Prices maintained firm posture on the cotton market on Tuesday in the process of modest trading activity, dealers said. The official spot rate was unchanged at Rs 8300, they added. In ready session, around 5000 bales of cotton changed hands between Rs 8400-8450, they said. Rates of seed cotton per 40kg from Lower Sindh and Punjab were inert at Rs 3700-4100, they said.
Binola per maund prices were at Rs 1550-1575 in Sindh and in Punjab rates were at Rs 1700-1725, they said and adding that polyester fibre per kg rates were at Rs 204 amid better demand, they said.
Some brokers said that arrivals of phutti are not matching with the rising demand, but despite this rates of cotton are not picking up mainly because of political and economic uncertainty in the country.
Cotton analyst, Naseem Usman said that many traders were still holding protests to urge the government to withdraw new taxes on the different products.
He observed that farmers and growers have controlled over the spread of locust attack.
He said that in Karachi traders postponed strike and rallies on assurance of Governor Sindh that Prime Minister Imran Khan to meet them (traders) on Thursday and will try to solve the core issues.
Recent rains in the country were beneficial for the standing crop, Sindh as usual, facing less rains, so farmers and growers were praying for rains in the city, other brokers said.
Cotton prices were lower in the international markets, they said.
The following deals reported: 2000 bales of cotton from Tando Adam at Rs 8400/8450, 1000 bales from Sanghar at Rs 8400/8450, 400 bales from Mirpurkhas at Rs 8400, 200 bales from Sinjoro at Rs 8425, 700 bales from Vehari at Rs 8450, 500 bales from Chichawatni at Rs 8450, 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 08.07.2019
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37.324 kg 8,300 160 8,460 8,460 NIL
Equivalent
40 kgs 8,895 171 9,066 9,066 NIL
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