In line with the international track, cotton prices fell on the cotton market on Wednesday in the process of modest trading, dealers said. The official spot rate was lower by Rs 50 to Rs 5900, dealers said. In Sindh, seed cotton prices were same at Rs 2200-3100, they said, in Punjab, phutti rates were at Rs 2900 and Rs 3200, as per 40 kg, they added,
In ready business, around 11,000 bales changed hands between Rs 5550-6225, they said.
Some analysts said that cotton prices were easier ahead of Pakistan Cotton Ginners Association (PCGA) fortnightly report. Cotton analyst, Naseem Usman said that it is surprising to note that supply is short but prices are coming down gradually in the absence of strong demand.
The ginners who were trying to resist selling of fine quality at the lower rates are now under pressure.
Reuters adds: Cotton futures fell on Tuesday to touch their lowest in a week on liquidation by speculators as good harvesting conditions prevailed in the United States.
On Monday, the first month December contract on ICE Futures registered the biggest intraday percentage loss in seven weeks as index funds shifted long positions forward and as the US dollar firmed.
The following deals reported: 800 bales from Tando Adam sold at Re 5550/5600, 2000 bales from Khairpur at Rs 6000, 800 bales from Rohri at Rs 6075, 400 bales from Salehpat at Rs 6100, 200 bales from Ghotki at Rs 6150, 600 bales from Mianwali at Rs 6050/6100, 400 bales from Chichawatni at Rs 6075, 400 bales from Mianchano at Rs 6100, 1000 bales from Haroonabad at Rs 6100, 600 bales from Vehari at Rs 6125/6150, 400 bales from Jahanian at Rs 6150, 600 bales from Fort Abbas at Rs 6150, 400 bales from Faqirwali at Rs 6150, 400 bales from Alipur at Rs 6150, 600 bales from Fazilpur at Rs 6150, 400 bales from Tonsa Sharif at Rs 6150 and 600 bales from Khanewal at Rs 6225, 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 01-11-2016
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37.324 kg 5,900 135 6,035 6,085 - 50
Equivalent
40 kgs 6,323 145 6,468 6,522 - 54
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