Trading activity improved on the cotton market on Tuesday as mills and exporters showed interest in fine variety, dealers said. The official spot rate was unchanged at Rs 7,000, they added. Prices of seed cotton in Sindh per 40 kg were unchanged at Rs 2500 and Rs 2800, in Punjab, prices were inert at Rs 2500-3200, dealers said. In the ready session, around 11000 bales of cotton changed at Rs 6850-7200, dealers said.
Some brokers said that most of the mills and spinners did buying of best quality on the other hand, exporters in small number made cautious purchasing. Cotton analyst, Naseem Usman said that after the Pakistan Cotton Ginners Association (PCGA) report, it seems that buyers may take little interest in buying in anticipation of decline in prices. But it, looks very difficult because best type is short in demand, he added.
The PCGA issued its fortnightly report at 13.26 million bales of cotton till February 15, 2014. The New York cotton market was closed on Monday6 due to President Day holiday. The following deals reported as 600 bales of cotton sold at Rs Rohri at Rs 6875-6900, 2346 bales from Obaro at Rs 7125, 200 bales from Vehari at Rs 6850, 1000 bales from Hasil Pur at Rs 6850, 200 bales from Fort Abbas at Rs 6900, 1000 balaes from Maroot at Rs 6900, 200 bales from Yazman mandi at Rs 6900, 1400 bales from Rahim Yar Khan at Rs 7000-7150, 200 bales from Haroonabad at Rs 7000, 400 bales from Fazil Pur at Rs 7100, 400 bales from Sadiqabad at Rs 7150, 200 bales from Mian Wali at Rs 7200 and 2000 bales from Rahim Yar Khan at Rs 7200, 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 17.02.2014
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37.324 Kgs 7,000 155 7,155 7,155 NIL
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Equivalent
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40 Kgs 7,502 155 7,657 7,657 NIL
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