Some deals were finalised on the cotton market on Thursday amid pre-election session, dealers said. The official spot rate was unchanged at Rs 6,500, they said. In the ready business, nearly 2,000 bales of cotton changed hands between Rs 6,000-6,500, they said.
A few needy millers and spinners were in the arena to meet urgent needs, and they were not able to make big deals in the absence of major demand from any quarter, they said. Other analysts said traders were hoping that the business activity was likely to improve after elections in the country. According to the Reuters, most ICE cotton contracts ended on Tuesday with modest losses, as participants prepared for the Department of Agriculture's first US supply estimates of the coming crop year, which many analysts expect will be hefty though lower than current yields. Most-active July cotton on ICE Futures US settled 0.24 cent lower at 87.15 cents per lb. Volume was 13,808 lots.
The following deals reported: 200 bales of cotton from Multan at Rs 6,000, same figure from Gojra at Rs 6,400, 515 bales from Mian Wali at Rs 6,450, 400 bales from Fort Abbas at Rs 6,475 and 200 bales from Jalal Pur at Rs 6,500, 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 08.05.2013
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37.324 Kgs 6,450 155 6,605 6,605 NIL
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Equivalent
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40 Kgs 6,912 155 7,067 7,067 NIL
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