Selective buying by mills was witnessed on the cotton market on
Wednesday in the process of modest trading, dealers said. The official
spot rate was unchanged at Rs 8,800, they added. Prices of seed cotton
in Sindh improved slightly at Rs 3000-4000, in the Punjab seed cotton
prices were at Rs 3300-4000 and in Balochistan, rates of seed cotton
were at Rs 3600-4000, they said. In the ready session, about 10,000
bales of cotton changed hands between Rs 7700-9100, they said.
Market
sources said that some leading mills could not make deals in a big way
owing to quality factor. Cotton analyst, Naseem Usman said that cotton
yarn demand showed slight improvement, which is an encouraging factor
under the circumstances. Stock of fine quality coming down with the
passage of time, the country is importing cotton keep a balance between
demand and supply, he added.
According to reports, cotton prices were higher in US and Chinese markets, the rates, however, dropped in Indian market.
The
following deals reported: 400 bales of cotton from Saleh Pat at Rs
8750, 200 bales from Mirpurkhas at Rs 8400, 400 bales from Khanpur at Rs
9100, 1800 bales from Rahim Yar Khan at Rs 9000/9100, 1000 bales from
Shujabad at Rs 9000, 2000 bales from Fazilpur at Rs 9000, 1000 bales
from Donga Bonga at Rs 8800, 2800 bales from Alipur at Rs 8400-8800, 200
bales from Multan at Rs 8450, same figure from Fort Abbas at Rs 8350,
same number from Chistian at Rs 8200, same figure from Hasilpur at Rs
8800 and 400 bales from Haroonabad at Rs 7700, 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 11-12-2018
===========================================================================
37.324 kg 8,800 160 8,960 8,960 NIL
Equivalent
40 kgs 9,431 171 9,602 9,602 NIL
===========================================================================
Source: Business Recorder, Pakistan Thursday, 13 December 2018