Prices showed firm on the cotton market on Saturday in the process of brisk activity, dealers said. The official spot rate was unchanged at Rs 6000, dealers said. In Sindh, seed cotton prices were at Rs 2900-3100 and in Punjab rates of Phutti were at Rs 2800-3050, as per 40 kg, they said. In ready business, around 25,000 bales of cotton changed hands between Rs 5800 and Rs 6200, they said.
Market sources said that in line with the global trend, the prices turned firm in the process of trading activity. Cotton analyst, Naseem Usman said that the mills were busy in buying of fine quality of cotton due to attractive rates. Rates firm despite higher arrivals of seed cotton, nearly, 80,000 bales reaching at ginning factories in Punjab
Adds Reuters: Cotton futures bounced back to snap a three day losing streak on Friday, after touching a two-week low earlier in the session, pushed up by short-covering and a weaker US dollar.
The following deals were reported: 1000 bales of cotton from Mirpurkhas at Rs 5800-5900, 1600 bales from Shahdadpur at Rs 5800-6050, 1200 bales from Sanghar at Rs 5850-5950, 600 bales from Hyderabad at Rs 5900-5950, 1000 bales from Tando Adam at Rs 5950-6000, 600 bales from Sarhari at Rs 6050-6150, 200 bales from Nawahshah at Rs 6075-6100, 400 bales from Shahpur Chakar at Rs 6100, same figure from Bandhi at the same rate, 3600 bales from Khairpur at Rs 6150-6200, 200 bales from Samundri at Rs 6100, 400 bales from Burewala at Rs 6150-6175, 1200 bales from Mianwali at Rs 6150, 200 bales from Kasoowal at Rs 6175, 400 bales from Shoor Kot at the same price, 800 bales from Khanewal at Rs 6175-6200, 600 bales from Faqirwali, 400 bales from Fort Abbas, 2400 bales from Haroonabad, 1600 bales from Layyah all done at the same rate, 400 bales from Chistian at Rs 6185, 800 bales from Rajanpur at Rs 6200, same figure from Tonsa Sharif, 300 bales from Chichawatni, 400 bales from Rahim Yar Khan, 400 bales from Vehari and same figure from Hasilpur all finalised 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 30-09-2016
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37.324 kg 6,000 135 6,135 6,135 NIL
Equivalent
40 kgs 6,430 145 6,575 6,575 NIL
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