Prices moved cautiously on the cotton market on Tuesday in the process of moderate trading, dealers said on Tuesday. The official spot rate was inert at Rs 6100, they said. In the ready session, over 20,000 bales of cotton changed hands between Rs 5900-6300, they said. In Sindh seed cotton prices were unchanged at Rs 2800-3000 and in the Punjab, rates were stable at Rs 2800-3100, as per 40 kg, they said.
Cotton analyst, Naseem Usman said that the local market is moving on global track but it appears that prices may show mixed trends in time to come. Other experts said that cotton related diseases such as Mealy Bug, Army Worm, Pink Bollwarm, and White fly likely to help rates to keep stable trend. The mills and spinners were trying to lay hands over the fine type but the ginners were refraining from selling in expectations of increase in rates, brokers said.
Adds Reuters: ICE cotton futures jumped 1.5 percent on Monday, ahead of the US Department of Agriculture's weekly crop progress report, and concerns of crop damage in Texas, the top cotton producing state in the United States. Cotton contracts for December settled up 1 cent at 69.46 cents per lb. The contract posted its biggest one-day percentage rise in three weeks.
The following deals reported: 1000 bales from Tando Adam at Rs 5900/6000, 1600 bales from Shahdadpur at Rs 5950/6050, 2000 bales from Nawabshah at Rs 6125/6150, 4000 bales from Khairpur at Rs 6200, 2000 bales from Rohri at Rs 6200/6225, 2000 bales from Salehpat at Rs 6200/6225, 400 bales from Faqirwali at Rs 6150, 800 bales from Haroonabad at Rs 6150/6175, 600 bales from Hasilpur at Rs 6150/6200, 400 bales from Layyah at Rs 6175/6275, 400 bales from Mianwali at Rs 6200, 400 bales from Bakkar at Rs 6200, 200 bales from Fort Abbas at Rs 6200, 800 bales from Rajanpur at Rs 6200/6250, 200 bales from Lodhran at Rs 6225, 400 bales from Mianchano at Rs 6250, 600 bales from Bahawalpur at Rs 6250, 400 bales from Dera Ghazi Khan at Rs 6250, 200 bales from Ahmedpur at Rs 6250, 400 bales from Burewala at Rs 6250 and 600 bales from Sadiqabad at Rs 6300, 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 1-1/16"
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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 25.09.2017
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37.324 kg 6,100 145 6,245 6,245 NIL
Equivalent
40 kgs 6,537 155 6,692 6,692 NIL
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