Significant fall was seen in the daily-intake on the cotton market on Saturday as a result of less demand by millers and spinners, dealers said. The official spot rate was at Rs 6,650, they said. Rates of seed cotton in Sindh were unchanged at Rs 1,800 and Rs 2,400, while in Punjab prices showed no change at Rs 1,800 and Rs 2,500, they said. In the ready business, nearly 4,000 bales of cotton changed hands between Rs 6,000 and Rs 6,750, they said.
Market sources said that spinners and millers kept on the sidelines in the absence of encouraging news. The other factor behind the lacklustre trading was general election, said cotton analyst Naseem Usman. Other major reason was short supply position of fine quality, which was not allowing the ginners to sell them at below type psychological levels, he added.
According to the Reuters, ICE cotton futures finished lower for the second day in modest volume as many players, preoccupied by events surrounding the Boston bombing, kept to the sidelines or weighed the many supply factors pressuring prices, traders said on Friday. Most-active July cotton on ICE Futures US closed down 0.12 cent at 85.36 cents a lb. It marked the contract's third weekly loss in a row.
The following deals were reported: 800 bales of cotton from Saleh Pat at Rs 6,600, 200 bales from Uch Sharif at Rs 6,000, 200 bales from Dera Bakha at Rs 6,050, 200 bales from Bahawal Pur at Rs 6,100, 400 bales from Karror Pakka at Rs 6,250, 234 bales from Bahawal Pur at Rs 6,300, 800 bales from Rajan Pur at Rs 6,675 and 1,000 bales from Rahim Yar Khan at Rs 6,750, they said.
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The KCA Official Spot Rate for Local Dealings in Pak Rupees
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FOR BASE GRADE 3 STAPLE LENGTH 1-1/32"
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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 19.04.2013
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37.324 Kgs 6,650 155 6,805 6,805 NIL
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Equivalent
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40 Kgs 7,127 155 7,282 7,282 NIL
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