Slow business was witnessed on the cotton market on Monday amid partial arrivals of seed cotton from Sindh, dealers said. The official spot rate was down by Rs 100 to Rs 7,400, they added. In the ready session, over 1600 bales of cotton changed hands between Rs 6450 and Rs 6800, they said. Besides, they said that partial arrivals of seed cotton from Sindh started and quoted at Rs 3600-3750 per 40 kg.
Market sources said that arrivals of seed cotton from Sindh partially started and hopefully this would help in improving the business activity in the coming days. Cotton analyst, Naseem Usman said that prices will move up amid steady arrivals of seed cotton. Favourable weather would definitely help in achieving the cotton production for the next season.
As a whole, prices will show steadier trend owing to rising trend in the world market, some brokers said. In the Indian market, cotton prices rose sharply on strong demand, in NY, cotton markets were closed in observation of Memorial Day, they said. The following deals were reported: 632 bales of cotton from Fort Abbas done at Rs 6450 and 1000 bales from Rajanpur at Rs 6800, 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 26-05-2018
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37.324 kg 7,400 145 7,545 7,645 - 100/-
Equivalent
40 kgs 7,931 155 8,086 8,193 - 107/-
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