Cotton prices improved on the cotton market on Wednesday in the process of lacklustre trading activity, dealers said. The official spot rate was unchanged at Rs 7,500, they added. Prices of seed cotton in Sindh were at Rs 39800-4000, they said. In the Punjab, rates of phutti were at Rs 3700-4000, they added. Binola rates in Sindh were at Rs 1500-1550, the same commodity was available in Punjab at Rs 1625-1650, they said.
In Sindh, rates of 400 bales of cotton were at Rs 8100-8200 and in Punjab, 800 bales from various stations, prices were at Rs 8300, they said. Most of the leading buyers were on the sidelines due to quality factor, some dealers said. Shortage of water and severe heat damaged quality of cotton, they said.
Commenting on the fresh rains in the country, cotton analyst Naseem Usman said that monsoon rains are beneficial for the standing crop. Prices of cotton in India and China came down despite short supply position, they said. Adds Reuters: ICE cotton futures fell on Tuesday on worries about an ongoing trade dispute between the United States and China - the world's biggest cotton exporter and top consumer, respectively, and increased rain in major producing region West Texas.
The most active cotton contract on ICE Futures US, the third-month December contract, settled down 0.41 cent, or 0.48 percent, at 84.51 cents per lb. It traded within a range of 84.4 and 85.28 cents a lb. "There is some indication that the tariffs issue may be decided by July 6 and the market is nervous over anticipating what tariffs if any would be applied to cotton," said Rogers Varner, president of Varner Brokerage in Cleveland, Mississippi.
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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 26-06-2018
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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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