Spot rate was firm on the cotton market on Monday as mills adopted wait-and-see mood towards new deals, dealers said. The official spot rate was unchanged at Rs 8,600, they added. In the ready session, no any deal finalised till our going to the press, 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.
Cotton analyst, Naseem Usman said that leading participants were on the sidelines to observe latest impact of the visit of Saudi Crown Prince Mohammad bin Salman to Pakistan. First positive development, he noted that the international community was reposing confidence in the economic developments in Pakistan, which will help in bringing the economy on track.
Other experts said that traders hoping for business friendly policies as both Pakistan and Saudi Arabia enjoying historical relations rooted in shared religion, history, culture, adding that visit of Prince Mohammad bin Salman would herald a new era of prosperity and economic stability in the country. Besides, according to reports, the Pakistan Cotton Ginners Association (PCGA) issued fortnightly figures till Feb 15 at 10.7 million bales of cotton, falling as compared to the last year.
To get better quality of cotton, some analysts suggested for bringing improvement in early process of soil and water analysis so that farmers should be facilitated in a befitting manner. Furthermore, cotton early sowing session starting in March in Sindh, last week the Economic Coordination Committee (ECC) urged the concerned authority to make comprehensive strategies and precautionary measures on war footing to achieve an estimate of 15 million bales of cotton for season 2019-20.
Adds Reuters: ICE cotton futures were closed due to President Day holiday. Cotton prices were mixed in other major international market.

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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 16-02-2019
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37.324 kg          8,600      160         8,760        8,760            NIL
Equivalent
40 kgs             9,217      171         9,388        9,388            NIL
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