Trading activity failed to gain momentum on the cotton market on Wednesday because of lack of interest among leading buyers, dealers said. The official spot rate was unchanged at Rs 6900, they added. Prices of seed cotton in Sindh per 40 kg low type were unchanged at Rs 2400 and Rs 2800, in Punjab, rates maintained last levels at Rs 2400-3100, dealers said. In the ready session, around 4400 bales of cotton changed hands at Rs 6700-7050, dealers said.
Local stuff could not attract buyers as Indian cotton yarn is easily available in the market, dealers said. Under the circumstances, the ginners were looking some upset due to huge unsold stock with them, other experts said.
Reuters adds: US cotton futures tumbled 3 percent on Tuesday, the most in a month, after a long and heavy build up in bullish positions by speculators fearing tight supplies in the fiber. The most-active May cotton contract on ICE Futures US fell 2.75 cents, or 3 percent, to a February 7 low of 86.55 cents a lb. It was the contract's sharpest drop in a day since January 27. The following deals reported as 200 bales of cotton from Rohri sold at Rs 6700, same number from Samandari at Rs 6850, 800 bales from Faquir wali, 200 bales from Gojra, same number from Chichawatni, same figure from Rahim Yar Khan all done at Rs 6850, 800 bales from Sadiqabad at Rs 6900, 200 bales from Yazman Mandi at Rs 6900, 200 bales from Multan at Rs 7000 and 1200 bales from Vehari at Rs 7050, they added.
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The KCA Official Spot Rate for Local Dealings in Pak Rupees
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FOR BASE GRADE 3 STAPLE LENGTH 1-1/32"
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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 25.02.2014
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37.324 Kgs 6,900 155 7,055 7,055 NIL
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Equivalent
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40 Kgs 7,395 155 7,550 7,550 NIL
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