Easier trend was witnessed on the cotton market on Monday as prices of fine types continued fall in the process of trading, dealers said. The official spot rate was unchanged at Rs 4,600, dealers said. Seed cotton prices in Sindh were lower at Rs 2300 and Rs 2350 and in Punjab rates followed same pattern at Rs 2000 and Rs 2350, they said. In the ready business, over 18,000 bales of cotton changed hands between Rs 4650 and Rs 4735, they said.
Most of the leading experts kept on the sideline to observe the sharp fall in the local currency, experts said. They also said that Indian rupee dropped steeply after maintaining stable trend for a long time. Market sources said that in the late evening, activity came under pressure after news that prices of commodities and shares losing ground the world over.
Besides, fears that China's economy is slowing dramatically have sparked the heavy selling around the globe in recent days. Cotton analyst, Naseem Usman said that despite the damage of two lac bales by the recent rains and flood, activity may show any improvement in the near future.
The following deals reported: 1000 bales of cotton from Kotri at Rs 4650-4675, 2400 bales from Hyderabad, 2600 bales from Mirpurkhas all done at the same rate, 3000 bales from Sanghar at Rs 4650-4700, 2600 bales from Tando Adam, 2600 bales from Shahdadpur at the same rate, 400 bales from Pak Pattan at Rs 4675-4700, 500 bales from Deepalpur at the same rate, 400 bales from Mongi Bangla at Rs 4700, same number from Bahawal Nagar, same number from Toba Tek Sindh, 600 bales from Burewala all done at the same price, 400 bales from Hasilpur at Rs 4700-4725, 200 bales from Vehari at Rs 4725 and 400 bales from Pir Mehal at Rs 4735, dealers said.
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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 1-1/32"
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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 22.08.2015
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37.324 Kgs 4,600 135 4,735 4,735 Nil
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Equivalent
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40 Kgs 4,930 145 5,075 5,075 Nil
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