According to the market sources most of the mills and spinners were on the sidelines in the process of trading. One factor behind the depressed buying is that leading mills and spinners have already bought enough stock of fine quality to meet their requirements. Cotton analyst, Naseem Usman said that cotton prices have reached saturation point which is creating concern for the textile industry. Resulting, the buyers were reluctant to enter into big deals, other analysts observed.
Besides, it appeared that current season is likely to end some earlier than normal due to short crop, which was another reason for lean cotton trade, some experts said. They observed that as a whole, the world economic condition is not so good, keeping demand at bottom side. New York cotton futures were sharply higher on Wednesday.
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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 Expenses Ex-Karachi Ex. KHI, As Ex-Karachi
on 23-02-2017 in Rupees
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37.324 kg 6,650 135 6,785 6,785 NIL
Equivalent
40 kgs 7,127 145 7,272 7,272 NIL
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Copyright Business Recorder, 2017