Rates maintained rising trend on strong demand on the cotton market on Thursday in the process of improved trading activity, dealers said. The official spot rate rose further Rs 100 to Rs 7100, they added. In Sindh, seed cotton prices were at Rs 2400-3000 and in the Punjab, rates went up at Rs 2600-3100, they said. In the ready session, approximately, 10,000 bales of cotton changed hands between Rs 6250-7400, they said.
Some brokers said that upward trend persisted on the strong demand by spinners, which pushed the prices sharply up. Cotton analyst, Naseem Usman sharing the same views said that some leading spinners indulged in panic buying partly because of shortage of lint cotton. He also observed that seed cotton prices also moved up modestly due to tight supply position, indicating that very little cotton would be available in the country.
Some analysts said that in India cotton prices rose by Rs 1000 within last two days. Besides, Cotton Association of India (CAI) about two weeks ago announced the cotton production at 36,700,000 bales but now private sector downsized the last estimate at 34,000,000 bales due to virus attack, they said. This factor likely to push rates higher in the global market in the coming days, they added.
The following deals reported: 400 bales of cotton from Ghotki at Rs 6800, 1200 bales from Rahim Yar Khan at Rs 7300/7400, 600 bales from MP Dewan at Rs 7300, 1200 bales from Uch Sharif at Rs 7200, 200 bales from Jalalpur at Rs 6925, 1100 bales from Bahawalpur at Rs 6725 and 6000 bales from Haroonabad at Rs 6250/6400, 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 28.02.2018
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37.324 kg 7,100 145 7,245 7,145 + 100/-
Equivalent
40 kgs 7,609 155 7,764 7,657 + 107/-
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