Prices moved up on the cotton market on Wednesday in the process of modest trade activity, dealers said. The official spot rate was higher by Rs 50 at Rs 6300, dealers said. In Sindh, seed cotton prices were at Rs 2600-3250, they said that in Punjab, phutti rates were at Rs 2800 and Rs 3500, as per 40 kg, they added.
In the ready session, around 5,000 bales of cotton changed hands between Rs 5525-6600, they said. Cotton analyst, Naseem Usman said that nothing is new except sharp rise in the international market, influenced the rates of cotton in the domestic market. Furthermore, these days, the leading exporters of textile products are busy in preparations of Heimtextil, the biggest trade exhibition of textile products, other brokers said and adding that the textile fair is to be held in Frankfurt, Germany from January 10 to 13.
Besides, spinners were taking interest in import of cotton from India because the cotton production is estimated over 10 million bales, indicating that country has to import more or less four million bales to fulfil requirements, they said.
Reuters adds: ICE cotton futures surged more than 1.5 percent on Tuesday, the biggest one-day percentage gain since mid-November, on expectations of higher demand for the natural fibre. The March cotton contract on ICE Futures US jumped 1.6 percent, the sharpest one-day jump since November 16. The following deals reported: 500 bales from Sanghar at Rs 5525, 400 bales from Mirpur Mathalo at Rs 6550, 1000 bales from Dharki at the same rate, 1400 bales from Ghotki at Rs 6550-6600, 200 bales from Burewala at Rs 6100, 600 bales from Haroonabad at Rs 6450, 500 bales from Basti Malook at Rs 6550 and 400 bales from Rahim Yar Khan at Rs 6600, 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 03-01-2017
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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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