Cotton price remain steady leaving market largely devoid of activity

Cotton prices remained steady at cotton market on Tuesday leaving the market largely devoid of activity as leading buyers remained on the sidelines. The Karachi Cotton Association also kept its spot rates unchanged.

However, KCA fixed the official spot rate, or base price, for Grade 3 cotton at 7,127 rupees per maund (40 kg). Grade 3 cotton has a staple length of 1-1/16″ and micronaire value between 3.8 and 4.9 NCL (no control limits), which represents fine to coarse classes of cotton varieties.

In the kerb market, the key crop varieties traded in the range of 6,600 to 6,950 rupees per maund.

Major deals on the ready counter that changed hands were: 600 bales from Jalalpur at Rs6,600 per maund (around 37 kilograms) and from Rahimyar Khan at Rs6,950.

Since the current season has almost reached its fag end, very little phutti (seed cotton) has been left in the cotton fields. As the leading spinners have already imported substantial quantity of cotton to meet their demand, only small millers are currently looking for quality cotton.

Meanwhile, the ginners’ body has urged the government to give relief package to the ginning industry and treat it on a par with other sectors like textile.

The leading world cotton markets also remained steady, but Chinese and India markets were firm at previous rates.