Cotton prices moved up further on the cotton market on Thursday due to strong buying by mills and spinners, dealers said.
The official spot rate picked up Rs50 to Rs8950, they added. In ready session, about 12,000 bales of cotton changed hands between Rs8075-9300, they said.
Rate of seed cotton per 40kg in Sindh low quality was at Rs2800, while the best quality picked up Rs200 to Rs4200, and in the Punjab prices were at Rs3000 while the fine type was up by Rs100 to Rs4600, they said.
In Sindh, Binola prices per maund were at Rs1400-1800, in the Punjab rates were at Rs1650-1800, they said and the rates of polyester fibre was at Rs181 per kg, they said.
According to the market sources, mills indulged in renewed buying of cotton to replenish their stock.
Cotton analyst, Naseem Usman said that quality cotton is short in demand, so the mills were indulged in purchasing of local cotton at higher rates. In the meantime, the ginners were showing some resistance in selling of cotton at the present levels.
Prices of fine quality cotton to move up in the coming days, other brokers said.
Adds Reuters: ICE cotton futures inched up on Wednesday as hopes of de-escalation in Middle East tensions lifted the market, while investors are waiting for the monthly supply and demand report.
Cotton contract for March rose 0.09 cent, or 0.13%, to 69.92 cents per lb by 02:17 p.m. EST (1917 GMT).
Total futures market volume rose by 2,539 to 26,043 lots. Data showed total open interest gained 3,427 to 236,605 contracts in the previous session.
The following deals reported: 1000 bales of cotton from Sadiqabad sold at Rs9000, 2000 bales from Nawabshah at Rs8300, 2000 bales from Dherki at Rs9050, 600 bales from Yazmam Mandi at Rs8525, 1400 bales from Khairpur at Rs8425, 600 bales from Jahania at Rs9300, 800 bales from Fort Abbas at Rs8300-9100, 2200 bales from Khanpur at Rs8875-9000, 400 bales from Marrot at Rs8525 and 400 bales from Hasilpur at Rs8200, 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 08-01-2020
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37.324 kg 8,950 160 9,110 9,060 + 50/-
Equivalent
40 kgs 9,592 171 9,763 9,709 + 54/-
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