Cotton market ended year on lethargic mood on Monday as most of the participants were on the sidelines due to lack of fresh leads, dealers said. The official spot rate was unchanged at Rs 8,800, they added. Prices of seed cotton in Sindh were at Rs 3000-3800, in the Punjab seed cotton prices fell modestly at Rs 3000-3800 and in Balochistan, rates of seed cotton were at Rs 3200-3800, they said.

In the ready session, not a single deal reported till our going to the Press, they said. Cotton analyst, Naseem Usman said that most leading participants were on the sidelines owing to lack of buying interest at the closing session.

Traders were expecting that volume of business likely to perform well in Year 2019, traders and businessmen failed to come out from uncertainties in the 2018 due to weak economic conditions, they added. Business community is expecting more liabilities in the mini-budget, likely in January 2019, they said.

===========================================================================

The KCA Official Spot Rate for Local Dealings in Pakistan Rupees

---------------------------------------------------------------------------

FOR BASE GRADE 3 STAPLE LENGTH 1-1/16"

---------------------------------------------------------------------------

                                    MICRONAIRE VALUE BETWEEN 3.8 TO 4.9 NCL

===========================================================================

Rate              Ex-Gin   Upcountry   Spot Rate    Spot Rate    Difference

                    For      Price     Ex-Karachi  Ex. KHI. As   Ex-Karachi

                                                  on 29-12-2018

===========================================================================

37.324 kg         8,800       160         8,960        8,960            NIL

Equivalent

40 kgs            9,431       171         9,602        9,602            NIL

===========================================================================

Copyright Business Recorder, 2019