Cotton sowing missed the desired target due to short supply of irrigation water, particularly in Sindh till June 29, dealers said on the cotton market on Monday. The official spot rate shed Rs 100 to Rs 9300, they added. Prices of seed cotton in Sindh were at Rs 4200-4500 and in the Punjab, rates fell by Rs 100 to Rs 3700-4400, they said.
In ready session, over 4000 bales of cotton finalised within the range of Rs 9350-9450, they said. According to the market sources, government has failed in achieving the cotton sowing target. According to the government's estimate sowing in Punjab estimated around 99 percent and 66 percent in Sindh against the last year.
Prices weakened as ginners and growers stopped demanding higher prices for the fine quality. Cotton analyst, Naseem Usman said that as a result of less supply of irrigation water, arrivals of seed cotton slowed down, causing the rates hitting the roof.
Besides, 7 or 8 ginning factories have started operation in Balochistan, so, seed cotton prices were at Rs 4400-4500 and cotton rates at Rs 9,500 per maund, he added. Cotton prices in the global markets softened in the process of trading, they said. Following deals reported: 400 bales of cotton from Sanghar at Rs 9350-9450, 2000 bales from Tando Adam at Rs 9400-9450, 1000 bales from Shahdadpur at Rs 9350-9450, 200 bales from Kotri at Rs 9350, 200 bales from Gojra at Rs 9425, 200 bales from Burewala at Rs 9425 and 100 bales from Samandri at Rs 9450, 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 21-07-2018
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37.324 kg 9,300 145 9,445 9,545 - 100/-
Equivalent
40 kgs 9,967 155 10,122 10,229 - 107/-
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