Persistent demand helped rates to maintain present levels on the cotton market on Thursday in the process of trading activity, dealers said. The official spot rate was unchanged at Rs 7500, they added. In both Sindh and Punjab, seed cotton prices were at Rs 2800-3100, they said. In the ready session, around 15000 bales of cotton changed hands between Rs 7300 and Rs 7800.
Some brokers said that prices maintained a firm posture after the arrivals of Pakistan Cotton Ginners Association (PCGA) fortnightly report. The cotton arrivals stood at 11.58 million bales of cotton, they added.
Cotton analyst, Naseem Usman attributed the rise in cotton buying to rumours about late arrivals of cotton in the next session. The ginners were adopting cautious attitudes toward fresh selling due to the said reason, other experts said. Non-availability of irrigation water may be delayed for nearly one month, propelling some leading buyers to refrain from panic selling, they added. The cotton production likely to show slight improvement in the coming days, they expect. In the international market, the cotton prices moved higher on rising demand, dealers said. The following deals were reported: 400 bales of cotton from Ghotki at Rs 7300, 275 bales from Rahim Yar Khan at Rs 7300, 800 bales from Khanewal at Rs 7800 and 13000 bales from Sadiqabad at Rs 7550/7575, 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 02-05-2018
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37.324 kg 7,500 145 7,645 7,645 + 100/-
Equivalent
40 kgs 8,038 155 8,193 8,193 + 107/-
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