Trading activity improved on the cotton market on Saturday despite modest increase in the official spot prices, in the meantime, the rates of seed cotton fell slightly, dealers said. The official spot rate picked up by Rs 50 to Rs 8,700, they added. Prices of seed cotton in Sindh were at Rs 3000-4000, in the Punjab seed cotton prices were at Rs 3200-4000 and in Balochistan, rates of seed cotton were at Rs 3500-4100, they said.
In the ready session, about 11,000 bales of cotton changed hands between Rs 7500-9000, they said. According to the market sources, the market participants were busy in exchange of views over the latest downward adjustment and rise in interest rate instead of making new deals.
Cotton analyst, Naseem Usman said that there are higher expectations of the outcome of the G-20 meeting. Many are hoping trade will show improvement after the meeting. A kind of dullness persisted in the absence of business friendly behaviour of the government, he added. Marketmen observed that the rupee devaluation is making imports costlier while the exporters will also face tough time due to rise in cost of imported raw materials. Besides, he said that an increase of 150 basis points rise in interest rate to 10 percent.
The country is facing a lot of difficulties owing to surge in import bills, despite the fact that many steps taken to discourage import, including the imposition of Regulatory Duty on many items but imports remained unrealistic, they observed. Rates of cotton were mixed in the international market, they said.
The following deals reported: 400 bales of cotton from Tando Adam at Rs 8175/8200, 500 bales from Sanghar at Rs 8575, 1000 bales from Kotri at Rs 8175/8200, 400 bales from Maqsoodo Rind at Rs 8200, 400 bales from Bandhi at Rs 8350, 2000 bales from Khairpur at Rs 8550, 400 bales from Dherki at Rs 9000, 400 bales from Ghotki at Rs 9000, 400 bales from Pano Aqeel at Rs 9000, 400 bales from Mirpur Mathelo at Rs 9000, 400 bales from Sadiqabad at Rs 8900, 600 bales from Fort Abbas at Rs 8500, 1400 bales from Haroonabad at Rs 8300/8400, 200 bales from Chistian at Rs 8300, 1000 bales from Rajanpur at Rs 7500, 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 30-11-2018
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37.324 kg 8,700 160 8,860 8,810 + 50/-
Equivalent
40 kgs 9,324 171 9,495 9,441 + 54/-
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