Cautious buying by mills and exporters was seen on the cotton market on Friday as ginners keen to raise prices, dealers said. The official spot rate was unchanged at Rs 6,100, they added. The prices of seed cotton in Sindh were at Rs 3300-3325 and in Punjab rates were at Rs 3100 and Rs 3300, they said. In the ready session, over 3000 bales of cotton changed hands between Rs 6150-6300, they said.
According to the market sources, in Sindh supply was slow with good quality and in Punjab supply was good but quality did not come up to the psychological levels of buyers. It was observed that both Sindh and Punjab cotton belt received little rains, which are beneficial for standing crop, at the same time, this would help in improving the quality and quantity, as well, cotton analyst, Naseem Usman said.
The ginners were not happy as they don't want to sell their stuff at the lower rates, he added. It is an anticipation that prices to go up after an improvement in quality and crop size, other experts said. A deal of 400 bales of cotton from Arif Wala done at Rs 6300 (credit), they said.
Reuters adds: The NY cotton futures were mixed. The following deals were reported: 800 bales of cotton from Mir Pur Khas sold at Rs 6150, 600 bales from Shahdad Pur done at Rs 6150, 400 bales from Hyderabad at the same rate, 1200 bales from Sanghar at Rs 6150-6175, 800 bales from Tando Adam at Rs 6150-6175, 300 bales from Khanewal at Rs 6200-6275 and 400 bales from Arif Wala at Rs 6300 (Credit), dealers said.
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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 17.07.2014
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37.324 Kgs 6,100 155 6,255 6,255 NIL
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Equivalent
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40 Kgs 6,537 155 6,692 6,692 NIL
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