On the other hand, the Karachi Cotton Association (KCA) also asked the government not to impose new taxes, they added. Cotton analyst, Naseem Usman said that it's look that the local market is on the track of world markets. He also said that arrival of new crop some late owing to hot weather and shortage of irrigation water in the country.
Adds Reuters: ICE cotton futures shed nearly two percent on Thursday, in the biggest one-day percentage decline in over three-weeks, on the back of a negative US export sales report. The July cotton contract on ICE Futures US settled down 1.80 percent at 77.96 cents per lb, marking the largest daily percentage decline since April 3.
The July cotton contract on ICE Futures US settled down 1.43 cent, or 1.80 percent, at 77.96 cents per lb. It traded within a range of 77.85 and 79.36 cents a lb. Total futures market volume fell by 2,899 to 21,170 lots.
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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 27.04.2017
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37.324 kg 6,700 135 6,835 6,835 Nil
Equivalent
40 kgs 7,180 145 7,325 7,325 Nil
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Copyright Business Recorder, 2017