General trend in the cotton market was firm, following the rising demand by mills and spinners, dealers said on Saturday. The official spot rate was unchanged at Rs 4,750, they added. In the ready session, around 20,000 bales of cotton changed hands between Rs 3500-5000, they said. In Sindh, prices were unchanged at Rs 1600 and Rs 2300, in Punjab prices were inert at Rs 2100 and Rs 2600, they said.
Cotton analyst, Naseem Usman commenting on the firm trend, said that as a whole trading activity improved on good buying by mills and spinners. He also said that demand in quality cotton is helping prices to look ahead and current trend in the market may continue in the short-run.
Some experts said that in other foreign markets, prices showed stable trend due to slight improvement in demand.
Reuters adds: Cotton futures edged higher on Friday in choppy, thin trade, pinned between short covering and producer selling near the key level of 61 cents a lb.
The most-active March cotton contract on ICE Futures US closed up 0.07 cent, or 0.1 percent, at 60.89 cents a lb after trading higher for much of the day.
The following deals reported: 1200 bales from Shahdadpur at Rs 3500-4000, 400 bales from Hasilpur at Rs 4490-4700, 800 bales from Burewala at Rs 4800-4900, 400 bales from Shujabad at Rs 4600, 400 bales from Faqirwali at Rs 4700, 1000 bales from Haroonabad at Rs 4800, 600 bales from Fort Abbas at Rs 4750-4775, 400 bales from Lodhran at Rs 4750. 1000 bales from Yazman Mandi at Rs 4800-4900, 1000 bales from Bahawalpur at Rs 4800-4900, 600 bales from Mian Chano at Rs 4850, 400 bales from Jahania at Rs 4900, 1000 bales from Mianwali at Rs 4900, 4200 bales from Rahim Yar Khan at Rs 4950-5000, 3800 bales from Sadiqabad at Rs 4950-5000, 3600 bales from Khanpur at Rs 4950-5000 and 1000 bales from Rajanpur at Rs 5000, they said.
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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 19.12.2014
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37.324 Kgs 4,750 150 4,900 4,900 NIL
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Equivalent
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40 Kgs 5,091 160 5,251 5,251 NIL
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