Prices dropped further on the cotton market on Thursday after release of the Pakistan Cotton Ginners Association figures of cotton arrivals, dealers said. The official spot rate was unchanged at Rs 5900, dealers said. In Sindh, seed cotton prices were same at Rs 2200-3050, they said, in Punjab, phutti rates were at Rs 2800 and Rs 3200, as per 40 kg, they added.
In ready business, around 15,000 bales changed hands between Rs 6000-6200, they said. According to the market sources, leading spinners and mills were on the sideline due to higher-than-expected cotton arrival figures. Cotton analyst, Naseem Usman said that the PCGA arrival figure is at 6.95 million bales, showing 7.47 percent increase against the last year. Other brokers said that the ginners and growers may face some tough time due to falling demand from the buyers.
Reuters adds: Cotton futures settled up on Wednesday, boosted by forecasts for harvest-hindering rains in Texas, the top-producing state in the United States, and further supported by a weaker US dollar.
The following deals reported: 2600 bales from Khairpur sold at Rs 6000/6025, 1000 bales from Salehpat at Rs 6100, 1000 bales from Rohri at Rs 6100, 800 bales from Mianwali at Rs 6100, 1000 bales from Khanewal at Rs 6100, 400 bales from Jahanian at Rs 6100, 400 bales from Duniyapur at Rs 6100, 600 bales from Bahawal Nagar at Rs 6125, 1200 bales from Haroonabad at Rs 6125/6200, 400 bales from Maroot at Rs 6150, 1000 bales from Liaquatpur at Rs 6150/6200, 400 bales from Faqirwali at Rs 6175, 800 bales from Sadiqabad at Rs 6175, 800 bales from Ahmedpur at Rs 6175/6200, 600 bales from Fort Abbas at Rs 6175/6200, 600 bales from Lodhran at Rs 6200 and 400 bales from Burewala at Rs 6200, 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 02-11-2016
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37.324 kg 5,900 135 6,035 6,035 NIL
Equivalent
40 kgs 6,323 145 6,468 6,468 NIL
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