The official spot rate failed to halt further slide on the cotton market on Thursday ahead of the Pakistan Cotton Ginners Association (PCGA), dealers said. The official spot rate dropped by Rs 50 to Rs 8900, they added.
In the ready session, over 7000 bales of cotton changed hands between Rs 8000-9075, they said. According to the market sources, the mills showed renewed interest in fresh buying of fine type.
Cotton analyst, Naseem Usman said that the ginners were willing to sell at the higher rates, but the mills were not ready to oblige them as rates were higher above their psychological levels. Other experts said that prices to be stabilised with the passage of time. Sowing is going well in Sindh and the Punjab. Rates of cotton were almost down in the globe, while markets were closed due to holiday, they said.
Adds Reuters: ICE cotton futures settled lower on Tuesday, holding near the two-week low touched in the previous session, as better weather conditions across West Texas expected to boost plantations.
The most-active cotton contract on ICE Futures US July settled down 0.17 cent, or 0.22 percent, at 76.78 cents per lb.
Total futures market volume fell by 2,362 to 21,533 lots. Data showed total open interest gained 785 to 210,952 contracts in the previous session.
The following deals reported: 400 bales of cotton from Buchari at Rs 8000, 1200 bales from Ahmedpur East at Rs 9075, 3400 bales from Rahim Yar Khan at Rs 8900/9000, 600 bales from Sadiqabad at Rs 8900, 600 bales from Jalalpur at Rs 8700, 600 bales from Layyah at Rs 8275 and 400 bales from Jahania 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"
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 30-04-2019
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37.324 kg 8,900 160 9,060 9,110 - 50/-
Equivalent
40 kgs 9,538 171 9,709 9,763 - 54/-
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