A kind of dullness prevailed on the cotton market on Tuesday as main buyers kept on the sidelines owing to less interest, dealers said. The official spot rate was unchanged atRs 6650, dealers said. In Sindh, seed cotton prices were at Rs 3300-3400 and in Punjab prices were at Rs 3200-3300, they said. According to the market sources, buyers entered the market but failed to make final decision about deal amid arrival of seed cotton. Experts were of the opinion and said that after Eid-ul-Fitr holidays, trading activity likely to show slight improvement.

Adds Reuters: ICE cotton futures fell for the seventh straight session on Monday after hitting near six-month lows in the previous session as investors continued liquidating on rising expectations of new harvest. The most-active December cotton contract on ICE futures U.S. settled down 0.32 cent, or 0.46 percent, at 69.04 cents per lb. It traded within a range of 68.67 and 70.2 cents a lb. Prices fell to their lowest since December 20 at 68.58 cents per lb on Friday. Total futures market volume fell by 20,714 to 25,769 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 19-06-2017

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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