Sustained demand pushed rates sharply higher on the cotton market on Monday in the process of trading, dealers said. The official spot rate was unchanged at Rs 8100, they added. Prices of seed cotton in Sindh fell sharply at Rs 3600-3650 and in Punjab prices were at Rs 3500-3800, they said. In Balochistan, prices of seed cotton were unchanged at Rs 3700-3900, they said.
In ready session, around 15,000 bales of cotton finalised between Rs 8025-8450, they said.
Commenting on the latest developments in the cotton market, market sources said that prices were moving with global track, so it looks that buyers will continue purchasing to replenish their stock.
Besides, cotton analyst, Naseem Usman said that polyester fibre went up by Rs 7 per kg. Yarn prices, however, dropped owing to the slight fall in demand, he added.
Other brokers noted that rains before Eid-ul-Azha holidays, damaged standing crop despite the fact that agriculture department in it's repeated call, urged the cotton growers to keep spray and other necessary measures to save crop from virus and pest attacks.
Cotton prices were higher in Indian, Chinese market and other cotton growing countries, he added.
The following deals reported: 1200 bales of cotton from Mirpurkhas at Rs 8050/8100, 2000 bales from Sanghar at Rs 8025/8100, 4000 bales from Tando Adam at Rs 8075/8125, 2000 bales from Shahdadpur at Rs 8075/8125, 1000 bales from Nawabshah at Rs 8100, 400 bales from Sarhari at Rs 8100, 1000 bales from Hyderabad at Rs 8050/8100, 600 bales from Chichawatni at Rs 8300/8350, 400 bales from Gojra at Rs 8300/8350, 200 bales from Mian Channu at Rs 8300, 400 bales from Vehari at Rs 8275/8375, 200 bales from Toba Tek Singh at Rs 8350, 200 bales from Faqirwali at Rs 8375, 400 bales from Samandri at Rs 8400, 200 bales from Khanewal at Rs 8400 and 600 bales from Haroonabad at Rs 8375/8450, 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 24-07-2018
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37.324 kg 8,100 160 8,260 8,260 NIL
Equivalent
40 kgs 8,681 171 8,852 8,852 NIL
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