Prices went up sharply on the cotton market on Wednesday in the process of improved buying by mills and spinners, dealer said. The official spot rate picked up Rs 50 to Rs 5400, dealers said. In Punjab rates of phutti were at Rs 2800-3150, they said. In ready business 8000 deals of cotton bales finalised at Rs 5300-5750, they said.
Market sources said that short supply and strong demand by mills and spinners caused price flare-up. It is expected that the rates may go up in the coming days, they added.
Cotton analyst, Naseem Usman said that increase in booking orders by the foreign countries and tight supply position of Indian cotton, pushed the rates up in the local market. The yarn prices are rising modestly, he added. In the global market prices showed firmness.
The following deals finalised: 2557 bales of cotton from Dherki sold at Rs 5300, 400 bales from Haroonabad at Rs 5350, 600 bales from Hasilpur at Rs 5400, 400 bales from Layyah at Rs 5450, 800 bales from Yazman Mandi at Rs 5400-5600, 1000 bales from Rahim Yar Khan at Rs 5550-5600 and 2000 bales from Dera Ghazi Khan at Rs 5750.
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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 1-1/32"
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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 12-04-2016
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37.324 kg 5,400 135 5,535 5,485 + 50
Equivalent
40 kgs 5,787 145 5,932 5,879 + 53
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