Leading buyers kept on the sidelines on the cotton market on Saturday in the process of modest business activity, dealers said. The official spot rate was unchanged at Rs 5900, dealers said. In Sindh, seed cotton prices were same at Rs 2200-3050, they said, in Punjab, phutti rates were at Rs 2800 and Rs 3200, as per 40 kg, they added,
In ready business, around 13,000 bales changed hands between Rs 5950-6200, they said. According to the market sources, lack of buying interest fully persisted among the spinners as most of them were just observing fresh developments. Cotton analyst, Naseem Usman said that it was surprising to note that fine quality is easily available but mills and spinners did not make deals in a big way. Other brokers said that buyers probably waiting for further decline in the prevailing rates because the season is at it's peak.
Reuters adds: Cotton futures rose on Friday on worries that adverse weather could have affected ongoing crop harvest in the United States, with prices also supported by a weaker dollar, even as traders awaited direction from the upcoming US presidential election.
The following deals reported: 2000 bales of cotton from Khairpur at Rs 5950, 1000 bales from Salehpat at Rs 6025, 1000 bales from Rohri at Rs 6025, 400 bales from Mianwali at Rs 6000, 200 bales from Mian Chano at Rs 6100, 200 bales from Bahawal Nagar at Rs 6125, 400 bales from Alipur at Rs 6125, 600 bales from Hasilpur at Rs 6125/6175, 400 bales from Ahmedpur at Rs 6135, 400 bales from Yazman Mandi at Rs 6175, 400 bales from Faqirwali at Rs 6175, 200 bales from Fort Abbas at Rs 6175, 400 bales from Shujabad at Rs 6175, 400 bales from Sadiqabad at Rs 6175, 1200 bales from Haroonabad at Rs 6175/6200, 1200 bales from Rahim Yar Khan at Rs 6175/6200, 2000 bales from Bahawalpur at Rs 6175/6200, 400 bales from Khanewal at Rs 6200 and 1000 bales from Khanpur at Rs 6200, 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 04-11-2016
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37.324 kg 5,900 135 6,035 6,035 NIL
Equivalent
40 kgs 6,323 145 6,468 6,468 NIL
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