Prices gained further ground on the cotton market on Thursday after the issuance of the Pakistan cotton Ginners Association (PCGA) fortnightly report, dealers said. The official spot rate was up by Rs 100 to Rs 8900, they added. Prices of seed cotton in Sindh were at Rs 3900-4400, in the Punjab seed cotton prices were at Rs 3800-4400 and in Balochistan, rates of seed cotton were at Rs 3800-4500, they said.
In the ready session, about 34,000 bales of cotton changed hands between Rs 8500-9100, they said. Market sources said trading activity was sizeable as the mills showed fresh interest in forward buying. Furthermore, cotton analyst, Naseem Usman said that fortnightly arrivals figure showing a rise against the last year. According to the PCGA report, over 6 million bales of seed cotton (phutti) reached ginneries across the country.
Besides, a three-day International Cotton Conference started in Hong Kong, he said and adding that hopefully, this event will bring positive changes in the textile business. According to reports, the US regulators have cleared the way for farmers to grow a cotton plant genetically modified to make the cottonseed edible for people, a protein-packed potential new food source that could be especially useful in cotton-growing countries beset with malnutrition.
The US Department of Agriculture Animal and Plant Health Inspection Service on Tuesday lifted the regulatory prohibition on cultivation by farmers of the cotton plant, which was developed by Texas A&M University scientists. The plant's cottonseed cannot be used as food for people or as animal feed yet in the United States because it lacks Food and Drug Administration approval.
The rates of cotton futures in the US, Chinese and Indian markets were mixed in the process of trading activity, they said. The following deals reported: 600 bales of cotton from Shahdadpur at Rs 8500, 800 bales from Tando Adam at Rs 8500/8600, 400 bales from Kotri at Rs 8675, 1000 bales from Nawabshah at Rs 8600/8700, 800 bales from Dherki at Rs 9100, 800 bales from Ghotki at Rs 9100, 1000 bales from Rohri at Rs 9000, 400 bales from Sarhad at Rs 9100, 1000 bales from Saleh Pat at Rs 9000, 3000 bales from Khairpur at Rs 9000, 2000 bales from Kot Sabzal at Rs 9000/9100, 3000 bales from Sadiqabad at Rs 9000/9100, 5600 bales from Rahim Yar Khan at Rs 9000, 200 bales from Hasilpur, 1800 bales from Fazilpur, 1000 bales from Khanpur all done at the same price, 1200 bales from Rajanpur at Rs 8950/9000, 1400 bales from Fort Abbas at Rs 8850/9000, 400 bales from Ahmedpur East at Rs 9000, 1800 bales from Yazman Mandi at Rs 8900/9000, 1000 bales from Haroonabad at Rs 8850/9000, 200 bales from Chichawatni at Rs 8650 and 300 bales from Kasowal at Rs 8650, 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 17-10-2018
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37.324 kg 8,900 160 9,060 8,960 + 100/-
Equivalent
40 kgs 9,538 171 9,709 9,602 + 107/-
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