Official spot rate dropped modestly on the cotton market on Tuesday as the ginners were not ready to lower asking prices, dealers said. The official spot rate fell by Rs 50 to 8,750, they added. Prices of seed cotton in Sindh were at Rs 3000-4000, in the Punjab seed cotton prices were at Rs 3500-4100 and in Balochistan, rates of seed cotton were at Rs 3600-4200, they said.
In the ready session, about 10,000 bales of cotton changed hands between Rs 8000-9025, they said.
Cotton analyst, Naseem Usman said that prices showed slight decline due to lack of buying interest.
On the other hand, ginners were not looking interested in fresh selling because they were hoping for better rates in the coming days.
Some brokers said that cost of higher production and lower profit of margin are leading factors behind the slow business these days.
Heap of unsold cotton yarn is also a big problem for the spinners, this is the factor, which is not helping them to make new deals, they added. Persistent fall in cotton buying in the world market is also a factor, which not helping local market to change the present track.
Rates of cotton were down in the global markets, they said.
The following deals reported: 400 bales of cotton from Sakrand at Rs 8150/8250, 400 bales from Moro at Rs 8300, 1000 bales from Khairpur Mirus at Rs 8550, 600 bales from Saleh Pat at Rs 8750, 400 bales from Ghotki at Rs 9025, 400 bales from Mirpur Mathilo at Rs 9025, 800 bales from Sadiqabad at Rs 8900/8950, 600 bales from Rahim Yar Khan at Rs 8900/8950, 1800 bales from Tonsa Sharif at Rs 8600, 400 bales from Bahawalpur at Rs 8500, 600 bales from Haroonabad at Rs 8400/8450, 400 bales from Faqirwali at Rs 8300, 400 bales from Chichawatni at Rs 8000 and 400 bales from Vehari at Rs 8000, 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 26-11-2018
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37.324 kg 8,750 160 8,910 8,960 - 50/-
Equivalent
40 kgs 9,377 171 9,548 9,602 - 54/-
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