Seed cotton prices improved on the cotton market on Monday in the process of trading activity, dealers said. The official spot rate dropped by Rs 100 to Rs 8100, they added. Prices of seed cotton in Sindh were at Rs 3700-3900, in the Punjab, rates at Rs 3500-3850, and in Balochistan, prices of seed cotton were at Rs 3900-4100, they said.
In ready session, around 9000 bales of cotton changed hands between Rs 7950-8250, they said.
Market sources said that in a surprising way cotton prices fell, but seed cotton rates were up during the trading session. Little number of exporters took part in business activity due to attractive rates, they said.
Commenting on the bearish trend in the market, cotton analyst, Naseem Usman said that apart from lack of motivating factors, declining cotton rates impacted local market, too.
Cotton prices are coming down globally owing to lack of strong buying, they said.
In China cotton market was closed due to Mid Autumn Festival. In other parts of world, including India, rates slowed down due to less buying interest, they added.
The following deals reported: 1000 bales of cotton from Shahdadpur at Rs 7950/8000, 1000 bales from Tando Adam at Rs 8000, 600 bales from Hyderabad at Rs 7950/8000, 1000 bales from Rohri at Rs 8200/8250, 800 bales from Saleh Pat at Rs 8200/8250, 1000 bales from Khairpur at Rs 8150/8200, 400 bales from Mian Channu at Rs 8200, 200 bales from Shadan Lund at Rs 8200, 200 bales from Ahmedpur East at Rs 8125, 600 bales from Haroonabad at Rs 8050/8150, 400 bales from Burewala at Rs 8090/8100, 200 bales from Chistian at Rs 8100 and 400 bales from Layyah at Rs 8100, 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 22-09-2018
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37.324 kg 8,100 160 8,260 8,360 - 100/-
Equivalent
40 kgs 8,681 171 8,852 8,959 - 107/-
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