Arrivals of seed cotton in lower Sindh likely to be curtailed after fresh rains on Thursday, dealers said on the cotton market. The official spot rate was higher by 100 to Rs 6,400, they said. In the ready business, prices were steady as around 10,000 bales of cotton changed hands between Rs 4700-6550, dealers said.
Prices of seed cotton per 40 kg from Punjab were unchanged at Rs 3000-3100 and in Sindh rates were firm at Rs 2950-3000, they said. Market sources said prices might not fall sharply in the coming days due to monsoon rains in the country. Commenting on the next direction of the market cotton analyst, Naseem Usman said Phutti arrivals were increasing with gradual pace due to good production this year because of favourable weather, so it was most likely that Pakistan might be able to export to importing countries, particularly India.
Apparently, prevailing situations were good and might help in achieving target of 24 million bales of cotton for the current season, other experts said. According to the Reuters, the ICE cotton gained on Wednesday in light trading, recovering the previous session's losses on renewed fund buying. The most-active December cotton contract on ICE Futures US closed up 1.02 cent, or 1.2 percent, at 85.74 cents a lb. The following deals reported as 600 bales of cotton from Sanghar at Rs 6450, 400 bales of cotton from Khipro at Rs 6400/6450, 800 bales of cotton from Shahdad Pur at Rs 6450, 800 bales from Tando Adam at Rs 6450, 400 bales from Mir Pur Khas at Rs 6450, 200 bales from Hyderabad at Rs 6450, 400 bales from Kotri at Rs 6450, 200 bales from Tando Mohammad Khan at Rs 6475, 800 bales from Burewala at Rs 6550, 500 bales from Pak Pattan at Rs 4700, 5675 bales from Rahim Yar Khan at Rs 6400-6500, they added.
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The KCA Official Spot Rate for Local Dealings in Pak 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 03.07.2013
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37.324 Kgs 6,400 155 6,555 6,455 +100
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Equivalent
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40 Kgs 6,859 155 7,014 6,907 +107
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