Volume of business came down on the cotton market on Saturday following the better-than-expected Pakistan Cotton Ginners Association (PCGA) fortnightly report, dealers said. The official spot rate was unchanged at Rs 6300, dealers said. In Sindh, seed cotton prices were at Rs 2600 and Rs 3300, they said, in Punjab, phutti rates were at Rs 2800 and Rs 3550, as per 40 kg, they added.
In the ready session, over 16,000 bales of cotton changed hands between Rs 5190-6600, they said. According to the market sources, spinners were active to replenish their stock. The number of buyers was less as compared with the last sessions, they said. Cotton analyst, Naseem Usman observed that under the circumstances import of cotton will be costlier in the coming days.
According to the PCGA reports over 9.7 million cotton bales reached at ginneries till December 1, 2016, registering increase of 13.28 percent compared to corresponding period of the last year. Reports said that the world's leading trade show for home textiles will be held at Heimtextil in Frankfurt, Germany, on January 10-13, 2017.
Reuters adds: Cotton futures edged higher on Friday, after dipping to a two-week low earlier in the session, in thin-volume trading amid a softer dollar. The March cotton contract on ICE Futures US settled up 0.14 cent, or 0.20 percent, at 71.04 cents per lb. It traded within a range of 70.05 and 71.85 cents a lb.
The following deals reported: 2600 bales from Shahdadpur at Rs 5150-5950, 400 bales from Shahpur Chakar at Rs 6000, 1600 bales from Khairpur at Rs 6150-6200, 1400 bales from Salehpat at Rs 6350, 1000 bales from Rohri, same figure from Ghotki all done at the same rate, 3000 bales from Dharki at Rs 6550-6600, 600 bales from Mianwali at Rs 5950, 400 bales from Chichawatni at Rs 6000, 600 bales from Layyah at Rs 6200, 400 bales from Fort Abbas at Rs 6450, 600 bales from Haroonabad at the same rate, 400 bales from Hasilpur at Rs 6550 and 600 bales from Mirpur Dewan at the same rate, 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 02-12-2016
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37.324 kg 6,300 135 6,435 6,435 NIL
Equivalent
40 kgs 6,752 145 6,897 6,897 NIL
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