Business activity improved on the cotton market on Thursday as some mills showed little interest in buying of mixed varieties of lint to replenish their stock, dealers said. The official spot rate was unchanged at Rs 8,700, they added. In the ready session, around 4000 bales of cotton changed hands between Rs 6400-8900, they said. Prices of seed cotton in Sindh and Punjab were at Rs 3000-3700 and in Balochistan, rates of seed cotton were at Rs 3200-3700, they said.

Market source said that volume of business improved on emergence of buying from mills. It came under observation that most of the mill after-math of the government's decision to allow duty free cotton import. The ginners who are already facing financial losses, looking more under pressure after government's decision, cotton analyst Naseem Usman said. It's high time that the government should make comprehensive cotton policy to get rid of cotton shortage and other problems, marketmen observed. Cotton prices were higher on the international markets, they said.

Following deals reported: 200 bales of cotton from Khairpur at Rs 8000, 800 bales from Alipur at Rs 8900, 200 bales from Sadiqabad at Rs 8850, 400 bales from Hasilpur at Rs 8000, 1800 bales from Haroonabad at Rs 6400/7900, 200 bales from Vehari at Rs 6400, 200 bales from Burewala at Rs 6400, 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 16-01-2019

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

37.324 kg         8,700       160         8,860         8,860           NIL

Equivalent

40 kgs            9,324       171         9,495         9,495           NIL

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

Copyright Business Recorder, 2019