Cotton prices dipped on Saturday on the local market due to hovering uncertainties over the current position of the country's economy, dealers said. The official spot rate continued slide, shedding further Rs 100 to Rs 7900, they added. Prices of seed cotton in Sindh were same at Rs 3700-3800, in the Punjab, rates lost Rs 150 to Rs 3400-3650 and in Balochistan, prices of seed cotton were at Rs 3800-3900, they said.
In ready session, over 25,000 bales of cotton changed hands between Rs 7800-8200, they said. According to the market sources, mills played basic role in today's brisk trading session. Exporters were also looking busy in replenishing their stock, they said.
Cotton analyst, Naseem Usman said that during the week, the cotton prices lost around Rs 400 to Rs 7500 in the ready business due to economic woes. The present economy is in critical phase and at the same time several other weaknesses in the different sectors, not encouraging local businessmen to make deals in the big way, he said.
According to reports, Pakistan's central bank increased its main interest rate by 100 basis points to 8.5 percent on Saturday, citing rising inflation and economic worries over the large fiscal and current account deficits. Reports suggest that cotton prices still down in the world market owing to uncertainties about the world economies.
The following deals reported: 2800 bales of cotton from Shahdadpur at Rs 7800/7900, 2000 bales from Tando Adam at Rs 7800/7900, 1200 bales from Sanghar at Rs 7800/7900, 2000 bales from Nawabshah at Rs 7950/8025, 1000 bales from Rohri at Rs 8150/8200, 1000 bales from Saleh Pat at Rs 8100/8125, 2000 bales from Khairpur at Rs 8100/8125, 400 bales from Alipur at Rs 8100, 800 bales from Fazilpur at Rs 8050, 400 bales from Lodhran at Rs 8050, 1400 bales from Khanewal at Rs 7900/8050, 600 bales from Rajanpur at Rs 8050/8100, 400 bales from Duniyapur at Rs 8000, 200 bales from Vehari at Rs 8000, 1200 bales from Burewala at Rs 7950/8000, 400 bales from Faqeerwali at Rs 7925/7950, 1200 bales from Bahawalpur at Rs 7900, 1200 bales from Yazman Mandi at Rs 7900/8050, 3000 bales from Haroonabad at Rs 7850/7950 and 1400 bales from Layyah at Rs 7875/7900, 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 28.09.2018
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37.324 kg 7,900 160 8,060 8,160 - 100/-
Equivalent
40 kgs 8,466 171 8,637 8,745 - 108/-
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