Prices managed to retain firm trend on the cotton market on Saturday in the process of moderate trading, dealers said. The official spot rate was unchanged at Rs 6000, they said. In the ready session, around 20,000 bales of cotton changed hands between Rs 5500-6200, they said. In Sindh seed cotton prices were unchanged at Rs 2800-3000, in the Punjab rates were up at Rs 2800-3100, as per 40 kg, they said.
Cotton analyst, Naseem Usman said that prices managed to hold last levels as the mills were trying to lay hand over fine quality to replenish their stock. Steady flow of seed cotton (phutti) may cause decline in rates, other experts said. Reports showing continued rise in cotton production in India, China and US, this factor may push rates down in the next coming days, they said.
Adds Reuters: ICE cotton futures edged up on Friday, supported by worries about the potential impact of Tropical Storm Nate on the natural fibre crop but gains were limited as the system was not expected to cause damage in major producing regions Texas and Georgia. Cotton contracts for December settled up 0.57 cent, or 0.83 percent, at 68.84 cents per lb. It traded within a range of 67.8 and 69.19 cents a lb. The contract was up about 0.6 percent for the week.
The following deals were reported to have hanged hands on the ready counter: 800 bales of cotton from Shahdadpur at Rs 5500/5800, 400 bales from Mirpurkhas at Rs 5900, 800 bales from Shahpur Chakar at Rs 5975/6000, 1400 bales from Nawabshah at Rs 6050/6080, 400 bales from Qazi Ahmed at Rs 6050, 1600 bales from Sakrand at Rs 6050/6075 400 bales from Dour at Rs 6050, 2000 bales from Khairpur at Rs 6100/6150, 1600 bales from Saleh Pat at Rs 6150/6200, 1000 bales from Rohri at Rs 6150/6200, 600 bales from Layyah at Rs 6200, 1000 bales from Mian Channu at Rs 6200, 600 bales from Vehari at Rs 6200, 1000 bales from Mianwali at Rs 6100/6200, 400 bales from Rahim Yar Khan at Rs 6175, 400 bales from Jalalpur at Rs 6175, 1200 bales from Khanewal at Rs 6150, 800 bales from Borewala at Rs 6150, 200 bales from Hasilpur at Rs 6150 400 bales from Kasowal at Rs 6150, 800 bales from Bahawal Nagar at Rs 6125/6140, 600 bales from Faqirwali at Rs 6100 and 400 Toba Tek Singh at Rs 6100, 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 06.10.2017
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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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