Prices held the present levels on the cotton market on Saturday in the process of modest trading activity, dealers said. The official spot rate was unchanged at Rs 6375, dealers said. In Sindh, seed cotton prices were at Rs 3000-3300, they said. In Punjab, phutti rates stayed put at Rs 3200 and Rs 3550, as per 40 kg, they added.
In the ready session, around 7,000 bales of cotton changed hands between Rss 6500 and Rs 6700, they said Some brokers said that a kind of cautious business seen on the market as both buyers and sellers preferred to be on the sidelines in the process of trading activity.
Cotton analyst, Naseem Usman observed that some needy buyers were active to meet their near-term requirements. The short supply of quality cotton and little prospects of importing cotton from India caused a panic and creating uncertainties among the local traders, he added. Furthermore, he said that latest move launched by the Indian exporters has created more confusions among traders as they have cancelled deals of over one lac of cotton bales to Pak counterparts.
Reuters adds: ICE cotton futures slipped marginally on Friday to hit a more than one-week low in thin volume trading as the natural fibre market registered it biggest weekly decline in two months. The March cotton contract hit a session low of 72 cents per lb., the lowest since Jan 4. The contract ended the week down 2.3 percent, the lowest since the week ended November 4.
The following deals reported: 2000 bales from Dharki at Rs 6600, 600 bales from Faqirwali at Rs 6500, same figure from Bahawal Nagar at the same rate, 400 bales from Yazman Mandi at Rs 6525, 800 bales from Sadiqabad at Rs 6650, 1600 bales from Khanewal at Rs 6225-6700 and 1000 bales from Alipur at Rs 6700, 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 13-01-2017
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37.324 kg 6,375 135 6,510 6,510 NIL
Equivalent
40 kgs 6,832 145 6,977 6,977 NIL
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