Rates eased on the cotton market on Wednesday after increase in arrivals of seed cotton, dealers said. The official spot rate was lower by Rs 100 to Rs 6,550, dealers said. In Sindh, seed cotton prices also came under pressure at Rs 3200-3450 and in Punjab rates of Phutti, also slipped at Rs 2800-3300, as per 40 kg, they said.
In ready business, around 18000 bales of cotton changed hands between Rs 6600 and Rs 6925, they said. Some brokers said that better position of cotton production in the both India and US, pushed the rates to go down. Furthermore, with the passage of time, Phutti arrivals increasing and this factor could be a factor behind the falling trend in rates in the coming days, cotton analyst, Naseem Usman said. Besides, in expectations of some betterment in the exports, encouraging buyers to keep buying of fine type, he added.
Reuters adds: Cotton futures fell to a more than 7-1/2-week low on Tuesday as speculators continued to liquidate their positions amid a stronger dollar and rains beneficial to the natural fibre crop across the United States. The following deals were reported: 600 bales from Hala at Rs 6600/6650, 1000 bales from Kotri at Rs 6600/6700, 3000 bales from Sanghar at Rs 6625/6700, 400 bales from Jhole at Rs 6650, 2200 bales from Shahdadpur at Rs 6650/6700, 1000 bales from Mirpurkhas at Rs 6650/6700, 1400 bales from Maqsoodo at Rs 6650/6700, 600 bales from Sakrand at Rs 6650, 400 bales from Sahari at Rs 6700, 400 bales from Shahpur Chakar at Rs 6700, 1400 bales from Nawabshah at Rs 6700, 800 bales from Hyderabad at Rs 6700, 1000 bales from Moro at Rs 6700, 2000 bales from Tando Adam at Rs 6700/6725, 200 bales from Bakhar at Rs 6800, 200 bales from Renala Khurd at Rs 6900, 400 bales from Burewala at Rs 6925 and 400 bales from Khanewal at Rs 6925, 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 30-08-2016
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37.324 kg 6,550 135 6,685 6,785 - 100
Equivalent
40 kgs 7,020 145 7,165 7,272 - 107
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