Trade activity improved on the cotton market on Tuesday as buying interest emerged by the mills and spinners, dealers said. The official spot rate was unchanged at Rs 6000, they said. In the ready session, approximately 15000 bales of cotton changed hands between Rs 5600-6175, they said. In Sindh seed cotton prices were unchanged at Rs 2800-3000, in the Punjab rates were at Rs 2800-3050, as per 40 kg, they said.
Commenting on the present trend, cotton analyst, Naseem Usman said that prices are firm locally, but in India cotton rates fell sharply due to easy arrivals. He also said that the Pakistan Cotton Ginners Association (PCGA) fortnightly reports, delayed due to Ashura holidays. The report is likely to be issued on Thursday. In China, markets were closed for a week, he said.
Adds Reuters: ICE cotton futures fell nearly 1.3 percent on Monday to mark its lowest level since August 25, hurt by selling by funds and suitable weather conditions for harvesting of the natural fibre crop. Cotton contracts for December settled down 0.88 cent, or 1.29 percent, at 67.57 cents per lb. It touched a low of 67.55 per lb.
The following deals reported: 1000 bales from Sanghar at Rs 5600/5800, 1000 bales from Tando Adam at Rs 5600/5800, 800 bales from Moro at Rs 6000, 1000 bales from Nawabshah at Rs 6000/6075, 600 bales from Kazi Ahmed at Rs 6000/6050, 600 bales from Sakrand at Rs 6000/6050, 3000 bales from Khairpur at Rs 6075/6100, 800 bales from Rohri at Rs 6100, 800 bales from Saleh Pat at Rs 6100, 200 bales from Fort Abbas at Rs 6075, 400 bales from Haroonabad at Rs 6075, 600 bales from Khanpur at Rs 6100, 800 bales from Bahawalpur at Rs 6125, 600 bales from Bahawal Nagar at Rs 6125, 400 bales from Mailsi at Rs 6125, 200 bales from Shadan Lund at Rs 6125, 200 bales from Fazilpur at Rs 6150, 400 bales from Layyah at Rs 6150, 200 bales from Shujabad at Rs 6150, 400 bales from Mohammadpur Dewan at Rs 6150/6175 and 800 bales from Rajanpur at Rs 6150/6175, 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 02.10.2017
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37.324 kg 6,000 145 6,145 6,145 NIL
Equivalent
40 kgs 6,430 155 6,585 6,585 NIL
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