Prices of seed cotton maintained upward trend on the cotton market on Saturday in the process of persisting demand by mills and some exporters, dealers said. The official spot rate was unchanged at Rs 5,650, they added. In the session, nearly 9,000 bales of cotton changed hands between Rs 5725 and Rs 5800, they said. In Sindh, rates of seed cotton improved by Rs 150 to Rs 2800 and Rs 2900, in Punjab prices were at Rs 2400 and Rs 2800, they said.
No respite was seen in the rising trend of seed cotton due to strong demand by mills and exporter, cotton analyst, Naseem Usman said. A kind of uncertainty prevailed on the cotton market after the rains and floods in the country, immediate figure is not available about damage to the crop, so it looks that prices may go up with slight rise in times to come, other analysts said.
Besides, reports showing that India will be the world's No 1 cotton grower this year, ousting China from the top spot for the first time in over 30 years, US government said on Thursday, reflecting a dramatic shift in global supplies amid uncertainty over Beijing's farm policy. If the projections by the US Department of Agriculture (USDA) are accurate, it will mark the end of China's dominance of the global cotton market just as Beijing scraps its stockpiling programme.
Cotton futures eased off a near eight-week high on Friday in heavy trade on profit-taking after a four-day rally. The most-active December cotton contract on ICE Futures US cents a lb closed down 0.09 cent, or 0.1 percent, at 68 cents a lb after crawling as high as 68.48 cents a lb. Even as the day's profit-taking slightly eroded this week's gains, the second-month contract notched its biggest weekly rally since March 2013.
The following deals reported: 1000 bales from Sanghar at Rs 5725-5750, 2000 bales from Mirpurkhas at Rs 5750, 1000 bales from Shahdadpur at Rs 5750, 800 bales from Tando Adam at Rs 5750, 400 bales from Hala at Rs 5750, 600 bales from Hyderabad at Rs 5750, 600 bales from Nawabshah at Rs 5775, 600 bales from Burewala at Rs 5725, 200 bales from Arifwala at Rs 5725, 400 bales from Mian Chano at Rs 5725, 200 bales from Duniyapur at Rs 5725, 200 bales from Pir Mehal at Rs 5725, 200 bales from Fort Abbas at Rs 5750, 400 bales from Haroonabad at Rs 5750, 200 bales from Hasilpur at Rs 5750, 200 bales from Chichawatni at Rs 5750, 400 bales from Khanewal at Rs 5750, 200 bales from Toba Tek Singh at Rs 5800 and 200 bales from Fazilpur at Rs 5750, 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 12.09.2014
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37.324 Kgs 5,650 150 5,800 5,800 NIL
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Equivalent
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40 Kgs 6,055 160 6,215 6,215 NIL
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