Buyers kept on the sideline in the absence of motivating factors on the cotton market on Saturday, dealers said. The official spot rate was unchanged at Rs 8200, they added. Prices of seed cotton in Sindh were at Rs 3700-3800, in the Punjab, rates at Rs 3500-3800 and in Balochistan, prices of seed cotton were at Rs 3800-4000, they said.
In ready session, not a single deal reported till our going to the press, they said. According to the market sources, lack of motivating factors forced mills and spinners to keep on the sideline during the session.
Cotton prices are coming down globally owing to lack of strong buying, they said. Cotton analyst, Naseem Usman said that US-China trade war and political factors not encouraging buyers to make deals in a big way. Whereas, he said that business activity will show significant improvement next week. Cotton prices move both ways in the international market, other brokers 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 19-09-2018
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37.324 kg 8,200 160 8,360 8,360 NIL
Equivalent
40 kgs 8,788 171 8,959 8,959 NIL
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