Volume of business improved on the cotton market on Tuesday in the process of trading, dealers said. The official spot rate was unchanged at Rs 7,700, they added. In ready session, over 10,000 bales of cotton changed hands between Rs 6400-8000, they said. In Sindh, seed cotton prices were at Rs 2900-3500, and in Punjab rates were at Rs 2900-3600, as per 40 kg, they said.
Market sources said that trading activity improved on the other hand, prices maintained firm trend as both buyers and sellers adopted flexible attitudes toward new deals. Cotton analyst, Naseem Usman said Heimtextil fair in Frankfurt has started and a large number of Pak exporters were taking part in the event.
There are high anticipations that Pak exporters hopefully win several orders by the foreign countries, they said. Adds Reuters: ICE cotton futures inched upward on Monday, one session after marking the biggest one-day percentage loss in over two months, as the natural fibre traded within a narrow price range.
The most active ICE cotton contract for March expiry settled up 0.13 cent, or 0.17 percent, at 78.14 cents per lb. It traded within a range of 77.93 and 78.79 cents a lb. Meanwhile, total futures market volume fell by 8,247 to 31,280 lots. The following deals reported: 800 bales of cotton from RYK at Rs 8000, 1000 bales from Sadiqabad at Rs 8000, 800 bales from Yazman Mandi at Rs 7600, 600 bales from Khanewal at Rs 7500, 1000 bales from Bahawalpur at Rs 7450, 800 bales from Alipur at Rs 7300/7425, 600 bales from Noorpur at Rs 7300, 600 bales from Ghazi Ghat at Rs 7200, 400 bales from Marrot at Rs 6875, 600 bales from Haroonabad at Rs 6800, 400 bales from Fort Abbas at Rs 6800, 400 bales from Chichawatni at Rs 6500, 600 bales from Kassowal at Rs 6500 and 800 bales from Mianwali at Rs 6400, 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 08.01.2018
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37.324 kg 7,700 145 7,845 7,845 NIL
Equivalent
40 kgs 8,252 155 8,407 8,407 NIL
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