Moderate business seen on cotton market

A moderate business activity was witnessed on thecotton market on Wednesday in the process of trading, dealers said.The official spot rate was unchanged at Rs 5,400, dealers said. In Sindh, prices of seed cotton were at Rs 2000 and Rs 3000, in the Punjab, rates were at Rs 2300 and Rs 3100, they said.In the ready business some 7000 to 8000 bales of cotton changed hands between Rs 5250 and Rs 5650, they said. Market sources said that there was lack of buying interest seen by mills and spinners, they said.Cotton analyst, Naseem Usman said that selling activity is not picking up despite shortage of quality cotton.It is very surprising to note that after the short arrivals of seed cotton in PCGA report not much improvement was seen in the mills buying. According to PCGA fortnightly report cotton arrivals are at 9.6 million bales till 1st February 2016.The following deals reported: 800 bales of cotton from Shahdadpur at Rs 4800, 400 bales from Sui Gas at Rs 5300, 200 bales from Rohri at Rs 5300, 400 bales from Lodhran at Rs 5250, 200 bales from Dharanwala at Rs 5375, 300 bales from Fort Abbas at Rs 5450, 400 bales from Rahim Yar Khanat Rs 5600, 400 bales from Khanewal at Rs 5600, 600 bales from Kabbirwala at Rs 5650 and 600 bales from Mianwali at Rs 5650, they said.===========================================================================The KCA Official Spot Rate for Local Dealings in Pakistan Rupees---------------------------------------------------------------------------FOR BASE GRADE 3 STAPLE LENGTH 1-1/32"---------------------------------------------------------------------------MICRONAIRE VALUE BETWEEN 3.8 TO 4.9 NCL===========================================================================Rate Ex-Gin Upcountry Spot Rate Spot Rate DifferenceFor Price Ex-Karachi Ex. KHI. As Ex-Karachion 02-02-2016===========================================================================37.324 kg 5,400 135 5,535 5,535 NILEquivalent40 kgs 5,787 145 5,932 5,932 NIL===========================================================================News SourceNews Collated byPAKISSAN.com