Prices were firm on the cotton market on Thursday as leading buyers kept on the sidelines amid announcement of Panama papers' case, dealers said. The official spot rate unchanged at Rs 6750, they said. In ready session, not a single deal reported, traders were preferred to wait for Panama announcement instead of doing usual business, they said.

Market sources said that it is expected that normal trading activity likely to resume from the next week. In the meantime, cotton analyst, Naseem Usman said that the United States Department of Agriculture (USDA) weekly report, showed modest fall against the last week.

In New York, cotton futures were strong in the process of trading. In China and Indian prices were mixed during the trade, 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 19.04.2017

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37.324 kg         6,750       135         6,885        6,885            NIL

Equivalent

40 kgs            7,234       145         7,379        7,379            NIL

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Copyright Business Recorder, 2017