Mills and exporters continued buying to meet their urgent needs, dealers said on the cotton market on Tuesday. The official spot rate was firm at Rs 6,000, they added. The prices of seed cotton in Sindh were at Rs 3300-3325 and in Punjab rates were at Rs 3100 and Rs 3200, they said. In the ready session, about 5000 bales of cotton changed hands between Rs 6075-6150, they said.
Experts said that trading activity picked up following the news that supply was tight so both main buyers continued buying to meet the urgent needs. Cotton analyst, Naseem Usman said that the present rates are matching with the exporters' psychological levels, availing change by finalising deals.
Reuters adds: ICE cotton rose on Monday, stemming a nine-day rout as a speculator selling spree dried up and mills spied buying opportunities as prices hovered near last week's two-year lows. The benchmark December cotton contract on ICE Futures US closed up 0.18 cent, or 0.3 percent, at 68.30 cents a lb. The second-month has slumped 7 percent so far in July and sank as low as 67.10 cents a lb on Friday, the second-month contract's weakest since June 2012.
The following deals were reported: 600 bales of cotton from Shahdad Pur sold at Rs 6075-6100, 1000 bales from Sanghar at Rs 6100, 600 bales of cotton from Tando Adam at Rs 6100, 400 bales from Nooriabad at Rs 6100, 400 bales from Hyderabad at Rs 6100, 800 bales from Mir Pur Khas at Rs 6100-6125, 200 bales from Bahawal Pur at Rs 6100, 400 bales from Burewala at Rs 6100, 200 bales from Chichawatni at Rs 6100, 200 bales from Sahiwal at Rs 6100-6150 and 400 bales from Haroonabad at Rs 6125-6150, 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 14.07.2014
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37.324 Kgs 6,000 155 6,155 6,155 NIL
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Equivalent
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40 Kgs 6,430 155 6,585 6,585 NIL
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