A rising demand by mills persisted on the cotton market on Thursday in the process of trading 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 2800-3100, as per 40 kg, they said. In ready business, approximately, 40,000 bales of cotton changed hands between Rs 5825 and Rs 6300, they said.
Some brokers said that prices stayed firm but in the late hours of trade, local market came under influence of global track. Cotton analyst, Naseem Usman, however, said that rates may not fall sharply in the coming days after the Cotton Crop Assessment Committee (CCAC) report, in which revised down earlier estimate from 11.272 million bales to 11.072 million bales. The CCAC meeting held in Islamabad to asses about the current position of cotton crop.
He said that during the last sessions, prices held firmness in line with the international market track. Reports of hurricane in the cotton growing areas of the US helped the rates to maintain up trend, he added. Adds Reuters, Cotton futures slid nearly 3 percent on Wednesday, their biggest intra-day percentage drop in over three weeks, as the threat of crop damage in the south eastern United States from Hurricane Matthew diminished.
The following deals were reported: 200 bales of cotton from Khando at Rs 5825, 3000 bales from Mirpurkhas at Rs 5850/5950, 1600 bales from Tando Adam at Rs 5850/6075, 1400 bales from Sanghar at Rs 5900/5950, 400 bales from Maqsoodo at Rs 6125, 600 bales from Sahari at Rs 6125/6150, 400 bales from Shahpur Chakar at Rs 6150, 800 bales from Kazi Ahmed at Rs 6150/6200, 2000 bales from Nawabshah at Rs 6150/6200, 400 bales from Daur at Rs 6150/6200, 1000 bales from Moro at Rs 6150/6200, 600 bales from Bandhi at Rs 6200, 3000 bales from Khairpur at Rs 6250/6300, 2000 bales from Salehpat at Rs 6250/6300, 2000 bales from Rohri at Rs 6250/6300, 200 bales from Toba Tek Singh at Rs 6200, 1000 bales from Yazman Mandi at Rs 6225/6300, 200 bales from Dera Ghazi Khan at Rs 6250, 600 bales from Jalalpur at Rs 6250, 200 bales from Alipur at Rs 6250, 1800 bales from Burewala at Rs 6250/6300, 600 bales from Sahiwal at Rs 6250/6300, 1600 bales from Layyah at Rs 6250/6300, 800 bales from Mian Chanu at Rs 6240/6300, 1200 bales from Vehari at Rs 6250/6300, 1600 bales from Chichawatni at Rs 6250/6300, 1200 bales from Haroonabad at Rs 6250/6300, 2400 bales from Mianwali at Rs 6250/6300, 800 bales from Ahmedpur at Rs 6275/6300, 800 bales from Chistian at Rs 6300, 400 bales from Bahawal Nagar at Rs 6300, 800 bales from Faqirwali at Rs 6300, 400 bales from Sadiqabad at Rs 6300, 600 bales from Rahim Yar Khan at Rs 6300, 1000 bales from Bahawalpur at Rs 6300, 200 bales from Fazilpur at Rs 6300, 600 bales from Kassowal at Rs 6300 and 400 bales from Fort Abbas at Rs 6300, 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 05-10-2016
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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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