Little business was witnessed on the cotton market on Monday as the ginners were not ready to lower asking prices, dealers said. The official spot rate was unchanged at Rs 8,800, they added. Prices of seed cotton in Sindh were at Rs 3000-4000, in the Punjab seed cotton prices were at Rs 3600-4100 and in Balochistan, rates of seed cotton were at Rs 3600-4200, they said.
In the ready session, about 5,000 bales of cotton changed hands between Rs 8300-9150, they said.
Cotton analyst, Naseem Usman said that mills and spinners were on the sidelines as the leading ginners were not ready to oblige them because some times ago, they (ginners) were hoping to take maximum profit in forward deals, but in vein.
At the same time, spinners were not taking interest in fresh buying as they are already facing financial crisis due to piling of a heap of cotton yarn.
Other brokers said that trading activity is not picking up in the global markets mainly because of low type of recession, many expecting business activity may improve after the positive outcome of next week's G-20 meeting.
Rates of cotton moved both ways in the international markets, they said.
The following deals reported: 2000 bales of cotton from Khairpur Mirus at Rs 8550/8600, 800 bales from DG Khan at Rs 9150, 2000 bales from Tonsa Sharif at Rs 8600, 400 bales from Faqirwali at Rs 8300 and 200 bales from Layyah at Rs 8350, 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 24-11-2018
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37.324 kg 8,800 160 8,960 8,960 NIL
Equivalent
40 kgs 9,431 171 9,602 9,602 NIL
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