Volume of business increased on the cotton market on Wednesday as the mills and spinners showed interest in renewed buying to cover their immediate needs, dealers said. The official spot rate was inert at Rs 6050, they said. In the ready session over 5000 bales of cotton changed hands at Rs 6200, they said.
In Sindh, seed cotton rates were at Rs 3100-3150 per 40 kg, they said. In the Punjab, phutti prices were available at Rs 2800-3000, they said. Market sources said that mills and spinners took interest in fresh buying of cotton to cover their immediate requirements. Commenting on the renewed buying by mills, they said that rise in value of dollar recently, likely to make imports higher in the coming days, propelled them to finalise deals at present rates.
China's cotton industry website cncotton.com said on Wednesday: Besides, China sells 13,200 tonnes of cotton at auction from state reserves, at an average price of 15,003 yuan ($2,206.26) per tonne. The following deals reported: 1000 bales of cotton from Shahdadpur sold at Rs 6200, 1200 bales from Tando Adam, 800 bales from Sanghar, 400 bales from Hyderabad, 400 bales from Mirpurkhas, 200 bales from Noabad, 400 bales from Kotri all done at Rs 6200, 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 04.07.2017
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37.324 kg 6,050 135 6,185 6,185 Nil
Equivalent
40 kgs 6,484 145 6,629 6,629 Nil
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