An upward trend was witnessed on the cotton market on Wednesday in the process of moderate trading activity, dealers said. The official spot rate was up by Rs 100 to Rs 6,700. in the ready business, some 5000 bales of cotton changed hands between Rs 6675-6800, dealers said. The seed cotton prices were unchanged in Sindh at Rs 3150-3200 and in the Punjab rates were at Rs 3100-3250, they said.
Commenting on the surge in the rates, continued rise in the dollar's rate propelled mills to make fresh deals, which will increase profit in the coming days. Cotton analyst, Naseem Usman said that ginners were not happy at the present trend in the prices as they expect further rise in the prices in days to come.
According to the Reuters the following deals reported as some 1000 bales of cotton from Shahdadpur at Rs 6775-6800, 600 bales from Tando Adam at Rs 6800, same figure from Shanghar at the same rate, same figure from Mirpurkhas at the same rate, 200 bales from Khipro at the same rate, same figure from Chistian at Rs 6675, 800 bales from Burewala at Rs 6700, 200 bales from Mian Chunnu at the same rate, same figure from Gaaggo Mandi at same rate, same number from Pir Mahal at same rate, same number from Sammndri at same number and 600 bales of cotton from Chichawatni at Rs 6700-6750, they said.
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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 16.07.2013
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37.324 Kgs 6,700 155 6,855 6,755 +100
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Equivalent
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40 Kgs 7,180 155 7,335 7,228 +107
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