Improved inflows of phutti pushed rates down on the cotton market on Saturday in the process of improved trading activity, dealers said. The official spot rate was unchanged at Rs 9200, they added. Prices of seed cotton in Sindh were lower by Rs 300 to Rs 3800-4000 in the Punjab, rate of low type stayed put at Rs 3600 while the fine quality lost Rs 250 to Rs 4000, they said. In Balochistan, cotton prices were at Rs 9000 and seed cotton prices were at Rs 4100-4200, they said.

In ready session, around 10,000 bales of cotton finalised within the range of Rs 9250-9450, they said. According to the market sources mills and spinners showed improved interest in fresh buying of lint cotton. Whereas, the ginners were keen to sell as much as they can, because arrivals of seed cotton improved during the week, they said.

Cotton analyst, Naseem Usman said that prices eased on the easy supply of seed cotton. Improved flow of irrigation water after the recent rains in parts of country have brightened prospects of good cotton crop in the Punjab and upper Sindh, other brokers said. Commenting on the present trend in the market, they said that a kind of anxiety among the traders and it may persist till the formation of new government, they observed.

Traders pinned high hope of a new economically powerful Pakistan and said that the business community welcomes the victory of PTI and hopes that now uncertainty is ending and stability will come which is vital for economic growth, they added.

Cotton prices were higher in the global markets in the process of trading, they said.

Following deals reported: 5000 bales of cotton from Tando Adam at Rs 9250/9450, 1000 bales from Shahdadpur at Rs 9250/9400, 1000 bales from Sanghar at Rs 9250/9400, 1000 bales from Hyderabad at Rs 9300/9400, 800 bales from Kotri at Rs 9275/9400, 600 bales from Moro at Rs 9300 and 200 bales from Vehari at Rs 9325, they added.

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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 24-07-2018

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37.324 kg         9,200       145        9,345         9,345            NIL

Equivalent

40 kgs            9,860       155       10,015        10,015            NIL

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Copyright Business Recorder, 2018