Steadier trend was seen on the cotton market on Thursday prices maintained firmness despite increase in seed cotton arrivals, dealers said. The official spot rate was lower by Rs 50 Rs 4650, dealers said. Seed cotton prices in Sindh were down by Rs 50 to Rs 2300-2350 and in Punjab rates were same at Rs 2350 and Rs 2450, they said. In the ready business, approximately, 5000 bales of cotton changed hands between Rs 4650 and Rs 4700, they said.
Market sources said that trading activity was moderate as the ginners were selling cotton, despite the fact that rates were not matching with their psychological levels. Cotton analyst, Naseem Usman said that the ginners or farmers cannot hold the unsold stock for a long time. The ginners were taking advantage, selling as they need money for Eid-related expenses
Reuters adds: Benchmark cotton futures closed at their lowest level in two weeks on Wednesday as speculators continued to dial back a huge bullish stance and as demand concerns, particularly in top consumer China, lingered. The December cotton contracts on ICE Futures US settled down 0.66 cent, a 1 percent loss, at 65.30 cents per pound, their lowest close since June 24. The following deals reported: 600 bales of cotton from Shahdadpur sold at Rs 4650-4700, 1000 bales from Hyderabad, 1000 bales from Sanghar, same figure from Mirpurkhas, 800 bales from Kotri, same figure from Tando Adam all done at the same price, dealers 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 08.07.2015
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37.324 Kgs 4,650 150 4,800 4,850 -50
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Equivalent
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40 Kgs 4,983 160 5,143 5,197 -54
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