Market sources said mills showed interest in fresh buying of cotton amid announcement of mini-budget. Mills did selective buying to replenish their stock.
Cotton analyst Naseem Usman said that main buyers were anticipating several incentives in the mini-budge. But some of them were looking disturbed due to likely announcement of new taxes.
Besides, the spinners were reported to have engaged themselves with imports after the government decision to allow duty free import.
Some market analysts fear that due to poor and medium quality cotton, the textile spinners now preferring to meet their demand with imported cotton which is not only cheaper but also better in quality.
Under the circumstances, the ginners were unhappy due to a huge stock of unsold cotton, other brokers said. Cotton prices were lower on the global markets, they said. The following deals reported: some 200 bales of cotton from Ghotki sold at Rs 8000, 2000 bales of cotton from Rohri at Rs 8200-8430, 5600 bales from Saleh Pat at Rs 8200-8400, 3300 bales from Shujaabad at Rs 8700-8900, 1200 bales from Lodhran at Rs 8700-8800 and 400 bales from Khanewal at Rs 8400, they said.
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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 22-01-2019
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37.324 kg 8,700 160 8,860 8,860 NIL
Equivalent
40 kgs 9,324 171 9,495 9,495 NIL
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