Prices remained steady on the cotton market on Monday as some needy mills continued to replenish their stocks to meet their current season's demand, dealers said. The official spot rate was unchanged at Rs 6750, they said. In Punjab, prices of seed cotton were at Rs 3700-3800, as per 40 kg, they said. In ready session, around 4000 bales of cotton changed hands between Rs 6900 and Rs 6975, they said.
Cotton analyst, Naseem Usman said that prices moved both ways in the international market in the meantime rates were firm in the local market. Besides, he said that the Federal Cotton Committee (FCC) meeting held in Multan recently, the committee decided to estimate target of cotton at 14.04 million bales for the coming season. Other brokers said that short crop coupled with high cotton prices giving tough time to spinners this season because they struggled to remain competitive in the global market. The following deals reported: 200 bales of cotton from Faqirwali at Rs 6900 and 3600 bales from Rahim Yar Khan at Rs 6975, they 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 1-1/16"
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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 25.03.2017
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37.324 kg 6,750 135 6,885 6,885 Nil
Equivalent
40 kgs 7,234 145 7,379 7,379 Nil
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