RECORDER REPORT

KARACHI: Leading buyers kept on the sidelines on the cotton market on Monday owing to lack of fresh leads in the process of trading activity, dealers said.

The official spot rate was unchanged at Rs 6750, they said. In ready session, not a single deal reported till our going to the Press, they said.

According to some experts, to improve exports, the Federation of Pakistan Chamber of Commerce and Industry (FPCCI) is demanding to refund to exporters, which will definitely help to increase exports.

Cotton analyst, Naseem Usman said that in the international markets, cotton yarn is in demand but locally, it is showing any progress due to less buying interest among traders.

Besides, reports coming from Punjab indicate that cotton sowing would be delayed and it is not possible before the end of April.

Other brokers said that the sowing is not possible wheat harvesting was still continued.

They said that the tone was uncertain and it looks that needy mills and spinners likely to take interest in fresh buying in near future.

Reuters adds: Cotton production in Mali jumped 18 percent in the 2016/2017 season to 647,212 tonnes, the country’s highest yield in more than a decade, an official at the Malian Company for the Development of Textiles (CMDT) said.

Output this season was boosted by increased prices and fertiliser subsidies fixed in 2015, and the CMDT expects next season’s production to rise to 725,000 tonnes.

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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 08.04.2017


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37.324 kg          6,750      135         6,885        6,885            NIL


Equivalent


40 kgs             7,234      145         7,379        7,379            NIL


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