Sizeable inflow of phutti allowed trading activity to expand on the cotton market on Thursday, dealers said. The official spot rate was unchanged at Rs 6350, they said. In the ready session over 7000 bales of cotton changed hands between Rs 6350 and Rs 6700, they said. In Sindh, seed cotton rates were at Rs 2700-3100 per 40 kg, while in the Punjab, phutti prices were available at Rs 3000-3350 per 40 kg, they said.
According to the some dealers, there were strong indications that with rising flow of seed cotton, the supply of lint will also make progress. Cotton analyst, Naseem Usman said that phutti arrivals from Sindh improving due to early maturing of production. So, therefore, much of trading was noted in the same variety. At the same time, supply from Punjab is also improving, other brokers said.
Adds Reuters: ICE cotton futures jumped 1.5 percent on Wednesday to a seven-week high, buoyed by short-covering by specculators amid a weaker dollar The December cotton contract on ICE Futures settled up 1.03 cent, or 1.49 percent, at 70.34 cents per lb and touched a high of 70.4 cents, a peak since June 15.
The contract has gained more than 6 percent since hitting a 10-month low of 66.15 cents per lb on June 26. Total futures market volume rose by 5,723 to 24,708 lots. Data showed total open interest gained 194 to 216,622 contracts in the previous session.
The following deals reported: 600 bales of cotton from Mirpurkhas sold at Rs 6350, 800 bales from Hyderabad at Rs 6350/6375, 800 bales from Kotri, 800 bales from Sanghar, 1800 bales from Shahdadpur all were finalised at the same rates, 200 bales from Hala at Rs 6375, 2000 bales from Tando Adam at Rs 6350/6400, 200 bales from Burewala, 200 bales from Haroonabad, 100 bales from Hasilpur, 200 bales from Fort Abbas and 400 bales from Khanewal all were sold at Rs 6700, 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 02.08.2017
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37.324 kg 6,350 145 6,495 6,495 NIL
Equivalent
40 kgs 6,805 155 6,960 6,960 NIL
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