Easier trend prevailed on the cotton market on Friday as mills entered into small deals of low varieties due to limited stock, dealers said. The official spot rate was lower by Rs 50 Rs 5350, dealers said. In the ready session, around 3000 bales changed hands between Rs 4175-5550, they said.
Seed cotton rates in Sindh were unchanged at Rs 2000-2600 and in Punjab prices registered at Rs 2400-3100, they said. According to the market sources, the mills and spinners, who were looking for quality lint, unwillingly, started purchasing of low quality to meet urgent needs, which kept proceedings dull slightly. Cotton analyst, Naseem Usman said that the ginners were not avoiding entering into big deals of lint cotton in anticipation further rise in the coming days.
Reuters adds: ICE cotton futures fell to their lowest level in two weeks on Thursday on a stronger dollar and a knee-jerk reaction to a weekly US export sales report, before paring losses later in the session. Cotton contracts for July settled down by 0.33 cent on Thursday, a 0.5 percent loss, at 65.53 cents per pound, after falling as low as 64.96 cents a lb, the July contract's lowest level since April 23.
The following deals reported: 600 bales from Sanghar at Rs 4175-5000, 200 bales from Shahdadpur at Rs 4300, same figure from Rohri at Rs 4500, equal number from Mirpurkhas at Rs 5200, 160 bales from Karror Pakka at Rs 4450, 400 bales from Kabbirwala at Rs 5400, 500 bales from Bahawalpur at Rs 5475 and 600 bales from Chichawatni at Rs 5550, 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 07.05.2015
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37.324 Kgs 5,350 150 5,500 5,550 -50
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Equivalent
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40 Kgs 5,734 160 5,894 5,947 -53
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