Prices came down on the cotton market on Wednesday in the process of subdued trading activity, dealers said.
The official spot rate was down by Rs 50 to Rs 9350, they added. In ready session, nearly 11,000 bales of cotton changed hands between Rs 8750-9700, they said.
Rates of seed cotton per 40kg in Sindh were at Rs 3600-4500 and in the Punjab prices were at Rs 3800-4800, they said. In Balochistan, seed cotton prices were at Rs 4200-4900, they said.
In Sindh, Binola prices per maund were at Rs 1400-1700 and in Punjab rates were at Rs 1550-1750, they said and adding that polyester fibre was at Rs 185.
Market sources said that leading mills were on the sidelines due to less buying interest. Quality cotton was available but mills failed to make any deal in the absence of guiding factor, they added. Commenting on the decline in the rates cotton analyst, Naseem Usman said that prices may come down further in the coming days.
Mills are facing financial problems, so that they are not able to continue to make fresh deals, he observed.
Adds Reuters: ICE cotton futures edged higher on Tuesday as a rally in equity markets amid expectations of a US-China trade deal encouraged investors to take more risks, while a stronger dollar limited further gains.
Cotton contracts for December rose 0.11 cent, or 0.2%, to 63.77 cents per lb by 12:57 p.m. ET (1757 GMT), trading within a range of 63.6 and 64.21 cents per lb.
Total futures market volume fell by 15,877 to 30,277 lots. Data showed total open interest fell 605 to 249,212 contracts in the previous session.
The following deals reported: 600 bales from Ghotki at Rs 9600, 800 bales from Mirpur Mathelo, 600 bales from Khanpur Mehar, 800 bales from Rahim Yar Khan all done at the same rate, 1000 bales from Khanpur at Rs 9600-9700, 400 bales from Fort Abbas at Rs 9375, 400 bales from Bahawal Nagar at Rs 9300, 3000 bales from Yazman Mandi at Rs 9100-9200, 400 bales from Mianwali at Rs 9250, 1000 bales from Rajanpur at Rs 9150, 400 bales from Layyah at Rs 8850 and 800 bales from Vehari at Rs 8750, 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 05-11-2019
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37.324 kg 9,350 160 9,510 9,560 - 50/-
Equivalent
40 kgs 10,020 171 10,191 10,245 - 54/-
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