Mills and spinners continued buying on expectations of increase in prices in times to come, dealers said on the cotton market on Friday. The official spot rate was unchanged at Rs 5,150, they added. In the ready session, around 30,000 bales of cotton changed hands between Rs 4600 and Rs 5300, they said. In Sindh, rates of seed cotton were firm at Rs 2000 and Rs 2500, in Punjab prices were unchanged at Rs 2400 and Rs 2650, they said.
Market sources said that in the short run, no major change seen in the prices after the TCP's announcement of procurement price at Rs 6864 per maund to bring stability in the rates. Cotton analyst, Naseem Usman said that trading activity may come down due to Ashura holidays. In the meantime, he said that "we have wait to know about the impact of TCP's announcement on the marker."
Reuters adds: Cotton futures closed down on Thursday, reversing earlier gains as farmers sold into this week's chart-driven rally. The most-active December cotton contract on ICE Futures US sank 0.85 cent, or 1.3 percent, to close at 64.50 cents a lb in volatile, heavy trade. The benchmark December contract turned higher, extending the week's earlier rally to a fresh three-week high of 66.05 cents after a weekly US government export report showed a large increase in sales commitments made last week from the week before.
The following deals reported: 200 bales from Sanghar sold at Rs 4600, 200 bales from Shahdadpur at Rs 4700, 400 bales from Moro at Rs 5050, 3000 bales from Khairpur at Rs 5200-5250, 2000 bales from Upper Sindh at Rs 5200-5250, 600 bales from Jahanian at Rs 5175, 800 bales from Multan at Rs 5175-5250, 800 bales from Vehari at Rs 5200, 400 bales from Hasilpur at Rs 5200, 800 bales from Bahawal Nagar at Rs 5200, 400 bales from Fort Abbas at Rs 5200, 600 bales from Ahmedpur at Rs 5200, 800 bales from Chistian at Rs 5200, 200 bales from Lodhran at Rs 5200, 1000 bales from Haroonabad at Rs 5200-5250, 1400 bales from Bahawalpur at Rs 5200-5275, 2000 bales from Khanewal at Rs 5200-5300, 1000 bales from Burewala at Rs 5250, 400 bales from Jalapur at Rs 5250, 200 bales from Daharanwala at Rs 5250, 800 bales from Kabirwala at Rs 5250, 1000 bales from Mianwali at Rs 5300, 2000 bales from Rajanpur at Rs 5300, 400 bales from Alipur at Rs 5300, 1600 bales from Rahim Yar Khan at Rs 5300, 2000 bales from Layyah at Rs 5300, 1000 bales from Sadiqabad at Rs 5300 and 1600 bales from Fazilpur at Rs 5300, they added.
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The KCA Official Spot Rate for Local Dealings in Pakistan 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 30.10.2014
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37.324 Kgs 5,150 150 5,300 5,300 NIL
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Equivalent
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40 Kgs 5,519 160 5,679 5,679 NIL
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