Prices stabilised on the cotton market on Friday on expectations of revival of demand by mills and spinners, and partly because of rise in NY cotton futures, dealers said. The official spot rate was unchanged at Rs 4,950, dealers said. In the ready session, around 6,000 bales of cotton changed hands between Rs 4650 and Rs 5150, they said.
The seed cotton rates in Sindh were at Rs 1800 and Rs 2350, in Punjab prices were inert at Rs 2000 and 2650, they said. Some experts said that it is before time to say any thing about the textile exhibition in Germany, but participants were expecting to get orders worth 70 million to 80 million dollars. Today, the ginners did not take interest in panic selling, became choosy after an increase in the NY cotton futures. Cotton analyst, Naseem Usman said that recent declining trend in NY, China and India is a major concern among buyers
Reuters adds: ICE cotton jumped on Thursday in response to better-than-expected export sales, with healthy buying from top-consumer China, but quickly pared gains on concerns of weakening macroeconomic conditions. The most-active front-month March cotton contract on ICE Futures US rose 0.51 cent, or 0.9 percent, to settle at 59.49 cents a lb, its largest single-session gain since January 5.
Prices rose as much as 2.2 percent to a high of 60.27 cents a lb immediately after the US Department of Agriculture released weekly export sales figures showing new sales of 441,800 bales of upland cotton in the week ended January 8, a marketing-year high. The following deals reported: 400 bales of cotton from Mehrabpur at Rs 4650, same number from Faqirwali, 600 bales from Yazman Mandi, 400 bales from Layyah all done at the same rate, 800 bales from Mianwali at Rs 4975-5100, 1000 bales from Feroza at Rs 5135, 400 bales from Alipur at Rs 5150, 1000 bales from Jalalpur and 800 bales from Shadan Lund at the same rate, 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 15.01.2015
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37.324 Kgs 4,950 150 5,100 5,100 NIL
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Equivalent
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40 Kgs 5,305 160 5,465 5,465 NIL
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