Prices showed little movement on the cotton market on Thursday in the process of modest trading, dealers said. The official spot rate was unchanged at Rs 6900, they added. Prices of seed cotton in Sindh per 40 kg low type were unchanged at Rs 2400 and Rs 2800, in Punjab, rate of low type was inert at Rs 2400 while the best quality was down by Rs 100 to Rs 3000, dealers said. In the ready session, around 5,000 bales of cotton changed hands at Rs 5800-7100, dealers said.
Cotton analyst, Naseem Usman said that ginners were sidelines as they were not in a hurry to sell at the present level. The other main concern is availability of Indian cotton at the low rates.
Reuters adds: US cotton futures slid for a second straight day on Wednesday as speculators who had bulked up on the fiber offloaded more positions, while millers were mostly averse to buying at prices offered believing the market would fall further. The most-active May cotton contract on ICE Futures US settled down 0.98 cent, or 1.1 percent at 86.37 cents per lb. During the session, it hit a 3-week low of 86.25 cents. Trading volumes were about 30 percent below the 30-day average, Thomson Reuters data showed. On Tuesday, May cotton fell 2 percent, for its sharpest drop in a day since January 27.
The following deals reported as 200 bales of cotton from Mirpur Khas sold at Rs 5800, same figure from Rohri at Rs 6760, 400 bales from Bahawalpur at Rs 6775, same figure from Yazman Mandi at Rs 6825, 200 bales from Gojra at Rs 6850, same figure from Chichawatni at the same rate, same number from Rahim Yar Khan at the same rate, same figure from Faqirwali at Rs 6850,, same number from Haroonabad at Rs 6900, 263 bales from Sadiqabad at the same rate, 200 bales from Khanewal at Rs 7050, 800 bales from Jalalpur at the same rate and 1400 bales from Rajanpur at Rs 7100, they added.
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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 26.02.2014
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37.324 Kgs 6,900 155 7,055 7,055 NIL
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Equivalent
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40 Kgs 7,395 155 7,550 7,550 NIL
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