Rates picked up on the cotton market on Saturday in the process of trading activity, dealers said. The official spot rate higher by Rs 50 to Rs 6100, they said. In the ready session over 5000 bales of cotton changed hands between Rs 6225 and Rs 6250, they said. In Sindh, seed cotton rates were at Rs 3150-3200 per 40 kg, they said. In the Punjab, phutti prices were available at Rs 2800-3000, they said.
Adds Reuters: ICE cotton futures rose for the third straight session to more than two-week highs on Friday after a U.S. federal report showed strong export sales numbers for top consumer China, with prices further supported by weather-related crop woes. The December cotton contract on ICE Futures settled up 0.24 cent, or 0.35 percent, at 68.59 cents per lb. It traded within a range of 67.95 and 68.92 cents a lb. Weekly export sales data from the U.S. Department of Agriculture (USDA) for the week ending June 29 showed net upland sales for 2016/2017 totalled 194,200 running bales, down 26 percent from the previous week. However, the report showed increases of 43,100 for China, which also purchased 65,600 bales
for the 2017/18 crop year. For 2017/2018, net sales of 297,200 bales were reported. Total futures market volume fell by 2,111 to 18,178 lots. Data showed total open interest gained 1,798 to 209,279 contracts in the previous session. The following deals reported: 1000 bales of cotton from Sanghar at Rs 6225/6250, 1200 bales from Shahdadpur at the same rates, 1000 bales from Mirpurkhas, 400 bales from Hyderabad, 1000 bales from Tando Adam, 600 bales from Kotri all finalised at Rs 6250, 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 07.07.2017
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37.324 kg 6,100 135 6,235 6,185 + 50/-
Equivalent
40 kgs 6,537 145 6,682 6,629 + 53/-
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