Mills and spinners indulged in cautious buying on the cotton market on Saturday in the process of slow trading, dealers said. The official spot rate was unchanged at Rs 6,350, they added. While, the prices of seed cotton from Sindh at Rs 3300 and Rs 3325, and in the Punjab rates were at Rs 3400 and Rs 3450, they said. In the ready session, about 400 bales of cotton sold at Rs 6350-6400, they said.
Some brokers said that most of the mills and spinners were not interested in fresh deals due to quality factor. Monsoon rains are beneficial for the standing crops but growers said that rains may be delayed this season. Cotton analyst, Naseem Usman said that rains delayed in India as cotton growers were some worried over the late rains. The cotton arrivals picking up pace and it would improve with the passage of day, he said. The following deals were reported: 200 bales of cotton from Hala sold at Rs 6350, 600 bales from Tando Adam, same number bales from Sanghar, 200 bales from Shahdadpur, 400 bales from Mirpurkhas all finalised at Rs 6350 and 200 bales from Hyderabad at Rs 6400, dealers 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 04.07.2014
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37.324 Kgs 6,350 155 6,505 6,505 NIL
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Equivalent
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40 Kgs 6,805 155 6,960 6,960 NIL
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