Not any significant change was seen in the present outlook on the cotton market on Monday in the process of trading, dealers said. The official spot rate was unchanged at Rs 5,400, dealers said. In Sindh, prices of seed cotton were at Rs 2000 and Rs 3000 and in the Punjab, rates were at Rs 2300 and Rs 3150, they said.
In the ready business, around 3000 bales of cotton changed hands between Rs 4900 and Rs 5700, they said.
Market sources said that limited interest of buying seen from spinners due to less buying interest. The spinners generally preferred to stay on the sidelines, they observed.
Cotton analyst, Naseem Usman said that in the absence of motivating factors, the market is moving with slow pace.
It looks that textile industry is still waiting to see the impact of lower oil prices in the international market, so that the buyers were worried about the prices, they would achieve against their export orders in the global market.
The following deals finalised: 200 bales of cotton from Duniapur at Rs 4900, 400 bales from Khanewal at Rs 5450 and 2200 bales of cotton from Raham Yar Khan at Rs 5700, they 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 23-01-2016
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37.324 kg 5,400 135 5,535 5,535 NIL
Equivalent
40 kgs 5,787 145 5,932 5,932 NIL
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