A subdued activity was witnessed on the cotton market on Saturday as mills stayed on the sidelines to observe latest developments, dealers said. The official spot rate was unchanged at Rs 6,350, dealers said. In Sindh seed cotton prices were unchanged at Rs 3100 and Rs 3200 and in Punjab, phutti prices adopted the same pattern showing no change at Rs 3100 and Rs 3300 per 40 kg, respectively, they said.
In ready business, only 400 bales of cotton changed hands between Rs 6750 and Rs 6800, they said. Market sources said that in the late evening, nearly 2000 bales of cotton from Sindh finalised at Rs 6700. According to some brokers said that local market influenced by the international market. Cotton analyst, Naseem Usman said that mills and spinners were trying to analyse the next direction of the market in the absence of guiding factors.
Reuters adds: ICE cotton futures jumped more than one percent on Friday on dry weather concerns in West Texas, the top US producing region, and as the US dollar tumbled on disappointing economic data. The following deals were reported: 200 bales from Mian Chonu at Rs 6800 and same figure from Gamaha Raja at Rs 6750, 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 30-07-2016
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37.324 kg 6,350 135 6,485 6,485 NIL
Equivalent
40 kgs 6,805 145 6,950 6,950 NIL
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