Lacklustre business activity was seen on the cotton market on Wednesday in the absence of motiivating factors, dealers said The official spot rate was unchanged at Rs 8,600, they added. In the ready session, not a single deal finalised during the session, they said. Prices of seed cotton in Sindh and Balochistan were at Rs 3000-3500 and in Punjab seed cotton prices at Rs 3000-3600, they said.
According to the market sources, both mills and ginners were busy in exchange of views over the emerging developments on the political front. Cotton analyst Naseem Usman said that dullness persisted on the cotton market in line with the global track. There are rising anticipations that business activity will revive as a result of positive developments in the coming days.
Adds Reuters: ICE cotton futures slipped more than one percent to their lowest since November 2017 after investors liquidated their long positions and rolled over their positions from the front month contract. Total futures market volume fell by 15,376 to 62,713 lots. Data showed total open interest fell 427 to 244,926 contracts in the previous session.
===========================================================================
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 12-02-2019
===========================================================================
37.324 kg 8,600 160 8,760 8,760 NIL
Equivalent
40 kgs 9,217 171 9,388 9,388 NIL
===========================================================================