Prices maintained firmness on the cotton market on Wednesday amid slow trading activity, dealers said. The official spot rate was unchanged at Rs 6700, they said. Only one deal of 400 bales of cotton from Rahim Yar Khan reported at Rs 6900 till our going to the Press, they said. According to the market sources, buyers were conspicuous by their absence owing to less interest in fresh purchasing. Cotton analyst, Naseem Usman said that some mills in Punjab were closed due to lack of expected facilities by the government.

Reuters adds: ICE cotton futures stuck to a tight range to close higher on Tuesday, supported by concerns that weather could affect planting of the natural fiber crop in the United States this week. The July cotton contract on ICE Futures U.S. settled up 0.42 cent, or 0.53 percent, at 79.37 cents per lb. It traded within a range of 78.38 and 79.43 cents a lb. Total futures market volume rose by 2,795 to 17,585 lots. Data showed total open interest gained 2,497 to 257,178 contracts in the previous session.

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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 02-05-2017

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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