indication that leading buyers will rely on imported cotton as rates of fine quality is falling gradually due to lack of buying interest.
In India cotton prices dipped after the forecast of decline in cotton production in Maharashtra, dealers said. Variety of Shankar-6 dropped by Rs 500 to Rs 41300, Bunny-42 lost the same amount to Rs 42500, MCU-5 fell by Rs 500 to Rs 43400, DCH-32 dipped by Rs 700 to Rs 56700, they said.
In the New York, cotton futures were higher on Friday. The following deals reported: 1000 bales of cotton from Rahim Yar Khan at Rs 7800, 440 bales from Mian Wali at Rs 7100, 800 bales from Dera Gazi Khan at Rs 7000 and 1000 bales from Haroonabad at Rs 6900, 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 26-01-2018
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37.324 kg 7,500 145 7,645 7,645 NIL
Equivalent
40 kgs 8,038 155 8,193 8,193 NIL
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