Moderate trade was witnessed on the cotton market on Wednesday as some leading mills were on the sidelines due to less buying interest, dealers said. The official spot rate was unchanged at Rs 9000, they added. In ready session, 13000 bales of cotton changed hands between Rs 5800-9200, they said.
In Sindh, seed-cotton prices dropped sharply at Rs 2600-4100, in Punjab, prices of seed-cotton fell at Rs 3500-4100 and in Balochistan, rates at Rs 3200-4100, they said.
In Sindh rates of Binola were at Rs 1400-1700, they said. Market sources said that mills were ready to buying cotton at the present levels, but the ginners were not ready to sell below their psychological levels. Cotton analyst, Naseem usman said that present trend may continue in the coming days in the absence of fresh leads. Adds Reuters: ICE cotton futures rose for the third straight session on Tuesday as demand picked up after a sharp decline in prices last week, while investors seek further clarity on the long-awaited trade agreement between the United States and China.
Cotton contracts for March gained 0.03 cent, or 0.46%, to 66.10 cents per lb by 02:05 p.m. EST. Total futures market volume fell by 4,759 to 17,417 lots. Data showed total open interest gained 224 to 197,537 contracts in the previous session.
The following deals reported: 800 bales of cotton from Hala at Rs 7150, 542 bales from Shahpur Chakar at Rs 5800, 1050 bales from Nawabshah at Rs 7150, 1227 bales from Sakrand at Rs 5800, 600 bales from Ghotki at Rs 9100/9200, 400 bales from Salehpat at Rs 8650, 1200 bales from Sadiqabad at Rs 9100/9150, 600 bales from Rahim Yar Khan at Rs 9150, 600 bales from Bahawal Nagar at Rs 8500, 1200 bales from Haroonabad at Rs 8350/8400, 1400 bales from Yazman Mandi at Rs 8375, 1000 bales from Fort Abbas at Rs 8350, 1000 bales from Dera Ghazi Khan at Rs 8350, 1000 bales from Chowk Munda at Rs 7800, traders 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"
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 26-11-2019
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37.324 kg 9,000 160 9,160 9,160 NIL
Equivalent
40 kgs 9,645 171 9,816 9,816 NIL
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