Persistent buying of fine cotton, helped the rates to maintain present levels on the cotton market on Tuesday, dealers said. The official spot rate did not move any side at Rs 7800, they added. In ready session, over 11000 bales of cotton changed hands between Rs 7550 and Rs 8225, they said. Rates of seed cotton per 40kg in Sindh were at Rs 3000-3400, in Punjab prices were at Rs 3500-4000, they said. In Balochistan, seed cotton prices were at Rs 3500-3600, they said.
In Sindh and Punjab, Binola prices per maund were at Rs 1500-1600, they said and adding that polyester fibre per kg rates were at Rs 187. According to the market sources, if India releases water, it can hurt standing cotton crop. Cotton analyst, Naseem Usman said that cotton prices may go up due to rising demand by mills in the near future. Adds Reuters: ICE cotton futures fell over 1% on Monday in low-volume trade, snapping four sessions of gains, as absence of progress in the US-China trade war weighed on investor sentiment.
The most-active cotton contract on ICE Futures US, the second-month December contract fell 0.79 cent, or 1.31 %, to 59.34 cents per lb at 2 pm EDT, recording its biggest percentage fall in two weeks. Total futures market volume fell by 8,165 to 9,931 lots. Data showed total open interest fell 438 to 214,828 contracts in the previous session.
Following deals were reported: 1200 bales of cotton from Shahdadpur at Rs 7650, 3600 bales from Tando Adam at Rs 7550/7700, 1000 bales from Sanghar at Rs 7550, 1000 bales from Mirpurkhas at Rs 7700, 800 bales from Shahpur Chakar at Rs 7550/7700, 600 bales from Nawabshah at Rs 7700, 200 bales from Daur at Rs 7550, 200 bales from Hala at Rs 7550, 600 bales from Sinjoro at Rs 7700, 400 bales from Khanewal at Rs 8200/8225, 600 bales from Chichawatni at Rs 8150/8200, 400 bales from Hasilpur at Rs 8100/8150, 600 bales from Vehari at Rs 8050/8100 and 100 bales from Shujabad 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 17-08-2019
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37.324 kg 7,800 160 7,960 7,960 NIL
Equivalent
40 kgs 8,359 171 8,530 8,530 NIL
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