Volume of business inched up on the cotton market on Friday in the process of trading, dealers said. The official spot rate was unchanged at Rs 8,700, they added. In the ready session, around 5000 bales of cotton changed hands between Rs 6525-8900, they said. Prices of seed cotton in Sindh and Punjab were at Rs 3000-3700 and in Balochistan, rates of seed cotton were at Rs 3200-3700, they said.
According to the market sources, trading activity is picking up day by day on growing optimism on progress in Sino-US trade talks. The needy mills and spinners showing interest in purchasing of low type cotton to replenish their stock, they said.
The ginners who have already about 18 lack bales of unsold cotton stock are worried about the government's decision to withdraw import duty on cotton, cotton analyst Naseem Usman said. The mills are importing better quality of cotton to meet the export consignments and global challenges, he said.
On the other hand, some positive developments were observed among traders because of growing optimism on progress in Sino-US trade talks, marketmen said. According to report of the Pakistan Cotton Ginners Association (PCGA), seed cotton (Phutti) as over 10.4 million bales, reached the ginneries across the country till January 15, registering a shortfall by 7.74 percent as compared to corresponding period last year.
Cotton prices maintained an upward trend on the international markets for the second day in a row, they said. Following deals reported: 600 bales of cotton from Ghotki at Rs 8800/8900, 400 bales from Khanpur Mehar at Rs 8800, 200 bales from Mirpur Mathelo at Rs 8800, 1350 bales from Sadiqabad at Rs 8700/8850, 600 bales from Vehari at Rs 6525/8050 and 1836 bales from Mianwali at Rs 7400/7800, 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 17-01-2019
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37.324 kg 8,700 160 8,860 8,860 NIL
Equivalent
40 kgs 9,324 171 9,495 9,495 NIL
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