Declining rates helped mills to replenish their stock, in the meantime, it is surprising to note that exporters were conspicuous by their absence, dealers said on the cotton market on Wednesday. The official spot rate maintained overnight level at Rs 7650, they added. Prices of seed cotton in Sindh were at Rs 3500-3600, in the Punjab, rates were at Rs 3400-3600 and in Balochistan, prices of seed cotton were unchanged at Rs 3600-3800, they said.
In ready session, over 20,000 bales of cotton changed hands between Rs 7100-7900, they said.
Some brokers observed that mills availed full opportunity of lower rates these days they are laying hands over the quality lint. Cotton analyst, Naseem Usman said that growers are a little bit satisfied with the present trend in the market, they may plan to increase the production areas of cotton in the next season.
In the meantime, it appeared that under the influence of international market, the local cotton market remained under pressure, they said. The Pakistan Cotton Ginners Association (PCGA) issued it's fortnightly report, in which it reported that over four million bales of cotton reached to the ginneries till 1st of October 2018, they said. Reports suggest that cotton prices were down in the world market.
The following deals reported: 2000 bales of cotton from Shahdadpur at Rs 7400/7600, 1800 bales from Tando Adam at Rs 7100/7600, 1000 bales from Sanghar at Rs 7100/7400, 600 bales from Jhole finalised at the same rate, 800 bales from Bandhi at Rs 7600/7700, 3600 bales from Nawabshah at Rs 7500/7700, 1400 bales from Saleh Pat at Rs 7800-7900, 1200 bales from Rohri at Rs 7700/7750, 3400 bales from Khairpur at Rs 7700/7750, 600 bales from Khanewal at Rs 7800/7900, 200 bales from Liaquatpur at 7900, same figure from Mianwali, 400 bales from Rajanpur done at the same level, 200 bales from Shadan Lund at Rs 7800, same figure from Tonsa Shareef at the same price, 600 bales from Yazman Mandi at Rs 7700/7800, 400 bales from Fort Abbas at Rs 7750/7800, 600 bales from Bahawalpur at Rs 7700, 400 bales from Haroonabad at Rs 7625 and same figure from Burewala at Rs 7575, 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 02.10.2018
===========================================================================
37.324 kg 7,650 160 7,810 7,810 NIL
Equivalent
40 kgs 8,198 171 8,369 8,369 NIL
===========================================================================