Mills renewed buying helped rates to keep firmness on the cotton market on Thursday in the process of trading, dealers said. The official spot rate was higher by Rs 50 to Rs 6300, dealers said. In Sindh, seed cotton prices were at Rs 2600-3300, they said that in Punjab, phutti rates were at Rs 2800 and Rs 3550, as per 40 kg, they added.
In the ready session, over 35,000 bales of cotton changed hands between Rs 5900-6550, they said. According to market sources, leading mills were busy in fresh buying of cotton on rising fears of falling stock of lint cotton. Cotton analyst, Naseem Usman said that rates are firm on the back of surge in dollar's rate. Other factor, behind the higher trend is suspension of cotton import from India.
Reuters adds: Cotton futures edged higher on Wednesday, supported by soaring oil prices, and marked their third straight monthly gain, having risen above 3 percent in November. The March cotton contract on ICE Futures US settled up 0.28 cent, or 0.39 percent, at 71.58 cents per lb. It traded within a range of 70.6 and 71.7 cents a lb.
The following deals reported: 1000 bales from Sanghar at Rs 5900, 600 bales from Ghopchani at Rs 5900, 1200 bales from Khairpur at Rs 6150/6200, 2000 bales from Salehpat at Rs 6250/6300, 2000 bales from Rohri at Rs 6250/6300, 400 bales from Mirpur Mathilo at Rs 6500, 600 bales from Mando Dero at Rs 6500, 1000 bales from Ghotki at Rs 6500/6575, 800 bales from Dharki at Rs 6500/6550, 800 bales from Khanpur Mehar at Rs 6500/6550, 1400 bales from Mianwali at Rs 6150, 1400 bales from Chistian at Rs 6275/6375, 600 bales from Basti Malook at Rs 6300, 200 bales from Burewala at Rs 6350, 600 bales from Bahawal Nagar at Rs 6350, 4600 bales from Haroonabad at Rs 6400, 600 bales from Fort Abbas at Rs 6400, 1000 bales from Faqirwali at Rs 6400, 600 bales from Duniyapur at Rs 6400, 2600 bales from Bahawalpur at Rs 6400/6500, 800 bales from Yazman Mandi at Rs 6500, 800 bales from Noorpur at Rs 6500, 800 bales from Ahmedpur at Rs 6500, 600 bales from Fazilpur at Rs 6500, 4800 bales from Rahim Yar Khan at Rs 6500/6550, 3400 bales from Khanpur at Rs 6500/6550, dealers 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 1-1/32"
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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 30-11-2016
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37.324 kg 6,300 135 6,435 6,385 + 50
Equivalent
40 kgs 6,752 145 6,897 6,843 + 54
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