Volume of business came down on the cotton market on Wednesday as the ginners started raising asking prices, dealers said. The official spot rate was unchanged at Rs 8,800, they added. Prices of seed cotton in Sindh improved slightly at Rs 3000-4000, in the Punjab seed cotton prices showed slight fall at Rs 3200-4000 and in Balochistan, rates of seed cotton were at Rs 3600-3900, they said.
In the ready session, 3600 bales of cotton changed hands between Rs 7000-8900, they said. According to the market sources, mills tried to lay hands over the fine type but ginners did not oblige them. The ginners were expecting tight supply position due to short crop locally which may help in increasing rates in the coming days. Reports showing that in the absence of proper care cotton sowing was drastically reducing by 26 percent and it was poising serious threats for the production of major exportable cash crop.
It also said that cotton arrival in the local market was reduced by 700,000 bales as compared the corresponding period of last year. It showed that about 9.96 million bales were arrived in the local market for ginning as well as for exporting as compared the arrival of 10.6 million bales of same period of last year. Cotton analyst, Naseem Usman said that it's a solid logic behind the sluggish business in the market these days. According to the reports rates of cotton were mixed in the international markets.
The following deals reported: 200 bales of cotton from Shahdadpur at Rs 8200, 200 bales from Sanghar at Rs 8200-8250, 800 bales from Khairpur Mirus at Rs 8450-8500, 600 bales from Noorpur Noranga at Rs 8900, 800 bales from Fort Abbas at Rs 8300, 400 bales from Chistian at Rs 7800, 200 bales from Bahawal nagar at the same rate and 400 bales from Pir Mehal at Rs 7000, 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 18-12-2018
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37.324 kg 8,800 160 8,960 8,960 NIL
Equivalent
40 kgs 9,431 171 9,602 9,602 NIL
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