Lack of motivating factors, forced the mills and spinners to keep away from big deals on the cotton market on Saturday, dealers said. The official spot rate was unchanged at Rs 5,250, dealers said. In Sindh, seed cotton prices were at Rs 2200 and Rs 2900 and in the Punjab, rates were at Rs 2200 and Rs 3000, they said.
In the ready business, over 5,000 bales of cotton finalised between Rs 4600 and Rs 5625, they said. Market sources said that the Cotton Crop Assessment Committee (CCAC) to hold it's meeting on Monday to analyse the crop size, which may revise down, probably 11 million bales, just before the Pakistan Cotton Ginners Association (PCGA) fortnightly report. Cotton analyst, Naseem Usman, said that mills were reluctant in making fresh deals ahead of PCGA and CCAC meetings.
Adds Reuters: Cotton futures dipped in light volume on Friday, solidifying the fibre's first weekly loss after four straight weeks of gains as the upward move limited demand, dashing hopes that the rally would lift prices out of a tight trading range. March cotton on ICE Futures US settled down 0.06 cent, or 0.09 percent, at 63.71 cents per lb. It traded within a range of 63.43 and 63.91 cents a lb. Total futures market volume fell by 12,437 to 13,482 lots. Data showed total open interest gained 99 to 197,176 contracts in the previous session.
The following deals reported, 400 bales from Koroondi at Rs 5425, 600 bales from Rohri at Rs 5300-5325, 200 bales from Shujabad at Rs 4600, 400 bales from Chinute at Rs 4800, same figure from Rajanpur at Rs 5000, 2000 bales from Lodhran at Rs 5150, 600 bales from Haroonabad at Rs 5200-5250, 400 bales from Hasilpur at Rs 5375, 600 bales from Sadiquabad at Rs 5500-5600, 400 bales from Rahim Yar Khan at Rs 5600, 400 bales from Mianwali at the same rate and 200 bales from Feroza at Rs 5625, 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 11-12-2015
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37.324 kg 5,250 135 5,385 5,385 NIL
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Equivalent
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40 kgs 5,626 145 5,771 5,771 NIL
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