Trade activity came down on the cotton market on Saturday on cautious selling by ginners, dealers said. The official spot rate was inert at Rs 6150, they said. In the ready session, over 20,000 bales of cotton changed hands between Rs 5800-6300, they said.
In Sindh seed cotton prices were at Rs 2600-3050, in the Punjab rates were unchaged at Rs 2900-3150, as per 40 kg, they said. Cotton analyst, Naseem Usman said that the cautious selling by ginners, besides, persisted demand by mills helped the rates to keep present levels.
At the same time, according to the Pakistan Cotton Central Committee (PCCC), Mealy bug and Pink boll worm increasing in the Punjab, besides, changing temperature in country is also hurting crop. Reuters adds: ICE cotton futures fell to a two-month low on Friday, weighed by fund selling, harvest friendly weather and a stronger dollar.
Cotton contracts for December settled down 0.43 cent, or 0.64 percent, at 66.88 cents per lb. Earlier they had hit a low of 66.84 cents per lb, the lowest since August 18. For the week, the contract slipped about 2.5 percent to register its biggest percentage fall since the week of September 15.
The following deals were reported to have hanged hands on the ready counter: 400 bales of cotton from Shahdadpur at Rs 5800, 2000 bales from Khairpur at Rs 6200/6250, 2000 bales from Rohri at Rs 6200/6300, 2000 bales from Saleh Pat at Rs 6300, 1000 bales from Ghotki at Rs 6300, 800 bales from Nawabshah at Rs 6050, 400 bales from Alipur at Rs 6300, 400 bales from Rahim Yar Khan at Rs 6300, 1000 bales from Rajanpur at Rs 6300, 800 bales from Bahawalpur at Rs 6250, 200 bales from Jalalpur at Rs 6250, 1600 bales from Mian Chanu at Rs 6175/6250, 800 bales from Ahmedpur at Rs 6250, 1600 bales from Bahawal Nagar at Rs 6150/6175, 1200 bales from Khanewal at Rs 6200/6225, 400 bales from Lodhran at Rs 6250, 400 bales from Pul Baghar at Rs 6250, 400 bales from Shujabad at Rs 6250, 200 bales from Burewala at Rs 6150, 200 bales from Chichawatni at Rs 6150, 200 bales from Chistian at Rs 6150, 400 bales from Faqeerwali at Rs 6100, 1200 bales from Haroonabad at Rs 6100/6150, 200 bales from Hasilpur at Rs 6150, 200 bales from Layyah at Rs 6175, 200 bales from Pak Pattan at Rs 6125, 200 bales from Samundri at Rs 6150, 200 bales from Tibba Sultan at Rs 6175 and 600 bales from Yazman Mandi 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 20-10-2017
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37.324 kg 6,150 145 6,295 6,295 NIL
Equivalent
40 kgs 6,591 155 6,746 6,746 NIL
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