Prices came down on the cotton market on Saturday in line with international trend, dealers said. The official spot rate was lower by Rs 100 to Rs 6150, dealers said. In Sindh, seed cotton prices were down at Rs 3000-32500 and in Punjab rates of Phutti were at Rs 2800-3200, as per 40 kg, they said. In ready business, around 18,000 bales of cotton changed hands between Rs 6050 and Rs 6400, they said.
Market sources said that trading activity slowed down as leading buyers were reluctant to enter in new deals. Cotton analyst, Naseem Usman said that most of the leading mills and spinners were on the sideline because of declining trend in the global market. He also said that trading activity likely to show an improvement in the coming days as ginners were keen to dispose off old stock at the present rates.
Adds Reuters: Cotton futures slid by over two percent on Friday as traders booked profits after a four-day rally amid fading concerns of damage to crops from rain in the West Texas region. However, the second month contract on ICE Futures, which touched a six-week high on Thursday, notched up the biggest weekly gain since mid-July.
The following deals were reported: 1000 bales of cotton from Hyderabad sold at Rs 6050-6100, 2400 bales from Tando Adam at Rs 6050/6150, 2000 bales from Shahdadpur at the same rate, 400 bales from Bandi at Rs 6200-6250, 1000 bales from Nawabshah at the same rate, 400 bales from Kazi Ahmed at Rs 6250, same figure from Sakrand, 800 bales from Moro all done at the same rate, 3000 bales from Khairpur at Rs 6250-6300, 200 bales from Pakpattan at Rs 6250, 1000 bales from Mianwali at Rs 6300, 800 bales from Mian Chano, 600 bales from Gojra all finalised at the same rate, 400 bales from Vehari at Rs 6300-6350, 1700 bales from Haroonabad at Rs 6300-6400, 200 bales from Hasilpur at Rs 6350, 1000 bales from Burewala at the same rate, 200 bales from Chichawatni at Rs 6390 and same figure from Fazilpur at Rs 6400, 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 23-09-2016
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37.324 kg 6,150 135 6,285 6,385 -100
Equivalent
40 kgs 6,591 145 6,736 6,843 -107
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