Volume of business came down on the cotton market on Saturday as some leading mills kept on the sideline due to less buying interest, dealers said. The official spot rate was unchanged at Rs 8900, they added. Prices of seed cotton in Sindh were at Rs 3800-4100, in the Punjab seed cotton prices were at Rs 3700-4200 and in Balochistan, rates of seed cotton were at Rs 3800-4400, they said.
In the ready session, about 20,000 bales of cotton changed hands between Rs 8300-9100, they said. Besides, reports showing that Federal Board of Revenue (FBR) suggested to impose Rs 6 per 40kgs on cottonseed as sales tax. According to details, a summary in this regard has also been forwarded to finance ministry for approval.
Market sources said that cautious traders were on the sideline in expectations of more gains in it's value versus the rupee. Under the circumstances, business community is trying to avoid new deals just for better profit. Cotton analyst, Naseem Usman said that international cotton conference concluded in Hong Kong, where local traders also achieved better outcome of the event. The rates of cotton futures were almost lower in the world markets in the process of trading activity, they said.
The following deals reported: 1000 bales of cotton from Shahdadpur at Rs 8400, 800 bales from Tando Adam at Rs 8300/8500, 800 bales from Kazi Ahmed at Rs 8500/8550, 2400 bales from Saleh Pat at Rs 8800/8950, 1000 bales from Rohri at Rs 8800/8950, 600 bales from Khanpur Mehar at Rs 9000/9100, 600 bales from Ghotki at Rs 9000/9100, 400 bales from Mando Dero at Rs 9000, 3000 bales from Khairpur at Rs 8700/8850, 1000 bales from Sadiqabad at Rs 9000/9100, 1200 bales from Rahim Yar Khan at Rs 8950/9000, 1000 bales from Noorpur Noranga at Rs 8860/8950, 1400 bales from Alipur at Rs 8875/8900, 1000 bales from Ahmedpur East at Rs 8850, 600 bales from Layyah at Rs 8600/8810, 2200 bales from Khanewal at Rs 8800, 600 bales from Mianwali at Rs 8800, 400 bales from Faqirwali at Rs 8600, 400 bales from Vehari at Rs 8600 and 200 bales from Bahawal Nagar at Rs 8600, 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 19.10.2018
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37.324 kg 8,900 160 9,060 9,060 NIL
Equivalent
40 kgs 9,538 171 9,709 9,709 NIL
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