Prices almost held the overnight levels on the cotton market on Friday in the process of active buying by mills and exporters, dealers said. The official spot rate maintained last level at Rs 5,100, they added. In the ready session, around, 20,000 bales of cotton changed hands between Rs 5150 and Rs 5275, they said. In Sindh, rates were at Rs 2100 and Rs 2500, in Punjab prices were unchanged at Rs 2300 and Rs 2600, they said.
Cotton analyst, Naseem Usman said that business activity slowed down slightly as many ginneries in Sindh were closed due to Diwali. Over all, business of cotton is on decline as due to low demand in the international market, China is not purchasing cotton from India.
But, India has started unsold cotton other importing countries, Pakistan is also trying to buy fine type at the rates, which matched with their psychological level, experts said.
Reuters adds: Cotton futures gained on Thursday after a weekly US government report showed a jump in export sales booked last week that slightly beat expectations. The benchmark December cotton contract on ICE Futures US edged up 0.36 cent, or 0.6 percent, to settle at 63.04 cents a lb. Foreign buyers' appetite for US cotton picked up in the week ended October 16, a weekly US Agriculture Department (USDA) report showed.
The following deals reported: 600 bales of cotton from Khairpur at Rs 5200, 1000 bales from Upper Sindh at Rs 5200, 1000 bales from Jahania at Rs 5150, 800 bales from Chistian at Rs 5150-5200, 400 bales from Multan at Rs 5150-5175, 400 bales from Hasilpur at Rs 5175, 200 bales from Renala Khurd at Rs 5175, 600 bales from Jalalpur at Rs 5200, 200 bales from Kamalia at Rs 5200, 1000 bales from Haroonabad at Rs 5200, 600 bales from Faqirwali at Rs 5200, 400 bales from Shujabad at Rs 5200, 200 bales from Lodhran at Rs 5200, 400 bales from Gojra at Rs 5200, 200 bales from Khichiwala at Rs 5200, 1000 bales from Khanewal at Rs 5200-5250, 600 bales from Toba Tek Sing at Rs 5225, 600 bales from Mongi Bangla at Rs 5225, 800 bales from Dera Ghazi Khan at Rs 5225-5250, 1000 bales from Ahmedpur at Rs 5240-5250, 1000 bales from Bahawalpur at Rs 5250, 1000 bales from Fazilpur at Rs 5250, 1400 Kot Addu at Rs 5250, 1000 bales from Esa Khail at Rs 5250, 400 bales from Tonsa Sharif at Rs 5250, 1600 bales from Alipur at Rs 5250, 3000 bales from Rajanpur at Rs 5250-5275 and 200 bales from Jampur at Rs 5275, 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 23.10.2014
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37.324 Kgs 5,100 155 5,250 5,250 NIL
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Equivalent
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40 Kgs 5,466 155 5,626 5,626 NIL
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