Prices drifted lower on the cotton market on the Wednesday in the process of slow business activity, dealers said.
The official spot rate was down by Rs 100 to Rs 9100, they added. In ready session, over 10,000 bales of cotton changed hands between Rs 7800-9350, they said.
Rates of seed cotton per 40kg in Sindh fell sharply at Rs 3000-4250 and in the Punjab prices were at Rs 3800-4600, they said. In Balochistan, seed cotton prices were at Rs 4200-4700, 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 2 to Rs 183.
Market sources said that leading mills were the sidelines due to less buying interest. Basic factors behind the falling buying interest were lack of fresh leads and low quality of lint, cotton analyst, Naseem Usman said.
Other major reason was lack of fund, the textile industry is facing liquidity crunch because of heavy taxes, other experts said.
Adds Reuters: ICE cotton futures eked out gains on Tuesday as investors awaited a speech by US President Donald Trump for clarity on a US-China trade deal.
Cotton contracts for December rose 0.15 cent, or 0.23%, to 64.44 cents per lb by 12:05 p.m. EST (1705 GMT), trading within a range of 64.01 to 64.67 cents per lb.
Total futures market volume fell by 38,912 to 39,832 lots. Data showed total open interest gained 693 to 239,761 contracts in the previous session.
The following deals reported: 400 bales from Shahdadpur at Rs 7800, 400 bales from Tando Adam at Rs 7800, 400 bales from Khanpur Mehar at Rs 9200, 400 bales from Mirpur Mathelo at Rs 9200, 600 bales from Ghotki at Rs 9200, 600 bales from Vehari at Rs 8650, 400 bales from Maroot at Rs 8975, 600 bales from Bahawalpur at Rs 8975/9050, 1600 bales from Fort Abbas at Rs 8975/9000, 1000 bales from Haroonabad at Rs 9000, 400 bales from Dharanwala at Rs 9000, 1000 bales from Yazman Mandi at Rs 9000/9050, 1000 bales from Sadiqabad at Rs 9250/9300 and 1400 bales from Rahim Yar Khan at Rs 9300/9350, 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 12-11-2019
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37.324 kg 9,100 160 9,260 9,360 - 100/-
Equivalent
40 kgs 9,752 171 9,923 10,031 - 108/-
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