Not a single deal was reported as main buyers were conspicuous by their absence on the cotton market on Monday due to lack of buying interest, dealers said. The official spot rate was unchanged at Rs 7,500, they added. In ready session, not a single deal reported till our going to the press, they said. In both Sindh and the Punjab, seed cotton prices were unchanged at Rs 2700 and Rs 3300, they said.
According to the market sources, buyers were trying to import cotton due to quality factor. Cotton Analyst, Naseem Usman was of the opinion that cotton business is not gaining momentum in the international markets owing to lack of guiding factors.
In India, cotton prices of candy 365 per kg Shankar'6: lost Rs 500 to Rs 40800, Bunny: followed same pattern, shedding Rs 400 to Rs 42100, MECH-1 was down by Rs 300 to Rs 39500, MCH-5; fell by Rs 400 to Rs 43000 and J-34: dropped by Rs 500 to Rs 39600 and Y-1 also shed Rs 200 to Rs 36200, they said.
Commenting on the listless business, he said that rates of cotton yarn fell by Rs 150-200 per bundle. Whereas, polyester fibre gained Rs 2 to Rs 155 per kg, other brokers said. Generally, it looks that prices may not fluctuate sharply in the coming days, they added.
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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 27-01-2018
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37.324 kg 7,500 145 7,645 7,645 NIL
Equivalent
40 kgs 8,038 155 8,193 8,193 NIL
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