Prices stabilised on the cotton market on Tuesday amid modest trade, dealers said. The official spot rate was up by Rs 50 to Rs 6,600, dealers said. In Sindh, seed cotton prices were unchanged at Rs 3300-3500 and in Punjab rates of Phutti fell by Rs 100 to Rs 3100-3450, in Balochistan, best quality of seed cotton was available at Rs 3650, per 40 kg, they said.
In ready business, around 8,000 bales of cotton changed hands between Rs 6650 and Rs 6850, they said. Some brokers said as a whole buyers were ready to purchase fine quality to meet world challenges. On the other hand, buyers were keen to replenish their stock amid improved flow of Phutti and better quality, cotton analyst, Naseem Usman said. He explained that the arrivals of Phutti have improved which eased the availability of quality cotton. In the meantime, other experts said that fears of short crop are hovering, propelling spinners to rush for big deals.
Reuters adds: Cotton futures registering their biggest intraday percentage gain in 11 days on Monday as investors covered short positions ahead of a weekly crop progress report from the US Department of Agriculture. The following deals were reported: 200 bales from Khanpur at Rs 6650, 1600 bales from Sanghar at Rs 6700-6775, 600 bales from Mirpurkhas at Rs 6750, 1000 bales from Hyderabad, 200 bales from Jhole, 400 bales from Hala, same figure from Shahpur Chakar, same number from Nawabshah, 200 bales from Moro all done at the same rate, 1000 bales from Shahdadpur at Rs 6750-6800, 1600 bales from Tando Adam at Rs 6750-6820, 400 bales from Sammundri at Rs 6700, 200 bales from Mongi Bungla at the same rate, 400 bales from Hasilpur at Rs 6850, 200 bales from Vehari at the same rate and same figure from Chichawatni 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 22-08-2016
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37.324 kg 6,600 135 6,735 6,685 + 50
Equivalent
40 kgs 7,073 145 7,218 7,165 + 53
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