No visible change was witnessed in the present outlook on the cotton market on Saturday, dealers said. The official spot rate was unchanged at Rs 6,500, they added. Prices of seed cotton in Sindh and Punjab per 40 kg were unchanged at Rs 2800 and Rs 3100, dealers said. In the ready session, around 2400 bales of cotton changed hands between Rs 6150-6500, dealers said.
Cotton analyst, Naseem Usman said that traders were fed up with the dullness in the market in the absence of motivating factor. It is very difficult position as other parts of the world is also depressed under the circumstance, other analysts said. Reports appeared that to come out of the wood, the All Pakistan Textile Mills Association (APTMA) called an urgent meeting on Monday against discrimination in electricity supply, they said.
Reuters adds: Cotton futures were little changed on Friday, bouncing off chart-based support after initially extending the prior session's weakness to multi-week lows on falling demand. The most-active July cotton contract on ICE Futures US inched up 0.16 cent, or 0.2 percent, to settle at 90.45 cents a lb after hitting a 2-1/2-week low of 90.02 cents. For the week, the second-position contract dropped 2.4 percent, its biggest weekly tumble since late October 2013. The following deals were reported: 800 bales of cotton from Ghotki (90 days Payments) sold at Rs 6150, 400 bales from Yazman Mandi at Rs 6400, 200 bales from Rajan Pur at Rs 6500 and 1000 bales from Sadiqabad at Rs 6500, 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 11.04.2014
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37.324 Kgs 6,500 155 6,655 6,655 NIL
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Equivalent
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40 Kgs 6,966 155 7,121 7,121 NIL
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