Steady trend was witnessed on the cotton market on Thursday as some needy buyers indulged in fresh deals to replenish their stock, dealers said.
The official spot rate was inert at Rs8900, they added. In ready session, over 4000 bales changed hands between Rs8400-9000, they said.
Rate of seed cotton per 40kg in Sindh low quality was at Rs2800, while the best quality was available at Rs4200, and in the Punjab prices were at Rs3000-4500, they said.
In Sindh, Binola prices per maund were at Rs1400-1800, in Punjab rates were at Rs1650-1800, they said and added that polyester fibre was available at Rs179 per kg, they said.
According to the market sources, some leading mills and spinners managed to lay hands over the fine type.
Cotton analyst, Naseem Usman said that the ginners were not happy over the withdrawal of duties on imported cotton.
So that they were not interested in cutting down the rates, because they are already facing financial loses, he added.
Reuters adds: ICE cotton futures fell on Tuesday in thin trade as investors booked profits, while the fibre registered its second consecutive yearly loss due to US-China trade tensions. Cotton contracts for March settled down 0.51 cent, or 0.73%, at 69.05 cents per lb.
The contract traded within a range of 68.80 to 69.72 cents a lb, having touched a near-seven-month high earlier in the day.
Total futures market volume fell by 5,862 to 21,486 lots. Data showed total open interest gained 5,715 to 222,851 contracts in the previous session.
The following deals reported: 600 bales of cotton from Sadiqabad at Rs9000, 1200 bales from Rahim Yar Khan at Rs9000, 1600 bales from Liaquatpur at Rs8450, 400 bales from Yazmam Mandi at Rs8400, 600 bales from Fort Abbas at Rs8500, 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 1-1/16"
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 01-01-2020
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37.324 kg 8,900 160 9,060 9,060 NIL
Equivalent
40 kgs 9,538 171 9,709 9,709 NIL
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