Influenced by the global track, prices drifted lower further on the cotton market on Friday in the process of trading, dealers said. The official spot rate dropped further Rs 100 to Rs 6,500, dealers said. Similarly, falling trend was witnessed in the seed cotton in Sindh, as low type was unchanged at Rs 3000 and best type lost Rs 150 to Rs 3200 per 40 kg, in Punjab, inferior quality was inert at Rs 3000 and fine also shed Rs 150 to Rs 3300, respectively, they said.
In ready business, around 10,000 bales of cotton changed hands between Rs 6650 and Rs 6900, they said. Commenting on the present trend in the market, some experts said that rates came down due to falling trend in the international market. Cotton analyst, Naseem Usman said that as a whole weak trend is persisted the world over and it is difficult to predict that how far it would continue.
Reuters adds: ICE cotton futures rose on Thursday, snapping three straight losing sessions, on concerns over weather and a positive weekly sales report amid a weaker dollar. The following deals were reported: 1600 bales of cotton from Mirpurkhas at Rs 6650-6700, 2000 bales from Tando Adam, same figure from Shahdadpur, 2400 bales from Sanghar, 800 bales from Hyderabad all done at the same rate, 200 bales from Kunri at Rs 6675, same figure from Jhole at Rs 6700 and 400 bales from Chichawatni at Rs 6800-6900, 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 21-07-2016
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37.324 kg 6,500 135 6,635 6,735 -100
Equivalent
40 kgs 6,966 145 7,111 7,218 -107
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